IslamicFinance.de

Ithmaar Bank presented a net loss of $61.9 million for the year 2011, compared to a net loss of $140 million for 2010. The 2011 results include a consolidated Fourth Quarter loss of $68.6 million, as compared to a loss of $153.4 million for the same period last year.
The announcement was given by Ithmaar Bank Chairman His Royal Highness Prince Amr Mohamed Al Faisal.

Bahrain-based Ithmaar Bank has posted a income of $51.4 million before impairment provisions and taxation for 2010.
The bank was back on track in spite of posting a consolidated loss of $150.1 million attributable to the shareholders of the bank after recognising conservative impairment provisions of $197.4 million.

Vision3, conceived by Gulf Finance House, Abu Dhabi Investment House and Ithmaar Bank signed an MoU with Morocco's largest bank, Attijariwafa, signaling their intention to establish AgriCap Invest, a specialized food and agriculture focused investment institution in the Kingdom of Morocco. The new firm will offer intelligent financial solutions to agricultural initiatives in the Kingdom of Morocco and across North and Sub-Saharan Africa, the Mediterranean and the broader MENA region.

Ithmaar outlines 2008 achievements and concludes that due to good diversification the global crisis has been well mastered. Ithmaar reported USD 85.2 mn in consolidated profits for 2008.

Ithmaar Bank, a Bahrain-based investment bank with global reach, heads a regional banking and financial services group that comprises more than 20 subsidiaries, associates and joint ventures. Their combined activities, covering investment, private, retail, and commercial banking, private equity, Islamic insurance and assurance, equipment leasing, and real estate development, form a unique 360 degrees value chain that embraces the entire spectrum of banking and financial services.

Michael P. Lee is CEO of Ithmaar Bank.

In February 2009, following a meeting of the Bank’s Board of Directors, Ithmaar reported $85.2 million in consolidated profits for 2008. Of these profits, $22.2 million are attributable to the Bank’s shareholders. Ithmaar also reported significant growth in both its total assets and its funds under management, and said its balance sheet remains strong, with liquid assets at $1.3 billion, representing around 23 percent of its total assets.

Abu Dhabi Investment House shifted its direction in 2008 towards the 'real economy', which includes health, agriculture, communications and clean energy sectors. The company increasingly changed its strategy in 2005, 2006 and 2007 from traditional investment, real estate and financial markets methods included the 'Vision 3' alliance between Abu Dhabi Investment House, Gulf Finance House and Ithmaar Bank.

The goal of the alliance is to benefit from the combined expertise in the identification of investment opportunities within the hospitality, infrastructure and agricultural sectors, including InfraCapital, the GGC's first Islamic investment bank focused on infrastructure and AgriCap, a fund given over to the development of numerous agricultural projects. The AED 400 mn Al Joud fund, the new GCC listed equities fund, performed very well.

Until now, the company did not venture into America or European markets and is considering capitalising on distressed assets in these markets.

Shamil Bank has taken over Faisal Private Bank in Switzerland completely and is itself is a wholly-owned subsidiary of Ithmaar Bank. Shamil Bank also acquired a 34 % stake in takaful company Solidarity.

Shamil Bank reported USD 66.8 mn in total income, and a net profit of USD 22.8 mn last year during their Annual General Meeting.

Faisal Al Alwan is the CEO of Shamil Bank.

Vision 3 is strategic alliance formed by the trio of leading Middle Eastern banks, Gulf Finance House (GFH), Ithmaar Bank and Abu Dhabi Investment House (ADIH). The primary goal of Vision 3 is to create tailored Islamic financial institutions. Vision 3 has already announced the creation of InfraCapital, the GCC's first investment bank specialising in the provision of tailored infrastructure development and finance; AgriCap, a new investment vehicle focused entirely on serving agricultural ventures and communities and Hospitality Development Fund (HDF), established to nurture and support opportunities across the global hospitality sector.

The board members include GFH chairman Esam Janahi who will be chairman of the company, Bonyan International chairman and chief executive officer (CEO) Imad Nesnas, ADIH chief executive officer Rashad Janahi and Ithmaar Development Company CEO Mohamed Khalil Al Sayed