Bahrain-based Islamic retail bank Ithmaar has declared that its Turkey-based Shamil Bosphorus Modaraba (SBM) fund would not achieve its investment objectives and was unlikely that investors would have their entire capital returned.
Ithmaar Bank, a Bahrain-based Islamic retail bank, said it has already started implementing cost-cutting and other strategic initiatives, both in the Bahrain and in Pakistan, aimed at turning the group around in 2014.
Private equity firm Ithmar Capital, which manages over $800 million in investments, expects to close deals worth at least Dh1 billion ($270 million) this year as economies in the Gulf continue to recover from the global financial crisis, its top
Ithmaar Development Company (IDC) has won the 2013 Arabian Property Award for its Dilmunia at Bahrain website at the International Property Award gala in Dubai.
Dilmunia at Bahrain is a mixed-use project built on a man-made island
Ithmaar Bank, a Bahrain-based licensed Islamic retail lender, has announced three key appointments in its management structure.
As part of the revamp, Abdul Hakeem Al-Mutawa is the new general manager and head of retail and
Ithmaar Bank, a Bahrain-based Islamic retail bank, said it has signed an agreement to allow holders of globally-issued MasterCard credit and debit cards to use the bank's ATMs.
The Islamic retail bank said this allows all Mast
Dar Al Maal Al Islami (DMI) Trust, Ithmaar Bank's largest shareholder, hosted a reception for members of the group's senior management at the Ritz-Carlton Bahrain Hotel and Spa to honour Mohammed Bucheerei, who retired last month.
Bahrain's Ithmaar Bank said chief executive Mohammed Bucheerei will retire at the end of August and be replaced by Ahmed Abdul Rahim, currently general manager, as acting head.
Bucheerei led the bank's
Bahrain-based Islamic retail bank Ithmaar has named its general manager Ahmed Abdul Rahim as the acting chief executive officer effective September 1 in place of Mohammed Bucheerei who retires on August 31.
Lauding his services, I