March 20, 2007

Mohamed Hussain Appointed Member of Shamil Board.
Achievements Commended by the Board of Directors

Mohamed Hussain Chief Executive

Shamil Bank announced yesterday the appointment of its Chief Executive, Mr. Mohamed Hussain, as a member of the Board of Directors in addition to his current role as the Chief Executive of the Bank.

The appointment, which is effective 20th March 2007, has been made recently on the basis of a resolution adopted unanimously by the Board of Directors.

The Chairman of Shamil Bank’s Board of Directors said: “On behalf of the Board of Directors, I would like to welcome Mr. Hussain as a new member of the Board. I am confident that in his new role, in addition to being the Chief Executive of the Bank, he will contribute much more towards the strategic direction and prosperity of the Bank. I also take this opportunity to acknowledge and appreciate his invaluable services and notable achievements in his current role as well as various key positions and contributions in the past.”

Mr. Mohamed Hussain joined Shamil Bank at its inception in the year 2000, with his distinguished career in banking and finance. Prior to assuming the post of Chief Executive, he served in other senior positions at the Bank, including Deputy Chief Executive and Group Head, Corporate Banking and General Manager of Islamic Investment Company of the Gulf (Bahrain) E.C. prior to its merger with Faysal Islamic Bank of Bahrain E.C. in the year 2000. Other positions include Senior Vice President, Smith Barney Inc. Bahrain; Director Marketing & Corporate Finance, Bahrain International Bank and Assistant Vice President, Gulf International Bank. Mr. Hussain currently serves on the Board of Directors of Meezan Bank (Pakistan), Eskan Bank (Bahrain), Emerging Markets Partnership (Bahrain), First Leasing Bank (Bahrain), Bahrain Institute of Banking and Finance, and Human Resources Development Fund.

Mr. Hussain is a Bahraini national and has a Bachelor of Arts degree in Economics and Finance from the University of Aleppo, Syria.

Other Directors on the Board are Mr. Abdulla Al-Angari, Chairman; Mr. Khalid Abdulla-Janahi; Mr. Zamil Abdullah Al-Zamil; Mr. Ziad Hassan Rawashdeh and Mr. Farook Bengali.

Shamil Bank recently announced its financial results for the year ended 31 December 2006, declaring a net income of US$61.6 million, an increase of 57% over 2005 net income of US$ 39.1 million and a cash dividend of 17%.