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