Ithmaar Bank, a Bahrain-based Islamic retail bank, will support the Bahrain Association of Banks (BAB) in hosting a major event in the US to promote the kingdom as a key financial hub in the Middle East.

BAB is set to host the upcoming Banks in Bahrain reception which will be held as part of the annual International Monetary Fund (IMF) /World Bank meeting in Washington D.C., USA.

Some of the world’s most leading bankers as well as senior government officials and prominent business and opinion leaders are expected to attend the reception to discuss opportunities in Bahrain.

Ithmaar’s support will be used to finance the BAB’s administrative costs for organising the global event. The Central Bank of Bahrain (CBB) is the Official Supporter of the event, and the CBB Governor Rasheed Mohammed Al Maraj will attend.

Ithmaar’s support was presented to the BAB chief executive Robert Ainey by the bank’s chief executive officer and Member of the Board, Mohammed Bucheerei.

“We are pleased to continue our support for the BAB in general, and the Banks in Bahrain reception at the IMF/World Bank annual meeting in particular,” said Bucheerei. “Active participation at such high level events helps reinforce Bahrain’s position as a key regional banking centre on the global stage,” he said.

“Our support for the BAB is part of our long-standing commitment to supporting the development of Bahrain’s Islamic banking industry. This, we believe, is one of our key responsibilities as a pioneering Islamic bank,” he said.

 “We continue to increase our focus on core banking activities,” said Bucheerei. “Ithmaar now boasts one of the largest retail banking networks in Bahrain with 17 full service branches and 43 Automated Teller Machines (ATMs) in 26 strategic locations around the Kingdom. We will continue to work towards further developing our core retail business in the year ahead with the commissioning of additional new branches as well as the introduction of new products and services.”

“The Bahrain government remains focused on enhancing the financial operating environment of the Kingdom which continues to hold many competitive advantages over its neighbours – most notably strong financial regulation and highly-skilled local staff,” said Ainey.

“With this in mind, Bahrain remains an access point of choice into the GCC’s trillion-dollar market, which is helping transform an increasing number of the Kingdom’s companies from local institutions into international players,” he said.

The annual meetings of the IMF/ World Bank are a forum to discuss issues of global concern, including world economic outlook, global financial stability, job creation and poverty eradication. – TradeArabia News Service