MANAMA: Ithmaar Bank once again extended its support for a major Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI) conference which started in Bahrain on Sunday.
Ithmaar Bank, a Bahrain-based Islamic retail Bank and a long-time AAOIFI supporter, said that the support was in line with its long standing commitment to playing a real and meaningful role in supporting the development of Bahrain’s banking and finance industry.
The Bank was a Platinum Partner of the Annual Sharia Conference 2015, an international two-day Conference which is being held under the patronage of the Central Bank of Bahrain (CBB). At the inauguration ceremony, AAOIFI Board of Trustees Chairman, Shaikh Ebrahim bin Khalifa Al Khalifa, presented Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, a token of appreciation in the presence of CBB Governor, Rasheed Mohammed Al Maraj.
“The AAOIFI Annual Sharia Conference is one of the most important events for the global Islamic banking and finance industry,” said Abdul Rahim. “As Islamic banking pioneers, Ithmaar Bank is pleased to be able to continue to support this important initiative,” he said.
Ithmaar Bank’s relationship with and support for AAOIFI go back to the very establishment of the Institution. In fact, Ithmaar Bank, then Faysal Islamic Bank of Bahrain (FIBB), the predecessor of Shamil Bank and later Ithmaar Bank, was the very first bank anywhere in the world ever to publish its financial results in accordance with AAOIFI standards.
“Ithmaar Bank is committed to becoming one of the region’s premier Islamic retail banks,” said Abdul Rahim. “We recognise that, to do so, we must invest in continuously developing our products and services to become the Islamic bank of choice. We also recognise the important role we must play in supporting and continuously developing the community in which we operate,” he said.
“Key events, like the AAOIFI Annual Sharia Conference, present unique platforms to engage industry leaders in discussions that address some of the challenges faced by the global Islamic banking and finance industry,” said Abdul Rahim. “This, in turn, helps further reinforce Bahrain’s position as a key Islamic Banking and Finance hub in the region,” he said.