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Ithmaar's corporate governance award [Banker Middle East]
[October 20, 2013]

Ithmaar's corporate governance award [Banker Middle East]


(Banker Middle East Via Acquire Media NewsEdge) Ithmaar Bank was chosen from among banks across the Middle East, North Africa and South Asia for the Hawkamah Bank Corporate Governance Award, a regional initiative that aims to recognise, support and encourage superior governance practices in the banking sector in the Middle East and North Africa (MENA) region. This prestigious award is a result of Ithmaar Bank's commitment to applying international best practice applications across its operations and, in particular, with regards to the Bank's corporate governance policies.

The Award, said Ithmaar Bank Acting Chief Executive Officer, Ahmed Abdul Rahim, stands testimony to the Bank's growing success and underscores its commitment to becoming the region's premier Islamic retail bank.

"Ithmaar has long maintained that trust must be earned, and we have worked hard to earn the trust of all our stakeholders - including our minority shareholders, customers, employees and the general public," said Abdul Rahim. "Our hard work has paid off in many, many ways over the years - and, as the region's pioneering Islamic retail bank, we continue to build on that legacy of trust," he said.


"Ithmaar now boasts one of the largest retail banking networks in Bahrain with 17 full service branches and 47 Automated Teller Machines (ATMs) in strategic locations around the Kingdom," said Abdul Rahim. "We will continue to work towards further developing our core retail business in the years ahead with the commissioning of additional new branches and ATMs as well as the introduction of new products and services as well as other alternate delivery channels," he said.

"The prestigious Hawkamah Bank Corporate Governance Award recognises, and celebrates, these very achievements," said Abdul Rahim. "The regional initiative, launched in 2007 by Hawkamah, the Institute for Corporate Governance, aims to recognise, support and encourage superior governance practices in the banking sector in the Middle East and North Africa region - and earning this regional award is, indeed, a significant achievement," he said.

Launched in 2007 by Hawkamah, the Institute for Corporate Governance, the Award showcases banks that have gone the extra mile in improving their corporate governance practices, beyond the legal and regulatory requirements imposed by their respective jurisdictions. Each application is assessed against multiple criteria, including Disclosure and Transparency, Stakeholder/ Shareholders Rights, Commitment to Good Corporate Governance, and Control Environment and Processes.

The Award was received by Ithmaar Bank Chief Risk Officer and General Manager - Head of Risk and Compliance, Tawfiq Al Bastaki, at the BME Industry Awards 2013.

Ithmaar's achievements have helped earn the Bank international kudos, with the Bank's Mobicash offering earning multiple awards including the "Best Mobile Banking Service" award at the Banker Middle East Products Award 2013 and the prestigious UN-based "World Summit Award mobile WSA-mobile)".

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