Ithmaar Bank B.S.C. : Ithmaar in aggressive growth mode, adopts bold three-year IT strategy

Ithmaar in aggressive growth mode, adopts bold three-year IT strategy

MANAMA, BAHRAIN - 23 January, 2012 - Ithmaar Bank, a Bahrain-based Islamic retail-focused bank, today said it is continuing with the ambitious expansion plans it announced last year and that it would increase its focus on technology.

Speaking following the Bank's adoption of a bold new three-year IT Strategy, Ithmaar Bank Chief Executive Officer and Member of the Board Mohammed A. Rahman Bucheerei, said technology would play an increasingly important role in most banking and financial services operations.

"Ithmaar Bank is in an aggressive growth mode," said Bucheerei. "This, in turn, is driving our decision making process and we remain resolutely determined to do whatever it takes to realize the board-approved expansion plans," he said.

In line with this commitment, Ithmaar Bank allocated all possible resources and commissioned the best available expertise to help ensure the Bank applies established international best practice approaches for its three year strategy.

"We commissioned the world's very best experts, arguably the undisputed authority on IT strategy, to help us chart the way forward," said Bucheerei. "It is, certainly, an expensive route, but we recognize the critical importance information technology will play in allowing the Bank to implement its ambitious expansion plans," he said.

"We commissioned Gartner to advise on this strategic plan because they offer world-class, objective insight on virtually all areas of IT, with unparalleled expertise across a wide range of solutions," said Bucheerei. "Gartner, for example, boasts 775 expert analysts who cover 1,071 topics across the IT landscape, are based in 26 countries and speak 47 languages. Gartner insights are drawn from a critical fact base that is simply not available anywhere else, and each year Gartner manages 10,000 interactions with clients in 11,500 distinct organizations world-wide as well as 290,000 one-on-one client discussions and 12,000 vendor briefings," he said.

"The new three-year strategy focuses on the Four Mega trends in technology that will shape our collective futures - Cloud Computing, Social Computing, Mobile Computing and Information Management - and sets an ambitious road map that will see us completely restructure the department, adding new roles and eliminating legacy applications," said Bucheerei. "In the long run, we will see the traditional roles of "banker" and "IT expert" merging and, soon, senior bankers will be playing an increasingly involved role in technology," he said.

"The Strategy will, in turn, contribute directly and in a very significant way to Ithmaar Bank's growth and the way it conducts its business," said Bucheerei. "New delivery channels will be introduced and existing one dramatically improved as product innovation becomes a natural extension of our day to day activities," he said.

"Technology will be even more integrated into our lives and, by necessity, our offerings as a leading Islamic retail bank and a recognized industry pioneer," said Abull. "As a result, customers will enjoy an enhanced banking experience and Ithmaar Bank will be able to quickly respond, even anticipate, to requirements," he said.

- Ends -