Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank and a wholly-owned subsidiary of Ithmaar Bank has appointed Ahmed A Rahim deputy chief executive as part of its corporate restructuring plan.

The bank also promoted the heads of various departments to assistant general managers, reporting directly to the chief executive and deputy chief executive in line with its long term strategic objectives.

In addition to the CE and DCE, Shamil Bank's senior management team now includes: Abdul Hakim Al-Mutawa, assistant general manager, private banking; Dr Ashraf ElGhory, assistant general manager, Financial Institutions & Treasury; Tawfiq Mohammed Albastaki, assistant general manager, Risk Management & Compliance; Abdulrahman Mohammed Ahmed, assistant general manager, Banking Operations; Yousif Abdulla Al-Khan, assistant general manager, Information Technology and Prakash Pathmanathan, assistant general manager, Financial Control.

"Shamil Bank's recent corporate restructuring reflects our efforts to consolidate the bank's leading position in the kingdom's Islamic banking industry.

"The recent restructure will allow the bank to better meet its growing business needs, enable further strategic alliances, improved performance accountability and higher efficiency," said Faisal M Al-Alwan, CEO, Shamil Bank.

"We would like to welcome Ahmed A Rahim to his new role as Shamil Bank's deputy chief executive; Ahmed's proven track record and prior banking experience with the Ithmaar banking group will hold the bank in good stead as we prepare to enter a phase of further growth and expansion. We wish Ahmed the best of luck in his new role," added Al-Alwan.

"Shamil Bank is an integral part of the Ithmaar banking group and has established a reputation as one of the most dynamic Islamic banks within the Middle East region, providing customers with unique, innovative Sharia compliant products and services.

"The Bank is now focused on entering new high-growth markets through strategic partnerships with the aim of delivering consistent financial returns to our stakeholders," said Ahmed A Rahim.

Shamil Bank recently launched two real estate investment funds targeting the emerging markets of Turkey and Central and Eastern Europe providing its customers with the opportunity to capitalise on the growth of their developing economies. - TradeArabia News Service