History & Background
On 28 March 2016, shareholders of formerly named Ithmaar Bank B.S.C. approved plans to significantly transform the group’s operations.
The plans, which were proposed by the formerly named Ithmaar Bank B.S.C. Board of Directors and approved by shareholders at an Extra Ordinary General Assembly, resulted in the conversion of the then existing Commercial Registration into Ithmaar Holding B.S.C. (Ithmaar Holding), which is licensed and regulated by the CBB and continues to be listed on the Bahrain Bourse and Boursa Kuwait.
Ithmaar Holding retains 100 percent ownership of all assets previously owned by Ithmaar Bank B.S.C., through its two wholly-owned subsidiaries: Ithmaar Bank B.S.C (closed) (Ithmaar Bank), an Islamic retail bank subsidiary which holds the core retail banking business, and IB Capital B.S.C. (closed), an investment subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.
These plans are designed to significantly transform the group’s operations to deliver positive results. The new structure is designed to assist in realising long-term strategies and ensure focused management of the group’s investment assets.