ISLAMIC RETAIL BANK IN BAHRAIN

With the verbal approval from the regulatory authorities, Ithmaar Bank is set to become the region’s premier Islamic retail bank, according to its chairman, Prince Amr Mohammed Al-Faisal. Prince Amr told the bank’s shareholders that the bank had received verbal approval to proceed with its reorganisation plans, and that formal, written approval will follow shortly. Speaking at the shareholders’ general assembly that was held at the Diplomat Hotel in Bahrain, Prince Amr told shareholders that the bank would immediately implement plans for a comprehensive reorganisation with its wholly owned subsidiary, Shamil Bank. The reorganisation, which will turn Ithmaar Bank into a premier Islamic retail bank, involves both banks pooling their resources together to create a single, more efficient and significantly stronger retail-focused bank with an Islamic license, under the Ithmaar brand.