KUWAIT: Dubai Financial Market (DFM) today announced the listing of Bahrain’s Ithmaar Holding BSC (Ithmaar), one of the leading investment institutions in the Kingdom of Bahrain, as trading commenced on the bank’s shares under the trading symbol (ITHMR), which appears on DFM screens, trading system and publications within the Banking Sector.
This listing further strengthens the prominent position of DFM as the most favored listing venue for leading local and regional companies and lifts the total number of listed companies to 66. It also lifts number of Dual listings to 16 including five Bahraini companies. Ithmaar Holding Board Member, Abdulelah Ebrahim Al-Qassimi, rang the market-opening bell in the presence of His Excellency Essa Kazim, Chairman of DFM and senior representatives from both sides.
Commenting on this development, HE Essa Kazim said: “We are delighted to welcome the listing of Ithmaar Holding on DFM. This is the fifth of its kind dual listing from Bahrain, which underlines the strong ties between the United Arab Emirates and the Kingdom of Bahrain and represents a strong addition to the Banking sector on our market, providing investors with new investment opportunities.
Market of choice for Dubai listing
The listing also reinforces DFM’s position as the market of choice for companies seeking Dual listing in a clear indication on businesses’ high level of confidence in our exchange due its world-class infrastructure, enormous and diversified investor base and innovative issuer services. These factors further strengthened DFM’s leading position as most favored listing venue for companies from the UAE and across the region and fortifies Dubai’s position as an international financial hub. DFM is constantly endeavours to diversify the range of investment opportunities offered to its enormous investor base by encouraging and partnering with companies from various sectors across the region to benefit from listing on the region’s leading stock exchange.”
Ithmaar Holding Board Member, Abdulelah Ebrahim Al-Qassimi, said: “We are pleased with listing on the DFM, adding a new key market alongside our current listing on the Bahrain Bourse and Boursa Kuwait. The listing is testimony to the important role that Dubai, alongside the Kingdom of Bahrain, plays as a key banking and financial services hub in the region with its reputation for excellence”.
Ahmed Abdul Rahim, the Group Chief Executive Officer of Ithmaar Holding, said: “Ithmaar Holding is a widely diversified financial services company that is licensed and regulated by the Central Bank of Bahrain (CBB) DFM listing adds further diversity for our shareholders and opens trading on Ithmaar Holding’s shares to a new and exciting market, and will create new investment opportunities for investors in the GCC markets. The listing concludes preparation under the guidance of the CBB, the Bahrain Bourse, the United Arab Emirate’s Securities and Commodities Authority, and the DFM, and we are deeply grateful for the advice and support we received.”
Ithmaar Holding owns two wholly-owned subsidiaries: Ithmaar Bank, a Bahrain-based Islamic retail bank, and IB Capital, an investment subsidiary. Ithmaar Bank and IB Capital are both licensed and regulated by the CBB. Ithmaar Bank owns 66.6 percent of Faysal Bank Limited (FBL), a retail banking subsidiary in Pakistan that is listed on the Pakistan Stock Exchange and is mainly engaged in corporate, commercial, retail and consumer banking activities.