Ithmaar Bank took its place among some of the world's largest corporate names at the 25th International ARC Awards, the world's leading annual report competition.

It claimed two top awards for its unconventional 2010 annual report at the ceremony in New York.

The awards were received on behalf of the bank by Smart Media, the annual report company that worked with an Ithmaar team to produce the report, and formally presented to Ithmaar chief executive Mohammed Bucheerei at the bank's headquarters in Bahrain.

Smart Media chairman Dr Vijith Kannangara emphasised the significance of the awards and congratulated Bucheerei.

'The International ARC Awards is the Academy Awards of Annual Reports, according to the financial media,' said Dr Kannangara.

It is the most prestigious competition honouring excellence in annual reports, he stated.

The awards are presented by MerComm, the world's only independent awards organisation dedicated to defining the standards of excellence in the communications fields and recognising the individuals whose work has made an outstanding contribution to their organisations, corporations or clients.

'Ithmaar's winning report competed against entries from nearly 40 countries and won two gold awards for the chairman's letter and non-traditional annual report in the financial services: consumer and speciality category,' he noted.

In addition, the report was also awarded honours for non-English annual reports in the same category. It is significant that both gold awards were nominated for Grand Awards.

'I am pleased to note that the 2010 Ithmaar annual report continues to earn growing international praise and recognition,' said Bucheerei.

'These latest awards are further testimony to the success of the bold approach adopted in the report. They are a reflection of the high degree of transparency in Ithmaar Bank's disclosures and financial reporting,' he remarked.

'This approach is in line with Bahrain's Economic Vision 2030, which provides a roadmap to Bahrain's continued prosperity under the leadership of His Majesty King Hamad. We are pleased that we have been able to contribute, even if in a small way, to realising that vision,' said Bucheerei.

'The report documents one of the most dramatic years in Ithmaar's long history as one of the region's pioneering Islamic banks and it was only fitting that we take a bold and unconventional approach,' he added.-TradeArabia News Service