CBB Approves Ithmaars Dubai Listing
Ithmaar Holding B.S.C. (Ithmaar) received on Monday (ed note: 08/01/18) final approval from the Reserve bank of Bahrain (CBB) to detail on the Dubai Financial Market (DFM). The CBB's approval follows an earlier news that the United Arab Emirate's Stocks and Commodities Authority (SCA) had approved the listing.
Ithmaar, which is qualified and regulated by the CBB and is presently provided on the Bahrain Bourse and Boursa Kuwait under the ticker [ITHMR], had actually revealed plans in 2017 to list on additional stock exchange in the region.
The plans, which existed by an Ithmaar shareholder as an additional program item at the Annual General Meeting(AGM) in March 2017, were accepted by the investors who invited the initiative. Ithmaar invited the CBB's last authorization, and said it is servicing completing remaining demands for the DFM listing and will reveal a listing date eventually.
"We are pleased to reveal that all needed authorizations are in place, and we are currently finalising information with a view to finish the listing immediately," said Ithmaar Group Chief Executive Officer, Ahmed Abdul Rahim. "We are deeply thankful to the CBB, SCA and DFM for their guidance and support over the past year, and we anticipate continuing to work very closely with our regulators and various other relevant authorities to even more improve shareholder worth and add to our region's economic growth," he said.
Abdul Rahim had earlier stressed out that the added listing will open up trading on Ithmaar's shares to new, amazing markets, and stated that this, subsequently, will certainly develop new investment opportunities for investors in the GCC markets.
Ithmaar has two wholly-owned subsidiaries: Ithmaar Bank, a Bahrain-based Islamic retail bank, and IB Funding, a financial investment subsidiary. Ithmaar Bank and IB Capital are both accredited and managed by the CBB. Ithmaar Bank has 66.6 percent of Faysal Bank Limited (FBL), a retail banking subsidiary in Pakistan that is detailed on the Pakistan Stock Exchange and is generally taken part in company, business, retail and consumer banking tasks.
