Bahrain’s Islamic bank Ithmaar Bank has received regulatory backing for its plan for a new group structure designed to develop growth in its core retail banking business. The plan envisages creation of a new holding company that will be listed on stock markets in Bahrain and Kuwait. The new holding company will retain 100% ownership of all assets owned by Ithmaar Bank and will be allocated into two wholly owned subsidiaries – an Islamic retail bank unit and an investment unit. The new structure was proposed by the bank’s board of directors and approved by shareholders. CEO of the bank Ahmed Abdul Rahim said the new group structure will further consolidate its position as a strong retail-focused premier Islamic retail bank. He added the reorganisation is designed to assist in realizing our long-term strategy for growth by providing greater insight into the strength of our core retail banking operations and further facilitating the focused management of the Group’s investment assets.
