Ithmaar Holding

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.

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

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

• Islamic banking services
• Retail banking
• Corporate banking
• Sharia-compliant finance
• Investment firm services

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. 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
2. 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
3. Investment Income from Associates: Share of income from associates including Faysal Bank Limited (Pakistan), income from unrestricted investment accounts as Mudarib
4. 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

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability5 records

Feature3 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• RSM BahrainminorOthers · 8 March 2026Independent financial advisor providing advisory services for capital raising initiatives approved at EGM.
• KPMGminorOthers · 8 March 2026Statutory auditors of Ithmaar Holding attending EGM for capital raising initiatives approval.
• Al Ain Mills Holding (Al Hazaa Investment Group)coreStrategic or Co-development Partner · 6 February 2026Al 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 or Co-development Partner · 6 February 2026Strategic partner in Capital Mills Grain project at Khalifa Port, Abu Dhabi, supporting the grain and agri-commodities hub development.
• AD Ports GroupcoreStrategic or Co-development Partner · 6 February 2026Supporting 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 GraincoreStrategic or Co-development Partner · 6 February 2026Partner contributing over 80 years of milling experience to the Capital Mills Grain project at Khalifa Port.
• Al Salam BankcoreStrategic or Co-development Partner · 7 July 2022Major 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.
• NaseejcoreStrategic or Co-development Partner · 12 January 2021Ithmaar 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 ServicescoreTechnology or Integration · 17 September 2018Partnership to launch region's first biometric payment network, allowing customers to use fingerprint with PIN for ATM transactions. Supported by Labour Fund Tamkeen.
• Gulf AirminorGTM or Marketing Partner · 22 July 2018Renewed 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

Direct 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

• LinkedInlinkedin.com/company/ithmaarholding

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ithmaar Holding