Ithmaar Bank appoints new Managing Director - Group Support

Ithmaar Bank is a Bahrain-based investment bank with global reach, having subsidiaries and affiliates covering a broad spectrum of Islamic banking and finance products and services.

"I am very pleased to welcome Mr. Abdul Rahim aboard. His contribution to the team will undoubtedly strengthen the Bank's position as one of the most innovative and fast-growing investment banks in the region," remarked CEO Michael P. Lee.

"Mr. Abdul Rahim is a home-grown banking industry veteran, with a deep understanding of the nuances of the regional market and its culture. He will be responsible for overseeing the Group Support unit, comprising the IT & Operations, Administration, Financial Control, Human Resources and Corporate Communications department".

Mr. Abdul Rahim's new assignment as Managing Director for the support services of the group follows a successful stint as General Manager, Support Group for Shamil Bank of Bahrain since June 2006. He had previously worked 28 years for National Bank of Bahrain at various executive levels, including as Manager FX and Funding, Chief Internal Auditor and finally Assistant General Manager, Corporate Services.

A Bahraini national, Mr. Ahmed Abdul Rahim holds an MBA from the University of Glamorgan, Wales (UK), and is an Associate in Financial Accounting from the Institute of Financial Accountants, London (UK). He also holds an Executive Management Diploma from University of Bahrain and an Advance Banking Diploma from the Bahrain Institute of Banking and Finance.

"Ithmaar Bank is a dynamic bank with diverse needs, which has grown tremendously over the last year, as reflected by its impressive year-end and first quarter 2007 results. In my new role, I look forward to providing the Bank with all of the backing it needs to meet its ambitious objectives for 2007 and the years to come" said Mr. Abdul Rahim.