Ibdar Bank ("Ibdar"), the Bahrain based wholesale Islamic investment bank, recently concluded its Annual General Meeting (AGM) for the fiscal year 2015 ("the year") and appointed a new Board of Directors. During the meeting, shareholders of the bank were briefed on its 2015 results and its strategy and initiatives for 2016. Also present at the meeting were members of the Board of Directors, senior management of Bank and representatives of regulatory bodies. The shareholders approved the Board of Directors' report on the Bank's business activities, annual audited financial statements for 2015 as well as the Shariah Supervisory Board and Corporate Governance reports, among others. For fiscal year 2015, the Bank reported $14.5 million loss attributable to shareholders ($14.7 for Quarter 4 2015). Total revenue for 2015 was $25.6 million compared to $13.6 million for 2014 an increase of 88% over the last year ($11.5 million for Quarter 4 2015 compared to $0.5 million for the same period in 2014). Operating profit before impairment charges rose to $11.3 million compared to $0.5 million in 2014 ($6.3 million for Quarter 4 2015 compared to an operating loss of $4.5 million for 2014). The improved operating performance in 2015 was overshadowed by impairment and negative fair value changes of $23.8 million compared to $15.8 million in 2014. Total assets grew by 15.3% from $425 million in 2014 reaching $490 million by yearend. In addition, shareholders elected a new Board of Directors for a three-year period in accordance with the Bank's Articles of Association. The Bank's new Board: Tareq Sadeq — member of the board of directors of Ahli United Bank Kuwait and managing director of Keystone Consulting, Abdulkarim Ahmed Bucheery – Ex-CEO of Bank of Bahrain and Kuwait and the vice chairman of Naseej Company, Dr. Ahmed Ebrahim Al Balooshi —CEO of Smarteam Consultancy and member of the board of directors of Bahrain Telecommunications Company, Ebrahim Husain Al Jassmi — member of the board of directors of Bahrain Islamic Bank and Takaful International Company, Hamad Mohammed Al-Sejari – AVP in the DCM Department at KFH Capital, Jamal Abdulla Al Saleem — member of the board of directors of Kuwait Investment Company and the executive vice president of the Privatization Holding Company in Kuwait, Jasem Al-Yaseen — executive manager – Treasury Sales at Kuwait Finance House - Kuwait, Khalid Mohammed Al Maarafi — 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 — chairman of Newbury Investments W.L.L and a member of the board of directors of Tadhamon Capital in Bahrain, and Abdulaziz Hassan Al Afaleq — partner, board member and CEO of Al-Kifah Holding Company. The new Board has already concluded its first meeting where Tareq Sadeq was appointed as the Bank's chairman and Abdulkarim Ahmed Bucheery as Vice Chairman. Sadeq, chairman of Ibdar Bank, said, "Following the first meeting of the new Board of Directors, we are pleased to begin our work with the bank and to support its ongoing efforts to create an industry leading Islamic investment platform. 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, added, "The foundations that Ibdar have 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. On behalf of Ibdar Bank I'd like to express our gratitude to the outgoing Board for their efforts and guidance over the past three years and I warmly welcome the new Board of Directors. The management of the Bank looks forward to working with them in order to build upon our strengths and achievements and to ensure meeting the shareholders expectation and creating value for all stakeholders."
