MANAMA, BAHRAIN – 17 August 2013 – Ithmaar Bank, a Bahrain-based Islamic retail bank, once again provided its financial and moral support to the Bahrain Association of Banks, this time to help host a major event to promote Bahrain as a key financial hub in the Middle East.
Ithmaar Bank’s latest support for the BAB will help host the upcoming Banks in Bahrain reception which will be held as part of the annual International Monetary Fund (IMF) /World Bank meeting in Washington D.C., United States of America.
Some of the world’s most leading bankers as well as senior government officials and prominent business and opinion leaders are expected to attend the reception to discuss opportunities in the Kingdom. Ithmaar’s support will be used to finance the BAB’s administrative costs for organising the global event. The Central Bank of Bahrain (CBB) is the Official Supporter of the event, and the CBB Governor, His Excellency Rasheed Mohammed Al Maraj, will attend.
Ithmaar’s support was presented to the BAB Chief Executive, Robert Ainey, by the Bank’s Chief Executive Officer and Member of the Board, Mohammed Bucheerei.
“We are pleased to continue our support for the BAB in general, and the Banks in Bahrain reception at the IMF/World Bank annual meeting in particular,” said Bucheerei. “Active participation at such high level events helps reinforce Bahrain’s position as a key regional banking centre on the global stage,” he said.
“Our support for the BAB is part of our long-standing commitment to supporting the development of Bahrain’s Islamic banking industry,” said Bucheerei. “This, we believe, is one of our key responsibilities as a pioneering Islamic bank,” he said.
Bucheerei said this is in line with Ithmaar Bank’s strategic plan of becoming the region’s premier Islamic retail and commercial bank.
“We continue to increase our focus on core banking activities,” said Bucheerei. “Ithmaar now boasts one of the largest retail banking networks in Bahrain with 17 full service branches and 43 Automated Teller Machines (ATMs) in 26 strategic locations around the Kingdom. We will continue to work towards further developing our core retail business in the year ahead with the commissioning of additional new branches as well as the introduction of new products and services,” he said.
Ithmaar’s achievements have helped earn the Bank international kudos, with the Bank’s Mobicash offering earning multiple awards including the “Best Mobile Banking Service” award at the Banker Middle East Products Award 2013 and the prestigious UN-based “World Summit Award mobile (WSA-mobile)”. Most recently, Ithmaar also earned the Hawkamah Bank Corporate Governance Award, a prestigious regional award, in recognition of its corporate governance policies.
Ainey, thanked Ithmaar for its continuous support of the Association and, in particular, for the upcoming event.
“The Bahrain government remains focused on enhancing the financial operating environment of the Kingdom which continues to hold many competitive advantages over its neighbours – most notably strong financial regulation and highly-skilled local staff,” said Ainey. “With this in mind, Bahrain remains an access point of choice into the GCC’s trillion-dollar market, which is helping transform an increasing number of the Kingdom’s companies from local institutions into international players,” he said.
“The BAB, which brings together banking institutions of all sizes and charters in the Kingdom of Bahrain and works towards enhancing Bahrain’s image as the financial hub of the Middle East, is delighted have Ithmaar Bank, a pioneering Islamic retail Bank, supporting this key event,” said Ainey. “Ithmaar Bank is clearly very committed to promoting Bahrain as a key financial hub in the region and the Association looks forward to working together with Ithmaar towards our joint objectives,” he said.
The Annual Meetings of the IMF/ World Bank is a forum to discuss issues of global concern, including world economic outlook, global financial stability, job creation and poverty eradication.
The IMF is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The organisation aims to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making financial resources available to member countries to meet balance of payments needs. The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank's official goal is the reduction of poverty, and all its decisions are guided by a commitment to the promotion of foreign investment and international trade and to the facilitation of capital investment.