MANAMA, BAHRAIN –  Shareholders of Ithmaar Holding B.S.C. (Bahrain Bourse and Dubai Financial Market Trading Code: “ITHMR”), a Bahrain-based holding company, today (ed note: 04/06/23) approved plans to improve the capital of the Company. The initiative, that was proposed by the Board of Directors, includes injection of Tier 1 Capital of up-to $200 million which will be subject to legal and regulatory’ s approval. 

The plan was presented to Ithmaar Holding shareholders at an Extraordinary General Meeting (EGM) that was held at The Ritz-Carlton Hotel in Seef District and chaired by Ithmaar Holding board member, Mr. Mohammed Bucheeri. The EGM was attended by members of the Ithmaar Board of Directors, its executive management team and its Sharia Supervisory Board, as well as representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), the Bahrain Bourse, and statutory auditors KPMG Fakhro.

“The EGM has been concluded after successfully approving all items of the agenda including the decision to improve the capital of the Company,” said Ithmaar Holding Chairman, His Royal Highness Prince Amr Al Faisal. “The proposed initiative demonstrates the Group’s continued efforts towards achieving a positive turnaround financial performance for the upcoming years and we will continue to work on various initiatives which will support the Group’s growth,” he said. 

“Ithmaar Holding remains focus on adding value for its shareholders, realising the long-term objectives of growing the core business and ensuring the independent and focused management of investments and other assets,” said HRH Prince Amr. “The initiative to inject Tier 1 Capital will strengthen the Company’s consolidated equity and will allow us to implement our strategic objectives,” he said.

About Ithmaar Holding:

Ithmaar Holding B.S.C. (“Ithmaar Holding or Ithmaar”) is licensed as an investment firm and regulated by the Central Bank of Bahrain (CBB) and is listed on the Bahrain Bourse and Dubai Financial Market.

Ithmaar Holding owns 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) (IB Capital), an investment firm subsidiary, which holds investments and other non-core assets. The two subsidiaries are licensed and regulated by the CBB.  

Ithmaar Bank 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 subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.

IB Capital maintains a presence in regional and overseas markets through its investments including in associated companies. These include Bahrain-based Ithmaar Development Company Limited, and Naseej.