MANAMA: Ithmaar Bank is to help promote Bahrain as a key financial hub in the Middle East.

The Bahrain-based Islamic retail bank’s latest support for the Bahrain Association of Banks (BAB) will help host the upcoming Banks in Bahrain reception which will be held as part of the annual International Monetary Fund (IMF) and World Bank meeting in Washington in the US.

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

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 CBB Governor Rasheed Al Maraj will attend.

Ithmaar’s cheque was presented to BAB chief executive Robert Ainey by Ithmaar chief executive Mohammed Bucheerei.

“We are pleased to continue our support for the BAB in general, and the reception at the IMF and World Bank annual meeting in particular,” said Mr 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 back the development of Bahrain’s Islamic banking industry.

“This, we believe, is one of our key responsibilities as a pioneering Islamic bank,” he added.

He said this is in line with Ithmaar Bank’s strategic plan of becoming the region’s premier Islamic retail and commercial bank.

“We continue to increase our focus on core banking activities,” said Mr Bucheerei.

“Ithmaar now boasts one of the largest retail banking networks in Bahrain with 17 full service branches and 43 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,” he added.

“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 Mr 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.

“The BAB, which brings together banking institutions of all sizes and charters in Bahrain and works towards enhancing its image as the financial hub of the Middle East, is delighted to have Ithmaar Bank, a pioneering Islamic retail Bank, supporting this key event.

“Ithmaar Bank is clearly very committed to promoting Bahrain as a key financial hub in the region and the association looks forward to working together with Ithmaar towards our joint objectives,” he added.

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

The IMF is an organisation of 188 countries, working to foster global monetary co-operation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.