Corporate Governance

Ithmaar Bank complies with the High Level Controls Module of the rulebook issued by the Central Bank of Bahrain and the CorporateGovernance Code of the Kingdom of Bahrain.

The Bank’s Corporate Governance Policy provides guidance on engagingwith our stakeholder groups. It is based on the Central Bank of Bahrain’sRulebooks on High Level Controls and Public Disclosures, the Bank’s Articlesand Memorandum of Association, the Bahrain Commercial CompaniesLaw, Islamic Financial Services Board recommendations, AAOIFI standardsand international standards. It also includes principles regarding the Bank’sresponsibility towards the environment.

The Bank aspires to be a modelcorporate citizen and adheres toSharia principles in striking a balancebetween the interest of its variousstakeholders.Recognising its fundamental stewardship role towards its shareholders,it is the Bank’s policy to treat its shareholders, major and minor, equallyand fairly in line with the governing laws and regulatory guidelines. Theoverarching goal of the Bank is to ensure sustainable growth with dueconsideration to both current and future risks, and thereby generate optimum value to shareholders over the long-term.

The Bank respects a business approach that is transparent, honest andfair. It has established various written policies such as Code of Ethics,Anti-Money Laundering and Whistle-Blowing Policy for strict adherence byDirectors, executives and employees at all levels. These are distributed asguidelines through multiple internal communication channels of the Bank. The Bank aspires to be a model corporate citizen. The Bank adheres toSharia principles in striking a balance between the interests of its variousstakeholders. The Bank is committed to upholding the highest standards ofcorporate governance, which it regards as a key factor in ensuring fairnessfor all stakeholders and achieving organisational efficiency.

The Board’s adherence to corporate governance practices is underlinedby various principles, such as integrity, transparency, independence,accountability, responsibility, fairness, Sharia principles and socialresponsibility.

Moreover, the Bank’s corporate governance policies are designed to lay asolid foundation for management and the Board of Directors in managingthe Bank , promote ethical and responsible decision-making, safeguardintegrity in financial reporting, make timely disclosures, respect therights of shareholders, recognise and manage risk , encourage enhancedperformance, remunerate fairly and responsibly and recognise thelegitimate interest of stakeholders. The Bank’s written Code of Conductand Business Ethics that binds all employees, members of the Sharia Supervisory Board and Directors, lends further weight to the practicalimplementation of our stated policies.