Ithmaar Bank appoints new Managing Directors

Prowse is a corporate finance specialist, with a strong track record in structuring and negotiating acquisitions, disposals, strategic alliances and joint ventures, as well as in management consulting in the transportation sector. Tyabji brings to the Bank a wealth of experience in Islamic corporate and investment banking, having held senior positions at several blue-chip international banks.

"As an investment bank, our success is dependent on the quality of our people. To this end, I consider it one of my primary tasks to hire investment bankers with broad capabilities, who also have expertise in very specific areas of business," remarked Ithmaar Bank CEO & Member of the Board Michael P. Lee.

"We are extremely pleased to welcome Carolyn and Masood aboard and are confident that their strengths will be a valuable addition to the solid core investment banking and private equity teams that we already have in place here at Ithmaar Bank. Carolyn will help us pinpoint promising investment opportunities to bolster both our clients' and our own portfolios. Masood will primarily be responsible for our asset-based financing business, including asset-backed funds, especially in areas where we are leveraging our investments. His skills will allow us to fine-tune our Sharia-compliant offerings and bring further innovations to the market. He will be working closely with our partners at other financial institutions," he added.

Prowse is a British national and Oxford University graduate. She spent 10 years at British Airways Plc, most recently as Senior Manager, Investments and Joint Ventures, and was based in London. Her responsibilities included reviewing, structuring and negotiating all types of corporate transactions, including acquisitions, disposals, mergers, joint ventures and alliances. Prowse also played a key role in restructuring parts of the BA Group. Prior to BA, Prowse worked for LEK LLP, a consulting firm specialising in corporate strategy, mergers and acquisitions and privatisations, where her work included the privatisation of the UK railways.

"This is a really exciting time for both M&A and transportation in the Middle East and North Africa. The region's strong economic conditions and high liquidity will generate many opportunities. Transportation is also a strong growth sector, which has evolved rapidly over the last few years. Ithmaar Bank is uniquely placed to offer both international advisory M&A, privatization and IPO work, including restructuring, and also investment and private equity opportunities which may arise," remarked Prowse.

Prowse will be working closely with Tyabji on financing major deals. With more than 15 years experience in the banking industry, Tyabji has proven skills in leading, structuring, closing and distributing complex transactions, having been involved in many pioneering Sharia compliant financings. A Pakistani national and long-time Gulf resident, he has long-established relationships with major corporations, financial institutions, GCC corporate families and key Sharia scholars in the region. Immediately prior to joining the Bank, he was Head of Islamic Banking at Gulf International Bank (GIB). Before that Tyabji worked for HSBC and Citibank at various locations, where he worked on a number of key Islamic financings. He holds a Masters of Business Administration from the University of Karachi.

"I look forward to this exciting new chapter in my career, knowing that it will bring many new challenges. It is my pleasure to be a part of Ithmaar Bank's team and deliver on its ambitious plans for growth," Tyabji said.