Ithmaar Holding
Ithmaar Holding B.S.C. is a Bahrain-listed holding company licensed by the Central Bank of Bahrain that provides Sharia-compliant banking and financial services through Ithmaar Bank in Bahrain and a 66.6%-owned Faysal Bank Limited in Pakistan.
- Company typePublic
- Founded1984
- HeadquartersManama, Bahrain
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Ithmaar Holding does
Ithmaar Holding B.S.C. is a Bahrain-based holding company, founded in 1984 and listed on the Bahrain Bourse and Dubai Financial Market under the trading code ITHMR. It is licensed and regulated by the Central Bank of Bahrain as an Investment Firm Category 1. Following a January 2017 corporate restructuring, the group operates through wholly-owned subsidiary Ithmaar Bank (Islamic retail and corporate banking in Bahrain, with 16 branches and 45 ATMs), wholly-owned IB Capital (non-core investment holdings), and a 66.6%-owned subsidiary Faysal Bank Limited in Pakistan, one of the largest Islamic banks in Pakistan with over 600 branches across 200 cities. Total assets stood at US$5.45 billion as of 31 March 2023, down 10% from US$6.06 billion at year-end 2022 following a major divestiture programme.
The company delivers Sharia-compliant banking and financial services across retail, corporate/SME, and investment account segments, supervised by a dedicated Sharia Supervisory Board. Its technology stack includes an upgraded core banking platform, a state-of-the-art eBanking system, the Ithmaar eQ smartphone queuing app, and the region's first biometric payment network developed in partnership with Eazy Financial Services (fingerprint plus PIN for ATM transactions), supported by Tamkeen. AI capabilities referenced include NLP-powered chatbots for customer service and AI-assisted risk, fraud, and customer behaviour analytics, though no proprietary models or deep research activity is disclosed.
Revenue is generated through Islamic retail banking products (murabaha financing, deposits, unrestricted investment accounts), corporate and SME banking, and share of income from associates, primarily Faysal Bank Limited. Distribution combines physical branches, ATMs, digital channels, and stock exchange listings. The group has undergone substantial transformation: in July 2022 it divested its consumer banking business, BBK ownership stake, and Solidarity Group Holding to Al Salam Bank; it has had three CEOs since 2022; shareholders approved a rights issue and capital raising of at least $50 million at an EGM in March 2026 to address accumulated losses. Recent activity also includes a 2026 strategic investment in the Capital Mills Grain project at Khalifa Port, Abu Dhabi, extending the group's footprint into UAE food security infrastructure.
Ithmaar Holding firmographics
Firmographics- Name
- Ithmaar Holding
- Legal name
- Ithmaar Holding B.S.C.
- Website
- https://ithmaarholding.com
- Company type
- Public
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Ithmaar Holding B.S.C. is a Bahrain-listed holding company licensed by the Central Bank of Bahrain that provides Sharia-compliant banking and financial services through Ithmaar Bank in Bahrain and a 66.6%-owned Faysal Bank Limited in Pakistan.
- Ownership category
- akta.pro rank
Ithmaar Holding industry classification
Industry- Product category
- Islamic Banking
- NAICS
- Offices of Bank Holding Companies (551111), Commercial Banking (522110), Management of Companies and Enterprises (5511)
- SIC
- Finance Services (6199), Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Islamic Retail Banking (FSABAGAA)
- akta.pro secondary industries
- Islamic Corporate Banking (FSABAGAC), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)
Keywords
Where Ithmaar Holding is headquartered
LocationHeadquarters
- HQ city
- Manama
- HQ country
- Bahrain
- HQ region
- Middle East
Offices1 record
Markets served
Ithmaar Holding business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Islamic Retail Banking: Income from retail banking operations including murabaha financing, unrestricted investment accounts, and retail banking services through Ithmaar Bank network of 16 branches
- Corporate and SME Banking: Corporate banking services and financing products for SMEs in Bahrain, with Ithmaar Bank exclusively focused on corporate banking following strategic restructuring
- Investment Income from Associates: Share of income from associates including Faysal Bank Limited (Pakistan), income from unrestricted investment accounts as Mudarib
- International Banking Operations: Revenue from subsidiary Faysal Bank Limited in Pakistan, one of the largest Islamic banks in Pakistan with 600+ branches
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
Ithmaar Holding product offering
Product offeringCore offering
Ithmaar Holding B.S.C. is a Bahrain-based holding company licensed and regulated by the Central Bank of Bahrain as Investment Firm Category 1. It provides Sharia-compliant banking and financial services through its wholly-owned subsidiaries Ithmaar Bank (Islamic retail and corporate banking with 16 branches and 45 ATMs in Bahrain) and IB Capital, plus majority-owned Faysal Bank Limited (commercial, retail and consumer banking with 600+ branches across 200 cities in Pakistan).
