Ithmaar Chairman addresses World Economic Forum meeting in China
Ithmaar Bank Chairman Khalid Abdulla-Janahi joins today Saturday 27 September 2008 a select group of prominent global business leaders to Mentor at a World Economic Forum meeting in China. Abdulla-Janahi, the first Arab businessman to be invited to the Forum, is the only Mentor from the Middle East.
The World Economic Forum Annual Meeting of the New Champions 2008, which is being hosted in Tianjin, China from 27 to 28 September, is widely considered a second Summer Davos. It will focus on the response of the new generation of fast-emerging multinational companies to the current economic challenges and future opportunities under the theme of “The Next Wave of Growth”. More than 1,500 participants from 90 countries are expected to attend.
A select group of business leaders with extensive international experience in building global businesses from the World Economic Forum’s Partners and Members will act as mentors at the meeting.
The mentors, who include Citigroup Senior Vice Chairman and Citibank NA Chairman, President and Chief Executive Officer William R. Rhodes, Ernst & Young Chairman and CEO James S. Turley, PricewaterhouseCoopers CEO Samuel A. DiPiazza Jr and Deloitte Global Chief Executive Officer James H. Quigley, will concentrate on the key themes that enable business leaders to take a deep dive into the Next Wave of Growth.
Geneva-based Abdulla-Janahi is participating today in a Plenary Session entitled “From Global Growth Company to Corporate Global Citizenship.” The session, which will be chaired by World Economic Forum Founder and Executive Chairman Klaus Schwab, will discuss the most relevant examples of corporate global citizenship.
“As the global agenda is increasingly shaped outside the traditional framework of nation states, corporations have license not only to operate in the global systems, but also a civic duty to contribute to its sustainable health,” said Abdulla-Janahi. “This duty is corporate global citizenship,” he said.
“Ithmaar Bank is a Bahrain-based investment bank with global reach,” said Abdulla-Janahi. “This puts us in a privileged position to effect change and, consequently, also means we need to take our responsibilities as corporate global citizens very seriously,” he said.
“We recognise, for example, that an exclusively philanthropy-based approach to supporting the community is inherently flawed and that we must move beyond the traditional to play meaningful, long-term roles within the global community,” said Abdulla-Janahi. “In doing so, we can help sustain development well into the future,” he said.
It is this very philosophy that spurred the announcement earlier this month of the creation of three visionary new initiatives focused on driving market specific innovation across the Middle East, North Africa, South Asia region and beyond.
The initiatives, a product of a strategic alliance between three major financial institutions in the region; Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank, include InfraCapital, the GCC’s first investment bank specializing in the provision of tailored infrastructure development and finance; AgriCapital a new investment vehicle focused entirely on serving agricultural ventures and communities and the Hospitality Development Fund (HDF) will nurture and support opportunities across the global hospitality sector.
With the launch of these new companies, the region will have access to the resources and expertise necessary to continue its long term growth and development.
About Khalid Abdulla-Janahi, Chairman of Ithmaar Bank
Khalid Abdulla-Janahi, Chairman of Ithmaar Bank, is Group Chief Executive of Dar Al-Maal Al-Islami Trust (DMI Trust); Chairman of Faisal Private Bank (Switzerland), DMI Administrative Services and IICG (Bahamas). He is also Chairman of Solidarity and of Faisal Islamic Bank of Egypt.
Mr. Abdulla-Janahi is currently a Member of the Board of the Centre for International Business and Management (CIBAM), University of Cambridge, UK.
A Fellow of the Institute of Chartered Accountants in England and Wales. Mr. Abdulla-Janahi holds a degree in Computer Science and Accountancy from the University of Manchester, UK.
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 and 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), and Bahrain based First Leasing Bank, BBK and Ithmaar Development Company.