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Ithmaar Bank, a Bahrain-based Islamic retail bank, recently honoured 10 employees who earned professional certificates in Islamic finance from the Bahrain Institute of Banking and Finance (BIBF).
The employees, from various departments including Commercial and Financial Institutions, Retail Banking, Product Development and Management, and Compliance & Anti Money Laundering had successfully completed professional training programme at the BIBF and earned the Advanced Diploma in Islamic Finance.
Abdul Rahim, assistant general manager, congratulated the employees on their achievements which, he said, helped contribute directly to developing the Islamic banking and finance industry both in Bahrain and abroad.
“Banking is all about people,” said Abdul Rahim. “At Ithmaar Bank, we have long recognised our people as our greatest asset and we have repeatedly stressed that our continued success is, ultimately, dependent on our people.”
“As a pioneered Islamic Bank, Ithmaar is committed to playing a key role in the development of the Islamic banking industry. One way we try to do so is by focusing on improving the qualifications and skills of our employees. This, in return, will reflect on the Bank’s performance, particularly in terms of delivering on our customers’ expectations and will in turn enhance the skill set in Islamic banking sector in the Kingdom,” he added.
“At Ithmaar Bank, we are working continuously to develop our employees who are the pillars for our success,” said Ithmaar Bank head of Human Resources, Enas Rahimi. “We always look for training programmes that will help our workforce gain new professional skills and knowledge in Islamic banking.”
“We also try to encourage our employees to join professional training programmes such as the Advanced Diploma in Islamic Finance,” said Rahimi. “These will help enhance their experience and add to their qualification which, in turn, will help their careers,” she said.
Originally published on www.tradearabia.com
“I am pleased to welcome Ayman Sejiny as Chief Executive Officer of Ibdar Bank. Ibdar is building a fresh thinking, world class management team, and the appointment of Sejiny to the helm of the Bank is aligned with that vision. Ayman has demonstrated strong business and financial talent and a proven track record of investment and management experience that will further strengthen our capabilities and support strategic success,” said Tareq Sadeq, Chairman, Ibdar Bank.
Sejiny brings over 24 years of Investment and Corporate Banking experience, having held senior roles in a number of leading local, regional and international financial institutions such as Barclays, CITI Bank and ABN Amro.
Before his appointment with Ibdar, Sejiny was the Group CEO of Bahrain-based Bank Alkhair, which has a presence in Saudi Arabia, United Arab Emirates, Turkey and Malaysia. Prior to this he was Board Member and Chief Executive Officer of Barclays Capital Saudi Arabia where he managed Barclay’s three business sectors consisting of Barclays Capital, Barclays Wealth, and Barclays Sales and Treasury.
He is also the Chairman of Bahrain Financing Company Group (BFC), holds positions on various boards regionally and internationally, and has spoken at numerous banking and finance conferences in Bahrain, KSA, UAE, UK and the USA.
“It is an honour to join the Ibdar team. Ibdar is built on strong foundations, a unique approach and high standards of excellence, and I look forward to strengthening the Bank’s footprint in the Islamic banking and investment domain. My focus will be to further hone the investment strategy, and spearhead efforts to develop the Debt Capital Market (DCM), Equity Capital Market (ECM), Private Equity, Asset Management and Treasury and Capital Market business lines. Building on Ibdar’s track record and execution platform, we are well placed to deliver the right opportunities to our investors, and ensure the Bank continues to build its reputation as one of the region’s most ethical, innovative and results-driven Islamic institutions,” said Sejiny.
Originally published on www. cpifinancial.net
(Bloomberg) — Bahrain’s Al Baraka Banking Group BSC picked seven banks, including Credit Agricole SA and Standard Chartered Plc, to help arrange the international sale of Islamic bonds, people with knowledge of the matter said.
The Islamic bank also hired Emirates NBD PJSC, Dubai Islamic Bank PJSC, Noor Bank PJSC, QInvest LLC and Kuwait Finance House for the dollar-denominated tier one sukuk, the people said, asking not to be identified because the information is private. Al Baraka may sell at least $500 million as soon as the second quarter, they said.
S&P Global Ratings on Tuesday affirmed its BB+/B rating for the bank with a negative outlook, saying the planned sukuk would improve its capitalization. Al Baraka had a tier one, risk-based capital ratio of about 14 percent at the end of 2016, according to its annual report for the year.