Differentiator
Problem solved
Functional benefit
Products and services
- Ithmaar Bank Islamic Retail Banking Sharia-compliant retail banking services for individual customers in Bahrain, including savings accounts, personal financing, murabaha financing, and unrestricted investment accounts, delivered through 16 branches and 45 ATMs.
- Ithmaar Bank Corporate and SME Banking
Quantifiable outcome
- Total assets of US$5.45 billion as at Q1 2023
- +2 more outcomes
Companies that use Ithmaar Holding
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Ithmaar Holding technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability5 records
Feature3 records
Ithmaar Holding partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered minor and core.
- RSM BahrainminorIndependent financial advisor providing advisory services for capital raising initiatives approved at EGM.
- KPMGminorStatutory auditors of Ithmaar Holding attending EGM for capital raising initiatives approval.
- Al Ain Mills Holding (Al Hazaa Investment Group)coreAl Ain Mills Holding, part of Al Hazaa Investment Group, laid foundation stone for Capital Mills Grain project at Khalifa Port with backing from Ithmaar International Holding (referred to as Ithmaar Holding in source). The project aims to strengthen food security in UAE through improved grain storage and processing capacity.
- Emirates Way HoldingcoreStrategic partner in Capital Mills Grain project at Khalifa Port, Abu Dhabi, supporting the grain and agri-commodities hub development.
- AD Ports GroupcoreSupporting the Capital Mills Grain project at Khalifa Port with direct access to deep-water berths, positioning Abu Dhabi as regional hub for grain and agri-commodities.
- Capital Mills GraincorePartner contributing over 80 years of milling experience to the Capital Mills Grain project at Khalifa Port.
- Al Salam BankcoreMajor strategic transaction completed in July 2022 where Al Salam Bank acquired Ithmaar Holding's consumer banking business in Bahrain, ownership stake in BBK, and Solidarity Group Holding. Transaction completed effective 7 July 2022.
- NaseejcoreIthmaar Holding partnered with Naseej to develop BD40 million residential project in Barbar, providing 100 residential plots and 300 villas targeting Bahrain's Ministry of Housing Mazaya programme beneficiaries.
- Eazy Financial ServicescorePartnership to launch region's first biometric payment network, allowing customers to use fingerprint with PIN for ATM transactions. Supported by Labour Fund Tamkeen.
- Gulf AirminorRenewed agreement granting Ithmaar Bank credit card and debit cardholders exclusive discounts on Gulf Air flights through 31 March 2019.
Scale indicators6 records
Recent moves9 records
Expansion highlights6 records
Ithmaar Holding competitors and assessment
Company assessmentDirect peers
- Al Salam Bank Bahrain: Bahrain-based Islamic bank that acquired Ithmaar's consumer banking business, BBK stake, and Solidarity Group Holding in 2022. Directly competes in Bahraini Islamic retail and corporate banking, making it the most relevant direct peer.
- Al Baraka Banking Group: Bahrain-headquartered Islamic banking group operating across MENA with retail, corporate, and investment banking services. Comparable in structure as a multi-country Islamic banking holding company with subsidiaries in several jurisdictions.
