Ibdar names new board, appoints Sadeq chairman

Manama : Ibdar Bank (Ibdar), the Bahrain based wholesale Islamic investment bank, has concluded its Annual General Meeting (AGM) for the fiscal year 2015 and appointed new Board of Directors.  

The shareholders also approved the board of directors’ report on the bank’s business activities, annual audited financial statements for 2015 as well as the Shari’a Supervisory Board and Corporate Governance reports, among others. 

For fiscal year 2015, the bank reported US$14.5 million loss attributable to shareholders. Total revenue for 2015 was US$25.6m compared to US$13.6m for 2014 an increase of 88 per cent over the last year (US$11.5m for Q4 2015 compared to US$0.5m for the same period in 2014).  Operating profit before impairment charges rose to US$11.3m compared to US$0.5m in 2014 (US$6.3m for Q4 2015 compared to an operating loss of US$4.5m for 2014). The improved operating performance in 2015 was overshadowed by impairment and negative fair value changes of US$23.8m
compared to US$15.8m in 2014. Total assets grew by 15.3pc from US$425m in 2014 reaching US$490m by year end.

The new board have concluded its first meeting where Tareq Sadeq was appointed as the bank’s Chairman and Abdulkarim Ahmed Bucheery as Vice Chairman. 

The bank’s new board is comprised of: Tareq Sadeq Member of the Board of Directors of Ahli United Bank Kuwait, and  Managing Director of Keystone Consulting, Abdulkarim Ahmed Bucheery – Ex-CEO of Bank of Bahrain and Kuwait and the Vice Chairman of Naseej Company, Dr. Ahmed Ebrahim Al Balooshi - CEO of Smarteam Consultancy and Member of the Board of Directors of Bahrain Telecommunications Company, Ebrahim Husain Al Jassmi Member of the Board of Directors of Bahrain Islamic Bank and Takaful International Company, Hamad Mohammed Al-Sejari – AVP in the DCM Department at KFH Capital, Jamal Abdulla Al Saleem Member of the Board of Directors of Kuwait Investment Company and the Executive Vice President of the Privatization Holding Company in Kuwait, Jasem Al Yaseen Executive Manager –Treasury Sales at Kuwait Finance House- Kuwait, Khalid Mohammed Al Maarafi - Executive Manager and Head of Retail Banking Group at Kuwait Finance House-Bahrain and the Chairman of Al Enmaá House for Real Estate, Mohamed Nooruddin - Chairman of Newbury Investments W.L.L and a Member of the Board of Directors of Tadhamon Capital in Bahrain, and Abdulaziz Hassan Al Afaleq Partner, Board Member and CEO of Al Kifah Holding Company. 

The members were elected for a period of three-year in accordance with the bank’s Articles of Association.

Commenting, Sadeq, Chairman of Ibdar Bank, said, “We look forward to working with the management team and have every confidence that together we can create an even more competitive and diversified financial institution capable of delivering sound opportunities and value for all stakeholders.”

Acting CEO, Ahmed Al Rayes, added, “On behalf of Ibdar Bank I’d like to express our gratitude to the outgoing Board for their efforts and guidance over the past three years and I warmly welcome the new Board of Directors.