Bahrain Islamic Bank (BisB) has appointed Abdul Razak Al Qassim as its new chairman in the place of Khalid Al Bassam.

The announcement follows approval of the decision by the board during a meeting. It was announced that Al Bassam had expressed his intention of quitting his position to concentrate on his other businesses after eight years as chairman of BisB.

Also at the meeting, the board announced that all formalities related to the purchase of The Investment Dar shares, which represents 51.6 per cent of BisB capital, by NBB and SIO with 25.8 per cent each, had been completed.

The board thanked Al Bassam for his efforts with the bank during his tenure. The bank has also invited its shareholders for an ordinary general meeting to be held on July 7, for the election of a new board.-TradeArabia News Service