Ithmaar Bank
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On 21 October 2003, Shamil Bank purchased all the assets and liabilities of FIBEC then in existence with the exception of the statutory deposit lodged with the BMA. Immediately following this purchase, Shamil Bank sold the entire share capital of FIBEC to DMI and the name of FIBEC was changed to Ithmaar Bank B.S.C. (Closed).

In April 2010, Ithmaar completed a comprehensive reorganisation with its then wholly-owned subsidiary, Shamil Bank, to emerge as an Islamic retail-focused Bank that is licensed and regulated by the Central Bank of Bahrain as an Islamic Retail Bank.
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