Bahrain-based Islamic investment bank Ibdar has appointed a new board of directors with Tareq Sadeq, a member of Ahli United Bank Kuwait board and managing director of Keystone Consulting, as its chairman and Abdulkarim Ahmed Bucheery, the ex-CEO of Bank of Bahrain and Kuwait and the vice chairman of Naseej Company, as the vice chairman.  

The announcement was made at the shareholders meeting where the bank discussed its 2015 results and strategy and initiatives for this year.

The other board members are: Dr Ahmed Ebrahim Al Balooshi, the CEO of Smarteam Consultancy and board member of Bahrain Telecommunications Company; Ebrahim Husain Al Jassmi, the board member of Bahrain Islamic Bank and Takaful International Company; Hamad Mohammed Al Sejari, AVP in the DCM Department at KFH Capital; Jamal Abdulla Al Saleem, a board member of Kuwait Investment Company and the executive VP of the Privatization Holding Company in Kuwait; Jasem Al Yaseen, the executive manager (Treasury Sales) at Kuwait Finance House- Kuwait; Khalid Mohammed Al Maarafi, the 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, the chairman of Newbury Investments and a member of the board of directors of Tadhamon Capital in Bahrain, and Abdulaziz Hassan Al Afaleq Partner, a board member and chief executive of Al Kifah Holding Company.

The shareholders later 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 a $14.5 million loss attributable to shareholders. Its total revenue for 2015 surged to $25.6 million from $13.6 million the year before.

Commenting on the results, Sadeq said: "In the coming periods, we will look to build upon the momentum that has been established by the bank to date and further refine and oversee the implementation of its strategy. 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 said: "The foundations that Ibdar has set and the progress we have made over the past years, despite challenging market conditions, is the result of the support and guidance of our shareholders and the continued commitment and focus of our employees."

The bank has $300 million in paid up capital, an asset base in excess of $480 million – as at end of December 2015 - and significant funds for deployment, he added.-TradeArabia News Service