Shamil Chief to review implications of financial crisis with top Arab bankers
The Chief Executive of Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, will share his expertise with some of the top Arab bankers when participates in the Twelfth Annual Arab Business Community conference in Cairo next week.
The conference is, this year, being organised by the Federation of Arab Businessmen and the Egyptian Businessmen’s Association to discuss the implications of the current financial crisis on the private sector in Arab countries and review necessary reactions. The conference, which will be held under the patronage of Egyptian Prime Minister Dr. Ahmed Mohamed Nazif and attended Arab League General Secretary Amr Moussa, will be hosted on 15 and 16 November.
At the conference, the Shamil Chief Executive, Faisal Alalwan, will deliver, during session chaired by the Federation of Arab Businessmen Chairman, Khoudar Al Qawasma, a presentation entitled “the effects of the credit crisis on Arab financial markets.” Participating alongside Alalwan will be President of the Arab Pharmaceuticals and Medical Supplies Company, Dr. Mohammed Awadh Taj El Din who will discuss Arab cooperation in the pharmaceuticals industry and the President of the Iraqi Businessmen’s Society, Thamer Al Shaikhley who will share his views on the role of Iraqi and Arab business men in rebuilding Iraq.
“We are committed to playing an effective role in helping Arab economies overcome the current financial crisis,” said Alalwan. “As a leading Islamic commercial and investment bank, we recognise the important role we can – and must - play in this regard. Our participation in this Arab conference is an attempt to define the core issues and clarify the implications of the credit crisis on our economies,” he said.
“It would be naive, even dangerous, to think that we will remain sheltered from the current storm. We have all been affected, albeit in different ways and to different extents, and we must all accept the facts and act accordingly,” said Alalwan. “Although the Middle East has been comparatively less affected than Europe and Asia in this US-born financial crisis and have steered clear of the massive write-downs seen in the West, we have none the less certainly taken a hit,” he said.
“Talk of the Crisis, often described as the biggest since the Great Depression, has been dominating the public space and there is no shortage of opinions, analysis, speculation and, of course, even the conspiracy and doomsday theorists are having a go,” said Alalwan who will also review the implications of the current crisis on Islamic banking.
The two-day conference will also discuss investment opportunities in Egypt in view of the financial crisis as well as current challenges facing Arab countries and the new strategic directions that need to be considered. The conference will also examine a number of successful Arab investments in Egypt and review investment opportunities across Arab countries.
The Arab Business Community conference is affiliated to the Federation of Arab Businessmen, a Jordan based, non-profit NGO that was established in 1997 and includes 14 members – all business societies, organisations and unions - from 16 Arab countries. Khalid Abdulrahman Al Moayed heads the Arab Businessmen Federation, Bahrain.
About Faisal Alalwan
Faisal Alalwan, A Bahraini national, was appointed Shamil Bank Chief Executive in June 2008 after 18 years at The Arab Investment Company (TAIC), Bahrain, where he managed assets of more than $5 billion and securities of more than $650 million as General Manger of the company in Bahrain.
Prior to his most recent role as the General Manger of TAIC, Al Alwan worked as Vice President & General Manger at the Saudi European Bank for six years. Al Alwan’s varied banking experience has seen him hold senior management positions at Bahrain and the Middle East. Prior to that, he was Operations and Marketing Manager at Citibank Bahrain. In addition, Al Alwan also serves as a Member of the Board of Delta International Bank, Egypt (currently known as Ahli United Bank, Egypt) and the Housing Bank, Bahrain. Al Alwan is also an adviser for the Fund for the Development of Southern Sudan and War Extended Areas.
About Shamil Bank
Shamil Bank is a Bahrain-based Islamic retail bank licensed and regulated by the Central Bank of Bahrain, with commercial and investment banking activities. It has grown steadily to become one of Bahrain’s leading financial institutions.
Shamil Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. Conducting its business in compliance with the principles of Sharia, it operates a network of local branches and maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies.
Shamil Bank is a wholly owned subsidiary of Ithmaar Bank BSC, a full service investment bank.
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