Ithmaar Bank
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| Traded as | Bahrain Bourse: ITHMR |
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| Industry | Retail Banking |
| Founded | 1982 |
| Headquarters |
Seef Tower, Manama, Kingdom of Bahrain |
Area served | Bahrain, Qatar, Pakistan, Switzerlan, Saudi Arabia |
Key people |
HRH Prince Amr Mohammed Al Faisal Chairman Ahmed Abdul Rahim Chief Executive Officer |
| Products | Private Banking, Financing Commercial Banking, Consumer Banking, Credit Cards, foreign currency exchange, Global Banking, mortgage loans, Retail Banking, Risk Management, Wealth Management |
| Subsidiaries | Faysal Bank Limited,Ithmaar Development Company BBK B.S.C, Naseej B.S.C, Solidarity Group Faysal Private Bureau, CITIC International Asset Management Limited |
| Website |
IthmaarBank |
Ithmaar Bank B.S.C. (stock code “ITHMR”) is a Bahrain-based licensed Islamic retail bank that is regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI), and has a paid-up capital of BD 285.6million, total shareholders’ equity of BD 224.2million (as of 30 September 2013) and is listed on the Bahrain Bourse and the Kuwait Stock Exchange.
Ithmaar Bank, formerly an investment bank, completed in April 2010 a comprehensive reorganisation with its then wholly owned subsidiary, Shamil Bank, to emerge as a premier Islamic retail bank. Consequently, Ithmaar Bank now provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions.
Ithmaar also maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies. These include Faysal Bank Limited (Pakistan), Faisal Private Bureau (Switzerland), Sakana Holistic Housing Solutions, Ithmaar Development Company Limited, Bahrain-based BBK, Solidarity (an Islamic insurance company), Naseej and Ithraa Capital (Kingdom of Saudi Arabia).
Ithmaar Bank's PPP Housing Partnership
Ithmaar has signed an agreement with the Bahrain's Ministry of Housing to help address the Kingdom's housing challenges. This is a "first time home buyers" program which allows citizens to pay a fixed 25% of their income towards the mortgage with the balance being paid by the Ministry of Housing.[1] The project was launched in 2013 to build more than 50,000 social and affordable housing units. The program began with initial funding of more than $450 million from Ithmaar Bank to build 2,800 housing units at Al Madina Al Shamaliya and Al Luwzi.[2]
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