- Bank of Bahrain and Kuwait (BBK): Bahraini conventional commercial bank where Ithmaar previously held an ownership stake (sold to Al Salam Bank in 2022). Competes in Bahraini retail and corporate banking, with similar customer segments and regulatory framework.
- Khaleeji Commercial Bank: Bahrain-based Islamic commercial bank listed on Bahrain Bourse offering retail, corporate, and investment banking services. Direct competitor in the Bahraini Islamic banking market with similar CBB regulatory oversight.
- Meezan Bank: Pakistan's largest Islamic bank with a leading share of the country's Islamic banking sector. Directly comparable to Faysal Bank as both compete in Pakistani Islamic retail and corporate banking.
- GFH Financial Group: Bahrain-based financial group listed on Bahrain Bourse, Boursa Kuwait, and DFM, with asset management, investment banking, and treasury services. Comparable as a publicly listed Bahraini financial holding company.
Broad incumbents
- Gulf International Bank (GIB): Bahrain-headquartered wholesale bank owned by GCC governments, offering corporate and investment banking across the region. Overlaps with Ithmaar's corporate banking focus but serves a larger institutional client base.
- Ahli United Bank: Major MENA banking group (now part of Kuwait Finance House) with extensive branch networks across Bahrain, Kuwait, Egypt, and other markets. Comparable in scale and geographic diversification to Ithmaar Group.
- National Bank of Bahrain (NBB): Bahrain-based conventional commercial bank with retail and corporate banking services. Competes in the same Bahraini customer market as Ithmaar Bank, though conventional rather than Islamic.
Emerging players
- BankIslami Pakistan: Pakistan-based Islamic commercial bank offering Shariah-compliant retail and corporate banking. Smaller than Faysal Bank but operates in the same Islamic banking segment within Pakistan.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Ithmaar Holding social profiles
Digital presenceIthmaar Holding financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ithmaar Holding leadership team
Management profileNumber of profiles
Profiles1 record
Ithmaar Holding subsidiaries and ownership
Company hierarchySubsidiaries3 records
Ithmaar Holding funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ithmaar Holding M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ithmaar Holding
What does Ithmaar Holding do?
Ithmaar Holding B.S.C. is a Bahrain-based holding company licensed and regulated by the Central Bank of Bahrain as Investment Firm Category 1. It provides Sharia-compliant banking and financial services through its wholly-owned subsidiaries Ithmaar Bank (Islamic retail and corporate banking with 16 branches and 45 ATMs in Bahrain) and IB Capital, plus majority-owned Faysal Bank Limited (commercial, retail and consumer banking with 600+ branches across 200 cities in Pakistan).
Is Ithmaar Holding a public or private company?
Ithmaar Holding is a public company. It is classified as public and is currently operating.
When was Ithmaar Holding founded?
Ithmaar Holding was founded in 1984. It employs 1 to 10 people.
Where is Ithmaar Holding based?
Ithmaar Holding is headquartered in Manama, Bahrain, in the Middle East region.
How does Ithmaar Holding make money?
Four revenue lines are on record. Islamic Retail Banking is the primary driver. The others are corporate and SME Banking, investment Income from Associates and international Banking Operations.
Who are Ithmaar Holding's main competitors?
Direct peers on record are Al Salam Bank Bahrain, Al Baraka Banking Group, Bank of Bahrain and Kuwait (BBK), Khaleeji Commercial Bank, Meezan Bank and GFH Financial Group. Broad incumbents are Gulf International Bank (GIB), Ahli United Bank and National Bank of Bahrain (NBB). BankIslami Pakistan is listed as an emerging player.
Does Ithmaar Holding have an API?
No public API is recorded for Ithmaar Holding.
What industry is Ithmaar Holding in?
Ithmaar Holding's product category is Islamic Banking. Its primary akta.pro industry code is FSABAGAA, Islamic Retail Banking, with a secondary code of FSABAGAC, Islamic Corporate Banking. Its NAICS code is 551111 and its SIC code is 6199.