Latest news with #Modaraba
Trade Arabia
23-03-2025
- Business
- Trade Arabia
Ithmaar Reward winner of February draw announced
Ithmaar Bank, a Bahrain-based Islamic retail bank, has announced the winner of the February draw of the Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders. The draw was held at the bank's headquarters in Seef district and was coordinated and supervised by the Ministry of Industry and Commerce (MOIC), as well as external auditors BDO Bahrain and the bank's internal auditors. Al Rafeeq Contracting Company won the prize, which is an additional 1% of profit on the modaraba amount. The ceremony was attended by the General Manager of Al Rafeeq Contracting, Sayed Mohammed Al Mosawi. 'We are pleased to win in the second prize of Ithmaar Reward Programme that is designed exclusively for corporate Modaraba accountholders,' said Al Mosawi. 'We appreciate Ithmaar Bank's efforts to support corporate clients and provide special services to facilitate the financial management of our businesses in order to achieve further growth and development,' he said. 'On behalf of all of us at Ithmaar Bank, we congratulate Al Rafeeq Contracting Company and all its team for winning the second prize of Ithmaar reward programme, which we have launched as part of the Bank's efforts to provide an exceptional banking experience to its corporate clients,' said Ithmaar Bank Head of Corporate Banking, Financial Institutions and Treasury, Ebrahim Jassim. 'Ithmaar will continue to work on enhancing its products and services provided to corporate clients in line with their financial demands and requirements,' he said. Ithmaar Reward Programme aims to encourage corporates as well as Small and Medium Enterprises (SMEs) to invest more in the bank's Modaraba account to increase their chances of winning rewarding prizes. Modaraba accounts of six months and longer tenors, with an amount of BHD100,000 or $250,000 or higher are qualified to enter the draw to win an additional 1% of profit on the modaraba amount. The draws of Ithmaar Reward will be held on a monthly basis and a winner will be chosen every month. - TradeArabia News Service
Daily Tribune
10-03-2025
- Business
- Daily Tribune
Ithmaar Bank announces first winner of Ithmaar Reward draw
Ithmaar Bank, a Bahrain-based Islamic retail bank, announced the winner of the first Ithmaar Reward draw that is designed exclusively for corporate Modaraba accountholders. The draw was held at the Bank's headquarters in Seef district and was coordinated and supervised by the Ministry of Industry and Commerce (MOIC), as well as external auditors BDO Bahrain and the Bank's internal auditors. Amwal Trading Company won the prize, which is an additional 1% of profit on the modaraba amount. The ceremony was attended by Ahmed Al-Mutawa, a director at Amwal Trading Company. 'We are pleased to win an unexpected prize. We really appreciate Ithmaar Bank 's initiative to introduce and launch a new and unique programme to reward its corporate clients,' said Al-Mutawa. 'The reward programme supports us to continue developing and growing our businesses and it encourages us to invest more with Ithmaar Bank,' he said. 'On behalf of all of us at Ithmaar Bank, we congratulate Mr. Ahmed Al-Mutawa and all the company's team to win in the first draw of our new reward programme, which we have launched as part of the Bank's efforts to provide an exceptional banking experience to our corporate clients,' said Ithmaar Bank Chief Executive Officer, Maysan Al Maskati. 'This programme aims to encourage corporates as well as Small and Medium Enterprises (SMEs) to invest more in the Bank's Modaraba account to be rewarded and to motivate them to continue developing their businesses and to achieve further growth,' he said. The new reward programme is designed exclusively for corporate Modaraba deposit accountholders. Modaraba accounts of six (6) months and longer tenors, with an amount of BHD100,000 or USD 250,000 or higher are qualified to enter the draw to win an additional 1% of profit on the modaraba amount.
Zawya
27-02-2025
- Business
- Zawya
Tasaheel issues $138mln sukuk to support small business financing
Arab Finance: Tasaheel, Egypt's lender for small businesses and entrepreneurs and part of MNT-Halan, has issued an EGP 7 billion sukuk, the largest in the country's non-bank financial institutions (NBFIs) sector, as per an emailed press release. It is also the largest socially sustainable sukuk by a non-governmental entity in Africa. The sukuk received an 'A' credit rating from the Middle East Credit Rating and Investor Services (MERIS) and an 'Excellent' (SQS1) sustainability score from Moody's Rating Agency, reflecting compliance with the Sustainable Sukuk Principles set by the International Capital Market Association (ICMA). Investor interest in the issuance was strong, with a subscription coverage ratio of 1.2 times. With a five-year maturity period, the sukuk is structured as a Modaraba Sukuk and has been certified by the Central Shariah Committee at the Financial Regulatory Authority (FRA) and the Sukuk Company Shariah Committee, ensuring compliance with Islamic finance principles. The funds raised will support Tasaheel's plans to expand financial solutions for underserved businesses and individuals while strengthening its role in Egypt's financial sector. The issuance was conducted under the supervision of the FRA and was supported by financial and legal advisors, including CIB and CI Capital as financial advisors, Maatouk Bassiouny & Hennawy as legal advisors, and KPMG as transaction auditor. The sukuk was issued by Alkan for Sukuk and underwritten by CIB, AAIB, El Baraka, and Banque du Caire, with additional participation from SAIB, ABC, FABMisr, Faisal Islamic Bank, and ADCB. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
