Ithmaar Bank appoints Managing Director, Group Business Development

He will be working directly with Ithmaar Bank Chairman Khalid Abdulla-Janahi and CEO & Member of the Board Michael P. Lee. Apart from developing new business in private equity and investment banking for Ithmaar Bank, Shaikh Salman will also be seeking new business opportunities for other members of the Ithmaar banking group, namely Swiss-based Faisal Private Bank, Pakistan-based Faysal Bank Limited (FBL) and Bahrain-based Shamil Bank, Solidarity, First Leasing Bank (FLB) and Ithmaar Development Company (IDC).

Shaikh Salman joined the bank as Managing Director, Private Banking shortly after the close of its successful IPO in early 2006. He has made strong contributions towards growing the Bank's client base, which includes governments, supranationals, financial institutions, corporates and high net worth individuals. This experience makes him ideally suited for the new broader responsibilities of his new role, explained Lee.

"Shaikh Salman has had an involvement in almost all areas of Ithmaar Bank's direct investment activities and also in many of those of our affiliates, such as our development arm IDC. He has built a solid working relationship with clients and their representatives all over the Middle East, North Africa and South Asia (MENASA) region, which will allow him to continue to perform well in this new catalytic role," Lee continued.

"This group-level appointment further strengthens the synergy among the different institutions and companies in our group, which offers a spectrum of financial services spread over a wide geographical area and always aims to be quick to respond to new challenges and opportunities," he said.

Prior to joining the Bank, Shaikh Salman held a range of positions in both the private and public sectors, both within the region and internationally. He previously served as Director of Banking Services at the Bahrain Monetary Agency, now known as the Central Bank of Bahrain (CBB). He was also Vice Chairman of the International Islamic Financial Market, one of the core infrastructure institutions of the Islamic Banking and Finance Industry. During his tenures at Barclays Capital and Bear Stearns in London, Shaikh Salman managed a range of investment banking relationships and marketed various securities and structured products to Middle East markets. He has a Bachelors of Science degree in Finance from the American University, Washington, DC.

"I feel honoured to be playing this key role in the development of this dynamic group. I look forward to the many responsibilities this new position will bring, as well as to increased interaction with my colleagues at Ithmaar Bank and across the group," remarked Shaikh Salman.

"I am confident that my new role will allow me to bring new opportunities to the table and offer more value to our clients, and ultimately, to our shareholders."