Ithmaar Bank hosts 85 orphans at the 2008 Bahrain Grand Prix
MANAMA, BAHRAIN – 15 April 2008 – As part of its ongoing commitment to support the local community, Ithmaar Bank, a Bahrain-based investment bank with global reach, hosted 85 children under the care of the Royal Charity Organisation (RCO) at the Bahrain Grand Prix 2008.
“While Ithmaar Bank’s business is global, it welcomes opportunities to support the local community. Bahrain is home to our global headquarters and we are keen to assist the Kingdom in its social and economic development. We are delighted that we were able to take these children along with us to experience the F1 excitement firsthand at the Bahrain International Circuit,” said Ithmaar Bank’s Managing Director, Ahmed A.Rahim.
Accompanying the orphans during their action packed weekend were RCO Secretary General, Hassan Zuwayed and Customer Services Director, Hassan Murad and Ithmaar banking group Corporate Communications Director, Luis Maronese.
Last year Ithmaar Bank launched the $4.2 million ‘Ithmaar Education and Training Fund’, which sponsors the primary, intermediate and secondary schooling of 16 orphans and the undergraduate university education of another 10 orphans each year. This will bring the total number of students enrolled in the programme by its eleventh year to 106. The Fund also provides post graduate education to capable, young students from across the Muslim world. The Bank also donated a 15-seat minibus to the RCO, which is being used to transport the orphans to various events, including this F1 visit.
"Our association with the Ithmaar Education and Training Fund has allowed us to provide higher quality education to the orphans under our care. It has allowed needy pupils to get the same opportunities that are available to those who come from wealthy ones. These scholarships are changing these students' lives for the better, offering them hope for a better future. We are very grateful to Ithmaar Bank for its important contribution to our efforts," said Zuwayed.
The Royal Charity Organisation was established by His Majesty King Hamad Bin Isa Al Khalifa in 2001 to sponsor widows and orphans who have no other means of support.
About Ithmaar Bank:
Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain Stock Exchange (“ITHMR”). It has a paid-up capital of $543.6 million, total equity of $1.3 billion and is a full investment bank with its direct business covering the Middle East and North Africa (MENA) region, as well as South Asia, Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main direct activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing and advisory services covering project financing, investments, capital markets and mergers & acquisitions.
Ithmaar Bank’s flagship subsidiaries and associates include Shamil Bank of Bahrain, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company.
For more information on Ithmaar Bank, please visit the Bank’s website at www.ithmaarbank.com
About the Ithmaar banking group:
The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group’s services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, equipment leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.