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Following his latest appointment, Abdul Rahim will retain his Shamil Bank post and report directly to Ithmaar Bank CEO and Member of the Board, Michael P. Lee as well as Ithmaar Bank Co-CEO and Member of the Board, Mohamed Hussain.
"Abdul Rahim has proved a remarkable asset and has contributed, directly, to the Ithmaar Bank success story," said Lee. "This latest appointment recognises his achievements and sets the stage for the Bank's continued growth," he said.
Ithmaar Bank had, last month, announced a 115 per cent surge in its half year net profit to a record US$141.9 million. Lee had then attributed the Bank's remarkable performance to "the hard work of our people and the management's commitment to becoming the leading international investment bank operating globally from the Middle East."
"Abdul Rahim plays an important role in supporting our aggressive growth strategies,"
said Hussain.
"In his capacity as COO, he directly manages many of our business-critical operations - including the Financial Control, IT and Operations, Human Resources and PR and Corporate Communications departments. We wish him continued success in his new position," he said.
Abdul Rahim, who joined Ithmaar Bank in March 2007, said he was looking forward to his latest assignment.
"Ithmaar Bank is a full investment bank with direct business covering the Middle East and North Africa region, as well as South Asia, Asia-Pacific and Europe," said Abdul Rahim. "In addition to significant investments in the banking, financial services and real estate sectors in different markets, the Bank's direct activities include underwriting, private equity, Islamic financing and advisory services covering project financing, investments, capital markets and mergers and acquisitions. I look forward to my new, challenging assignment as the Bank's COO," he said.
Ehab Al-Abbadi