An official at Al Baraka referred Bloomberg to a statement issued after the EGM, which said a sukuk issue of up to $500 million was approved, and declined to comment further. Credit Agricole, QInvest, Kuwait Finance House didn’t immediately respond to requests for comment, while Standard Chartered, Emirates NBD declined to comment. Dubai Islamic Bank could not immediately be reached, while nobody at Noor Bank was available to comment.
Manama, Apr. 2 (BNA): The General Council for Islamic Banks and Financial Institutions (CIBAFI) has launched a Roundtable Meeting titled “Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development” hosted by Al Baraka Banking Group here in the capital Manama.
The roundtable meeting gathered nearly 40 practitioners and academicians of Islamic finance, to discuss the importance of legal framework and its impact on further development of the Islamic Financial Services Industry (IFSI) development and look into country case studies.
The meeting saw presentation of research papers from 6 countries experiences, evaluating and understanding the Impact of the Legal Framework on Islamic Financial Services Industry (IFSI) Development. Specific country case studies were presented on experiences of Bahrain, Malaysia, Saudi Arabia, Sudan, Tunisia, and United Kingdom.
Abdelilah Belatik, Secretary General, CIBAFI said: “CIBAFI Global Islamic Bankers Survey 2017 which represents view of 86 Heads of Islamic banks in 29 countries revealed that the development of legal and regulatory infrastructures for Islamic finance industry needs to be accelerated in countries where Islamic Finance is in its early stages of development. For instance demand for Islamic finance in regions such as Sub-Saharan Africa and Central Asia is increasing and banks cited the lack of laws and regulations underpinning Islamic financial transactions as an important impediment to their future growth”.
Adnan Yousef, President and Chief Executive Officer, Al Baraka Banking Group said: “Al Baraka Banking Group is pleased to host this Roundtable meeting, and has worked closely with CIBAFI in a carefully designed agenda to conduct productive discussions intended to tackle key issues faced by Islamic Financial Services Industry (IFSI). ABG as one of pioneer Islamic banking groups is committed to fostering and developing the Islamic financial services industry taking into account international and cross border experiences, that could help us learn as we continue our strategic expansion beyond our existing and traditional markets”.
This roundtable meeting goes in line with CIBAFI’s third strategic objective on increasing Awareness and Information Sharing through collaborations with industry stakeholders and among CIBAFI members, by creating a platform for face-to-face dialogue and closed door discussions. The results and recommendations of the meeting will be formally conveyed to relevant authorities and stakeholders of the IFSI in due time.
Originally published on www.bna.bh
Ithmaar Bank, a Bahrain-based Islamic retail bank, was singled out among the world’s Islamic banks for a prestigious international award in recognition of its corporate social responsibility and financial disclosure.
The independent award was presented at the World Islamic Banking Conference (WIBC) which was recently held in Bahrain in strategic partnership with the Central Bank of Bahrain (CBB). The high-profile event, which was attended by leading international banking experts, is widely recognised as one of the most important events on the world Islamic banking calendar.
The award was received by Ithmaar Bank head of Human Resources, Enas Rahimi, from Sahar Kazranian, CEO of Middle East Global Advisors, WIBC’s conveners throughout its 23-year history, in the presence of Ithmaar Bank chief operating officer, Ravindra Khot and general manager Banking Group Abdulhakeem Al Mutawa.
“The Performance Awards are the WIBC’s flagship awards, and are granted to the top financial institutions based on their aggregate performance scores against multiple measures on a global, regional and country level,” said Kazranian.
“This year, Ithmaar Bank topped the WIBC Leaderboard in terms of Corporate Social Responsibility and Financial Disclosure when compared to Islamic banks across the world. Its ultimate win is a testament to its commitment to transparency and impact, and I hope their leadership will inspire other banks to follow suit,” she said.
“As a pioneering Islamic retail bank, Ithmaar recognises the important role we must play both in the community in which we operate, as well as in promoting high levels of transparency in the local banking and finance industry,” said Ithmaar Bank chief executive officer Ahmed Abdul Rahim.
“This is a responsibility we have always taken very seriously, and I am pleased to note that our efforts, with the blessings of Allah, under the guidance of the Board of Directors and with the continuous support of the Central Bank of Bahrain, are paying off and earning the Bank international praise and recognition,” he added.
Originally published on www.tradearabia.com