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Shamil Bank appoints new Chief Executive

Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank, announced the appointment of a new Chief Executive, Faisal Mansoor Al Alwan.

A Bahraini national, Al Alwan comes to Shamil Bank after 18 years at The Arab Investment Company (TAIC), Bahrain, where he managed assets of more than $5bn and securities of more than $650m as General Manger of the company in Bahrain. Al Alwan replaces Mohamed Hussain, who has been appointed Co-CEO of Ithmaar Bank.

“With nearly 30 years of experience in the banking industry, Faisal brings a wealth of knowledge to his new role at Shamil Bank. Faisal’s familiarity with the industry and his prior senior management experience is certain to add value to the management team as the Bank prepares to enter an important phase of growth and expansion,” said Shamil Bank Chairman, Mohammed Abdulla Al Anqari.

Earlier this year, Shamil Bank announced a record profit of $80.6m for the year ended 31 December, 2007, a 31% leap over the previous year.

In the last three months, Shamil Bank has launched two high-return real estate funds targeting Turkey and Central and Eastern Europe. In April, Shamil Bank launched a new Sharia- compliant savings scheme, Shamil Jawaher, which aims to offer an expected return of 6% per annum, higher than traditional savings schemes.

“I look forward to my challenging, new role as the Chief Executive at one of the Kingdom’s leading Islamic banks. Shamil Bank has been steadily increasing its presence within Bahrain and beyond, and being a part of the Ithmaar banking group, the most diversified financial services group operating globally from the Middle East, only reinforces its capabilities. With the backing of Ithmaar Bank, Shamil Bank is well positioned to enter new markets and further diversify its product range,” said Al Alwan.

Prior to his most recent role as the General Manger of TAIC, Al Alwan worked as Vice President & General Manger at Societe de Banque Privee for six years.

Al Alwan’s varied banking experience has seen him hold senior management positions at Bahrain Middle East Bank, Saudi National Commercial Bank and Citibank.

At Bahrain Middle East Bank, Al Alwan headed the credit and marketing division for the entire Middle East region and before that, as a Senior Marketing Officer at Saudi National Commercial Bank, he was tasked with managing direct and syndicated facilities for the Gulf region and North Africa.

Prior to that, he was Operations and Marketing Manager at Citibank Bahrain.

In addition, Al Alwan also serves as a Member of the Board of Delta International Bank, Egypt (currently known as Ahli United Bank, Egypt) and the Housing Bank, Bahrain.

Al Alwan is also an adviser for the Fund for the Development of Southern Sudan and War Extended Areas.