New independent director appointed to SICO board

Mr Khalaf also serves as an independent director on the boards of BBK, Eskan Bank, First Leasing Bank, and Solidarity General Takaful Company.

A well-known figure in regional banking circles, his career spans more than 30 years in accounting, auditing and banking in the GCC, Middle East, UK and India. Mr Khalaf is the Managing Director of Vision Line Consulting, which he founded in 2010. Prior to that, he played a leading role in the incorporation and listing of Ajman Bank in the UAE, where he served as the bank's first CEO. Previously, he was CEO of Bahrain Islamic Bank.

Mr Khalaf has also held management positions with Ithmaar Bank and BBK in Bahrain; and was Resident Manager of the London office of Peat Marwick, UK. He graduated as a chartered certified accountant in 1980, and became a Fellow of the UK Association of Chartered Certified Accountants in 1983. Mr Khalaf has attended the Executive Leadership Program at Columbia Business School, USA; and the Strategic Management in Banking Programme at INSEAD, France.

Following the appointment of Mr Yusuf Khalaf, the SICO Board now consists of nine members, four of whom are non-executive and independent directors.

Board members Mr Meshary Al-Judaimi, Mr Mahmoud Al Zewam Al Amari, and Mr Fahad Murad were recently reclassified as non-executive independent directors. These latest developments are in line with CBB regulatory requirements, and the recommendations of the Corporate Governance Code of the Kingdom of Bahrain issued by the Ministry of Industry & Commerce.