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.