Ithmaar Bank Chairman named 'Islamic Banker of the Year 2008'

Janahi was given the award in recognition of his outstanding leadership of Ithmaar banking group, one of the most diversified financial services groups operating from the Middle East region, and his achievements in expanding the group's presence into international markets.

The WIBC awards are among the oldest and most prestigious in the global Islamic banking and finance industry, convened under the patronage of His Highness the Prime Minister of Bahrain and presented by His Excellency the Governor of the Central Bank of Bahrain. Voting is peer based and winners are selected from votes cast by a select group of executive leaders from the international Islamic banking and finance industry; the voting process is audited by Ernst & Young.

WIBC Managing Director David McLean said, "the 'Islamic Banker of the Year' award has been highlighting the ground- breaking achievements of the leaders of the international Islamic banking industry for over a decade now. The award has grown in stature over the years and is one of the industry's most prestigious honours, recognizing the outstanding efforts of an exceptional leader who has made a long- term impact on the development of the Islamic financial services sector."

"It is an honour to receive the 'Islamic Banker of the Year' award for 2008, an accolade I share with our hard working and dedicated team at Ithmaar banking group. Our collective, focused efforts have enabled the group to grow from strength to strength this year and, as we move to further consolidate our integrated network in the GCC, Middle East, North Africa, South Asia, Asia Pacific and Europe, we are well positioned to continue to deliver solid, positive returns to our shareholders,"

said Janahi.

Earlier this year, the Ithmaar Bank Chairman was selected to Co-Chair the annual World Economic Forum in Sharm Al Shaikh, the foremost global gathering of political, business and cultural leaders; Janahi was one of only two Co-Chairs selected from the Arab world.

In September 2008 Janahi also joined a select group of prominent business leaders from around the world to Mentor at a World Economic Forum meeting in China; again, Janahi was the only Mentor from the Middle East region.

The Ithmaar Bank Chairman has been instrumental in launching a series of ground- breaking, international financial initiatives over the last twelve months including the creation of three visionary new initiatives focused on driving market specific innovation across the Middle East, North Africa, South Asia region and beyond.

Vision 3, a product of a strategic alliance between three major financial institutions in the region; Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank, include InfraCapital, the GCC's first investment bank specializing in the provision of tailored infrastructure development and finance; AgriCap a new investment vehicle focused entirely on serving agricultural ventures and communities and the Hospitality Development Fund (HDF) which will nurture and support opportunities across the global hospitality sector.

Janahi played a key role in the structure and launch of Naseej, the region's first fully integrated real estate and infrastructure solutions provider, which will contribute directly to addressing one of the some of the most pressing infrastructure and real estate challenges within the Middle East. It was announced earlier this month that the Naseej Promoter Shareholders have signed a formal agreement to create the Closed Joint Stock Company in December with an issued and paid-up share capital of BD180m.