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Manama - Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, announced the appointment of Mr. Janaka Mendis as Chief Financial Officer (CFO) of the Bank.
Mr. Mendis shall provide leadership in attaining the established financial goals of the Bank through managing and operating all financial-related functions. Heoversees the Bank's finance, financial strategy, and operational activities, ensuring that Ibdar is well positioned, both financially and strategically, to achieve its transformation agenda. He also takes the responsibility of understanding the Bank business model for generating the partner value and translating the operational metrics into measures for performance.
Mr. Mendis is a financial services industry veteran with more than 20 years of experience across senior management roles at some of the region's leading banks, investment firms and Islamic financial institutions. Prior to joining Ibdar, Mr. Mendismost recently spent seven years at Al Salam Bank Bahrain. For four of these years, he served as the institution's Chief Operating Officer after holding other executive roles in which he engaged in due diligence and deal structuring for private equity and real estate transactions. Previously, he held a number of other senior management positions in Investcorp's finance group and with the audit and business advisory practice of Ernst & Young in Bahrain and Sri Lanka.
A core focus for Ibdar Bank has been the strengthening of the management team and the foundations that enable the Bank to effectively execute its strategy and deliver sound results and value for clients and shareholders. The Bank has already made great strides in this direction. It has delivered sound results and profitability in 2015, and Mr. Mendis' depth of experience will serve to enhance its capabilities and help ensure that the Bank continue to build upon these results in the coming periods.
"I'm delighted to join Ibdar Bank", said Mr. Mendis. "The Bank's strategy, investment track record and financial results have made Ibdar one of the region's leading Islamic investment banks. I look forward to working with the Bank's management and investment teams to build further value, enhance performance and maximise results and profitability for the benefit of the Bank and all stakeholders."
Mr. Mendis holds an MBA from TRIUM, jointly offered by NYU Stern School of Business, LSE and HEC Paris. He is also a fellow of the Chartered Institute of Management Accountants (UK) and the Institute of Chartered Accountants (Sri Lanka).
Ibdar Bank is active in private equity in the GCC and MENA markets as well as in the regional and global real estate. The Bank has extensive experience in sectors including aviation, infrastructure, oil & gas, maritime and retail, among others. It has recently announced a number of successful investments and exits in real estate and in financing and leasing. Currently, Ibdar has a strong pipeline of opportunities under evaluation in real estate and other areas that build on growth in consumer patterns across its markets of focus and in industries where its experience and knowledge support solid returns.
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About Ibdar Bank
Ibdar Bank ("Ibdar") is an Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking license and is regulated by the Central Bank of Bahrain.
The Bank has USD300 million in paid up capital, an asset base in excess of USD400 million - as at end of September 2014 - and significant funds for deployment. Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the Bank, its shareholders and co-investors.
Geographically, the Bank's focus is on the GCC and MENA region including Turkey. It also transacts in Southeast Asia and select developed markets on an opportunistic basis. Ibdar has a significant expertise in areas such as Aviation, Infrastructure, Maritime, Oil & Gas, and Real estate, among others.
The Bank was created from the first three-way merger in the Islamic banking industry between Capital Management House (CMH), CAPIVEST and Elaf Bank in 2012 and was then re-launched as Ibdar Bank in November 2013.
For further information, please visit: www.ibdarbank.com
Media Contacts
Ibdar Bank
Najla Abdulaziz
nabdulaziz@ibdarbank.com
+973 17 510090
FinMark Communication, GCC
Zahraa Taher
ztaher@finmarkcoms.com
+973 17 749 759/+973 39630997
Sawsan Fraidoon
sfraidoon@finmarkcoms.com
+973 17 749 759/+973 66966618
© Press Release 2015
