Ithmaar Bank selects Amwal as the exclusive Qatar underwriter for its upcoming IPO

This also marks Amwal's first of many steps towards a significant expansion plan in enhancing its regional presence. This agreement was signed by Shaikha Hanadi Nasser Bin Khaled Al Thani, Vice Chairperson & Managing Director of Amwal, and Mr. Khalid Abdulla-Janahi, Chairman, Ithmaar Bank in the presence of Mr. Khaled Hassan Rashed, Director of Amwal at a press conference held on February 7th, 2006 in Bahrain.

Sheikha Hanadi said,

"After executing several landmark transactions in Qatar over the past seven years and introducing new asset classes and innovative products to the Qatari market, Amwal has clearly demonstrated its leadership position in Investment Banking, Asset Management and Financial Planning in Qatar. Our mandate as the exclusive underwriter in Qatar for the Bahraini based Ithmaar Bank marks the successful rollout of our ambitious regional expansion plan."

Khaled Hassan Rashed, Director of Amwal said, "The Ithmaar IPO, one of the largest in Bahrain, will offer 150,000,000 shares at US$ 2.25 per share, which in our opinion is a very conservative valuation. The bank's ambitious growth plans, competent management team, successful track record and time tested relationships will ensure its success and Amwal is extremely excited to be a member of the consortium chosen to underwrite this IPO. The IPO will open on February 19th, 2006."

Amwal will offer key investors comprising of high net worth individuals and institutions the opportunity to participate in the IPO of Ithmaar Bank.

The strategic partners include Shamil Bank as the Lead Issue Manager and Financial Advisor and KPMG as Co-financial Advisor. The bank has also entered into individual agreements with Global Investment House (Kuwait), Amwal (Qatar), Abraaj Capital (UAE), BBK (Bahrain) and Bahrain Pension Fund appointing them as Underwrites to the IPO.

Global Investment House (Kuwait) has been appointed as the Co-managers and Listing Advisors while Shamil Bank (Bahrain) and BBK (Bahrain) will act as the Receiving Banks for the IPO.