Ithmaar Bank appoints Ahmed A. Rahim Chief Operating Officer
MANAMA, Bahrain – 23 September 2008 – Ithmaar Bank, a Bahrain-based investment bank with global reach, appointed today Ahmed Abdul Rahim as Chief Operating Officer (COO).
Abdul Rahim, who has been serving in a dual capacity as Deputy Chief Executive at Shamil Bank - a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank – as well as Managing Director, Group Support at Ithmaar Bank, is a recognised veteran of Bahrain’s banking industry.
Following his latest appointment, Abdul Rahim will retain his Shamil Bank post and report directly to Ithmaar Bank CEO and Member of the Board, Michael P. Lee as well as Ithmaar Bank Co-CEO and Member of the Board, Mohamed Hussain.
“Abdul Rahim has proved a remarkable asset and has contributed, directly, to the Ithmaar Bank success story,” said Lee. “This latest appointment recognises his achievements and sets the stage for the Bank’s continued growth,” he said.
Ithmaar Bank had, last month, announced a 115 per cent surge in its half year net profit to a record US$141.9 million. Lee had then attributed the Bank’s remarkable performance to “the hard work of our people and the management’s commitment to becoming the leading international investment bank operating globally from the Middle East.”
“Abdul Rahim plays an important role in supporting our aggressive growth strategies,” said Hussain. “In his capacity as COO, he directly manages many of our business-critical operations - including the Financial Control, IT and Operations, Human Resources and PR and Corporate Communications departments. We wish him continued success in his new position,” he said.
Abdul Rahim, who joined Ithmaar Bank in March 2007, said he was looking forward to his latest assignment.
“Ithmaar Bank is a full investment bank with direct business covering the Middle East and North Africa region, as well as South Asia, Asia-Pacific and Europe,” said Abdul Rahim. “In addition to significant investments in the banking, financial services and real estate sectors in different markets, the Bank’s direct activities include underwriting, private equity, Islamic financing and advisory services covering project financing, investments, capital markets and mergers and acquisitions. I look forward to my new, challenging assignment as the Bank’s COO,” he said.
About Ithmaar banking group
The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company), 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, leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.