Ithmaar Bank, a retail-focused Islamic bank, inaugurated its Busaiteen Branch, the newest branch in its fast growing retail banking network. The ceremony marks the fifth branch to be inaugurated since last March, when Ithmaar pledged to demonstrate its firm commitment both to becoming the Islamic retail bank of choice and to continuously supporting Bahrain’s economic development.
The inauguration ceremony, which was held under the patronage of Central Bank of Bahrain Executive Director, Islamic Financial Institutions Supervision Directorate, Khalid Hamad, brings the total number of full service Ithmaar Bank branches to 16 and the number of Automated Teller Machines (ATMs) to 39, making it one of the largest retail banking networks in the Kingdom.
Present at the Ceremony were Ithmaar Bank Executive General Manager Juma Abull, General Manager Retail Banking Ahmed Abdul Rahim, Assistant General Manager Retail Banking Mohammed Janahi and other members of the Bank’s executive management team.
Speaking at the ceremony, Abull stressed Ithmaar’s long-standing commitment to its customers and, more importantly, to the continuous development of Bahrain’s Islamic banking industry.
“Early last year, against a backdrop of unprecedented social and political turmoil, we very publicly stressed our complete faith in the national economy as well as our resolute determination to push ahead, with full force, towards realizing our aggressive board-approved expansion plans,” said Abull. “We have since done just that, with five new full-service branches as well as sophisticated ATMs, in strategic locations across the Kingdom, being inaugurated in rapid succession,” he said.
“This expansion has, in turn, allowed us to grow even closer to our customers,” said Abull. “In fact, we are now within easy reach of all strategic residential and commercial communities across Bahrain,” he said.
“As a leading Islamic retail bank, we recognise the important role we must play in contributing towards Bahrain’s continuous development, in line with Vision 2030 under the leadership of His Majesty King Hamad bin Isa Al Khalifa,” said Abull. “This is a commitment we take very, very seriously and, because of the pioneering role we played in the introduction and subsequent development of Islamic banking and finance in the region is particularly important to us,” he said.
Abull praised the Bank’s management and noted that, with the inauguration of another full-service branch, Ithmaar’s core business is continuing its remarkable growth.
“I am particularly pleased to note that, despite the challenging market conditions, Ithmaar’s core banking operations have continued to grow,” said Abull. “This is testimony both to the Bank’s resilience and to the dedication and expertise of its management team,” he said.