Elaf Bank appoints General Manager, Support Services

Mr. Haram will oversee the Bank's critical support functions including financial control, risk control, operations, administration, human resources, information technology and public relations. Under his new remit Mr. Haram will report directly to Dr. Jamil Jaroudi, Chief Executive Officer, Elaf Bank.

A veteran investment banker, Mr. Haram comes to Elaf Bank with 27 years of regional and international banking experience in external audit, Sharia-compliant and conventional finance, portfolio management and operations and administration.

During Mr. Haram's eight years as Senior Vice President with SEDCO in Jeddah, Saudi Arabia, he was responsible for the implementation of the strategies and policies of an investment portfolio in excess of $1.5bn in public and private equity. He spearheaded and launched numerous Sharia-compliant investment products and formulated the investment guidelines for the company.

Prior to this, as Chief Financial Officer with Isam Kabbani & Company, Saudi Arabia Mr. Haram designed and effected cash management procedures, implemented new integrated accounting software and set up financial control, budgeting, reporting and administrative procedures. His past experience in the Middle East also includes a term with Solidere Inc, Lebanon as Financial Controller where he successfully launched the company's first Global Depository Receipt (GDR) of over $77m.

A Certified Public Accountant (New York State, USA), Haram holds an MBA from New York University, USA and a B. Sc degree from Columbia University, USA. As part of his international experience Haram served as Senior Financial Analyst, Flo-Sun Sugar Inc and as Asset Manager, Jaymont Management Inc. in New York and Florida.

"With his widespread international and local experience in the implementing of systems and procedures for different type of organizations, Nasser is sure to add value to the team at Elaf Bank. We have many projects currently in the pipeline and Nasser's in depth knowledge of Sharia- compliant products and services will prove to be an asset during this critical time," said Dr. Jamil Jaroudi, Chief Executive Officer, Elaf Bank.

"I look forward to my new role with Elaf Bank and hope to positively contribute to the Bank's visionary business model,"

said Mr.Haram.

"A bank is only as secure as its support structure. The role of support services is especially important in today's market conditions, as banks are looking to boost investor confidence by effectively managing their risk," concluded Mr. Haram.

In October 2008, Elaf Bank signed a strategic partnership agreement with Path Solutions for the implementation of iMAL. As the world's leading modular and fully integrated banking software, iMAL will cover Portfolio Management & Sukuk Trading, Direct Investments, Islamic Treasury, Financial and MIS Reporting, Central Bank Reporting, SWIFT Messaging and CRM which handles the following functions: Clients' Positions, Trading Movements and Orders' Management.

Elaf Bank (Formerly known as the Sokouk Exchange Centre Bank - Tadawul) is a Bahrain-based, Islamic, wholesale bank regulated by the Central Bank of Bahrain and operating with an investment banking license ("Elaf" or the "Bank").