Ithmaar Bank, a Bahrain-based investment bank with global reach, formally appointed Tawfiq Mohammed Al-Bastaki Chief Risk Officer.

Tawfiq Mohammed Al-Bastaki Chief Risk Officer

In his capacity as Assistant General Manager, Risk Management and Compliance, at Shamil Bank, a wholly-owned subsidiary of Ithmaar Bank, Al- Bastaki has been working closely with the Ithmaar Executive Management Team. His formal appointment, as Chief Risk Officer, underscores the importance that Ithmaar Bank attaches to is risk management systems.

In his new post, Al- Bastaki is responsible for ensuring the Bank maintains adequate risk management systems, developing and implementing the Bank’s Risk Management strategy, and advising the Management on risk and compliance related issues.

Al- Bastaki, who reports directly to the Co-CEO and Member of the Board, Mohammed Hussain, comes to Ithmaar Bank with more than 29 years of conventional and Islamic banking experience.

With senior previous positions at two renowned Bahrain-based banks – BBK (formerly known as Bank of Bahrain and Kuwait) and Shamil Bank, a leading Bahrain-based Islamic commercial and investment bank - Al- Bastaki is an industry veteran and a risk management specialist.

Al- Bastaki’s financial experience covers a broad range of banking areas including risk management policies and procedures, and compliance management as well as credit and investment banking.

Most recently, as the Shamil Bank Assistant General Manager, Risk Management and Compliance, Al- Bastaki worked on projects such as establishing the Bank’s Corporate Governance framework, restructuring the risk function, creating the Risk Management and Compliance Division that is responsible for Credit, Market, and Operational risk management, implementing Basel II Accord, developing business and risk policies and advising the business units on products development.

During his tenure at Shamil Bank, Al- Bastaki had also served as the Assistant General Manager, Credit Analysis, and as the Senior Manager, Retail Banking.

Prior to his appointment at Shamil Bank, Al- Bastaki worked at various core departments at BBK for more than 20 years.

“At Ithmaar Bank we have long recognised the critical importance of Risk Management to our core business and, subsequently, to our continued success,” said Hussain. “Risk Management is, and always has been, an integral part of our operations – and Tawfiq’s formal appointment as Chief Risk Officer underscores our commitment to continuously developing our operations in general and our approach to Risk Management in particular,” he said.

“With a diverse background in conventional and Islamic banking, Tawfiq is a valuable addition to the Ithmaar Bank senior management team,” said Hussain. “His prior experience with Shamil Bank makes him a perfect fit for his new role, having already worked closely with many members of the Ithmaar senior management team,” he said.

“Having worked closely with Ithmaar Bank for the better part of a year, I am familiar with the Bank’s corporate culture and I am delighted that the management team has chosen to formalize my appointment as Chief Risk Officer,” said Al- Bastaki. “I am certainly looking forward to working more closely with them and to further develop the work we’ve been doing,” he said.

Al- Bastaki serves on a number of committees including the Investment and Credit Committee, the Assets and Liabilities Committee, the Management Committee and the Risk Management Committee at Shamil Bank. He is also a member of the Sakana Holistic Housing Solutions Board of Directors.

Al- Bastaki holds a Bachelor of Science in Islamic Banking, an Advanced Banking Diploma and a post graduate Executive Management Diploma.