Ithmaar Bank has appointed Shamil Bank’s Sharia Board, to serve as Sharia Advisers until a new Sharia Board is elected by the shareholders at the next General Assembly. Meanwhile, with immediate effect, Ithmaar Bank has adopted Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards. As a result of the recent reorganization, Shamil Bank has ceased its operations and transferred its entire business, assets and liabilities to Ithmaar Bank.