Ithmaar board gets update on corporate governance

Ithmaar Group Chairman, HRH Prince Amr Mohammed Al Faisal (seated centre) with, seated from right, Members of the Board of Director Elham Ebrahim Abdulla Hassan, Abdelhamid Mohamed Aboumousa, Dr. Amani Khaled Bouresli and Abdulshakoor Hussain Tahlak and standing from right, Ahmed Abdul Rahim, Seamus Gillen, Members of the Board of Directors Abdulellah Ebrahim Al-Qassimi, Mohammed A. Rahman Bucheerei and Omar Abdi Ali

MANAMA: Ithmaar Group, which consists of Ithmaar Holding and its two wholly-owned subsidiaries, Ithmaar Bank, a Bahrain-based Islamic retail Bank; and IB Capital, a Bahrain-based Islamic Investment firm, commissioned the Bahrain Institute of Banking and Finance (BIBF) to deliver an interactive workshop for members of the Group’s Board of Directors and Executive Management teams.

The workshop, which was designed to highlight the importance of good corporate governance while reinforcing Ithmaar’s principles of high-quality governance, aimed to help protect and further grow shareholder value. The workshop was delivered by Seamus Gillen, the founder and Director of Value Alpha Limited, a governance advisory service with significant experience in delivering such programmes.

Ithmaar Group Chief Executive Officer, Ahmed Abdul Rahim, who stressed the critical importance of corporate governance, thanked BIBF Director, Dr. Ahmed Al Shaikh and the BIBF team for their arrangement of such an engaging workshop.

“The workshop allows members of our Board of Directors and Executive Management teams the opportunity to further reinforce their understanding of corporate governance principles,” said Abdul Rahim.

“We believe that establishing a proper corporate governance culture in today’s environment reflects emphasis on such organisational values leading to improved performance. Throughout the past decade, corporate governance has occupied further importance in the face of improved cross border regulations and the additional responsibility on financial institutions,” he said.

“At Ithmaar, we acknowledge the importance of continuing human capital development efforts at all levels within the Group,” said Abdul Rahim. “This workshop is a substantial step towards further strengthening the capabilities of our Board of Directors and Executive Management teams,” he said.

“Professional training across all organisational levels is a critical aspect for the growth of any business, most important of which is Board of Directors,” said Dr. Al Shaikh.

“As part of this, the BIBF conducts such high-level training workshops to lay special impetus on the role of the Board of Directors in supporting excellent performance and laying down transparent set of rules and regulations in which shareholders, directors and officers have aligned incentives. It is crucial to the achievement of a new frontier of competitive advantage and profitability. Continuous training and development is an investment for any organisation that looks forward to enhancing its overall performance,” he said.

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