IslamicFinance.de

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.