Ithmaar Holding a Bahrain-based holding company that is licensed and regulated as an investment firm by the Central Bank of Bahrain (CBB) and listed on the Bahrain Bourse and Dubai Financial Market (Trading symbol: ITHMR) announced today (ed note 14/03/2024) the resignation of Mr. Abdulla Abdulaziz Taleb from his position as the Chief Executive Officer of Ithmaar Holding and its two wholly-owned subsidiaries Ithmaar Bank and IB Capital (together Ithmaar Group ). The Chairman of Ithmaar Group His Royal Highness Prince Amr Mohammed Al Faisal on behalf of the Board of Directors expressed their sincere appreciation to Mr. Taleb for his valuable contributions during the decade of his work wishing him continued success in his going forward career. Abdulla played a pivotal role in developing Ithmaar Holding and its subsidiaries into a high-profile high-value institutions said HRH Prince Amr. He has positively contributed to the Group transformation and he had successfully overcome challenging market conditions to deliver tremendous value. We are grateful for his contributions and wish him all the best he said. Mr. Taleb joined the group in 2014. Prior to his role as the Chief Executive Officer he held several senior positions at Ithmaar Bank and represented Ithmaar Group on various board membership both in Bahrain and abroad since 2016.

The announcement by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Bank s consolidated financial results. Ithmaar Bank reported a net profit attributable to equity holders for the year ended 31 December 2023 of BD3.96 million a 27.74 percent increase compared to the net profit of BD3.10 million reported for 202 2. Total net profit for the year ended 31 December 2023 is BD12.22 million compared to the net profit of BD8.34 million reported for 2022. This is mainly due to higher core income during the year. The Bank reported a net profit attributable to equity holders for the three-month period ended 31 December 2023 of BD0.85 million compared to the net loss of BD8.29 million reported for the same period in 2022. Total net profit for the three-month period ended 31 December 2023 was BD2.10 million compared to the BD6.86 million net loss reported for the same period in 2022. On behalf of the Ithmaar Bank Board of Directors I am pleased to report that the Bank continues to report profits for the year as the Bank is growing further by focusing on providing its products and services exclusively to meet the financial and investment needs of small and medium enterprises (SMEs) as well as corporates and institutions said HRH Prince Amr. This is also due to the Bank continuous efforts and focus to achieve further growth in its core Islamic banking business in Bahrain and Pakistan and further enhancing the value of its strategic investments he said. The results show that the group s share of income from unrestricted investment accounts as a Mudarib increased to BD107.70 million for the year ended 31 December 2023 a 29.65 percent increase compared to BD 83.07million for 2022. Total owners equity increased to BD40.08 million as at 31 December 2023 a 11 percent increase from BD36.12 million as at 31 December 2022.

The internship programmes which are being developed as part of the Bank s strategies and plans to achieve its Environmental Social and Governance goals are designed to help prepare future banking professionals in Islamic banking industry. The programmes provide participants the opportunity to experience first hand working environment and enhance their communication and time management skills as well as provide them with practical and technical experience in order to increase their opportunity to be employed in the labour market in line with the Bahrain Vision 2030 to empower Bahrainis making them the first choice of employment. Ithmaar Energy is designed for fresh graduates as it provides them with the opportunity to develop their skills and utilise their capabilities and ambitions through practical experience in banking environment as well as providing them with access and authority to perform their job similarly to actual employees in the Bank. Ithmaar Guide which is designed for younger candidates especially high school students aims to provide participants with an outline practical experience and guidance to help them make a right decision to choose their academic programme. This is done through a comprehensive programme that is designed to enable them greater knowledge about all departments in the Bank and allow participants to complete some tasks in each department as well as equip them with specialised training courses to learn more about the work environment in an Islamic Bank and guide them in line with their ambitions to meet their future academic aspiration. Being one of the Islamic banking pioneers Ithmaar Bank has always played a vital and effective role in supporting various activities and social initiatives said Ithmaar Bank Head of Enterprise Support Services and Sustainability Einas Raheemi. This includes continuous investment in Bahraini youth as it contributes directly to help maintain Bahrain s position as a major financial hub in the Middle East she said. Ithmaar Bank recognises its important role and responsibility to support youth talent through internship programmes that aim to develop their professional capabilities and increase their chances to swiftly find a job opportunity said Raheemi. Through these programmes Ithmaar Bank gives the priority to its talented and qualified interns to be hired by the Bank when there is a vacancy. Therefore the Bahrainisation in 2023 at Ithmaar Bank has reached 95 percent and has reached 93 percent at the executive management level. This high percentage is due to the Bank s continuous efforts to develop national cadres and the Bank s employees to hold senior management positions and set an effective internal plan to invest in Bahrainis to be the employee of choice at the Bank as well as in the banking sector she said.

Ithmaar Holding B.S.C. (Trading symbol Bahrain Bourse and Dubai Financial Markets: ITHMR) a Bahrain-based holding company announced its 2022 financial results for the year ended 31 December 2022. The announcement by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Company s consolidated financial results. Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 31 December 2022 of US 39.69 million compared to the net profit of US 37.13 million reported for the same period in 2021. Earnings Per Share (EPS) for the three-month period ended 31 December 2022 were negative US Cents 1.36 compared to US Cents 1.28 for the same period in 2021. Total net loss for the three-month period ended 31 December 2022 was US 36.09 million compared to the net profit of US 44.59 million reported for the same period in 2021. This is mainly due to prudent impairment provisions as well as higher taxation charges from the group subsidiary in Pakistan. Net loss attributable to equity holders for the year ended 31 December 2022 was US 38.39 million compared to the net profit of US 38.60 million reported for 2021. EPS for the year ended 31 December 2022 was negative US Cents 1.32 compared to US Cents 1.33 for 2021. Total net loss for the year ended 31 December 2022 was US 20.96 million compared to the net profit of US 60.32 million reported for 2021. During 2022 Ithmaar Holding s financial position was adversely impacted by the strengthening of the US Dollar against other global currencies coupled with the political situation in Pakistan resulting in the Pakistan Rupee-US Dollar parity depreciating significantly. This depreciation has resulted in foreign exchange translation impact of US 50 million from Ithmaar Holding s subsidiary in Pakistan Faysal Bank Limited. Accordingly Ithmaar Holding s total owners equity decreased to US 4.57 million as at 31 December 2022 a 87.90 percent decrease compared to US 37.76 million as at 31 December 2021. Despite these challenges Faysal Bank successfully completed its Islamic transformation during the year and was granted an Islamic banking license by the State Bank of Pakistan effective 1 January 2023. Accumulated losses as at 31 December 2022 increased to US 828.75 million and amount to 109 percent of the share capital. Total assets stood at US 6.06 billion as at 31 December 2022 a decrease of 33 percent than US 9.03 billion as at 31 December 2021. This is mainly due to the transaction with Al Salam Bank. At an Extraordinary General Meeting on 17 March 2022 Ithmaar Holding shareholders approved plans to sell some of the Company s key assets in Bahrain to Al Salam Bank (Bahrain Bourse Trading Code SALAM Dubai Financial Market Trading Code SALAM_BAH ). The assets include Ithmaar Holdings ownership stake in both BBK (Bahrain Bourse Trading Code: BBK ) and Solidarity Group Holding one of the largest takaful groups globally and the parent of Solidarity Bahrain (Bahrain Bourse Trading Code: SOLID ) as well as the consumer banking business of Ithmaar Bank a Bahrain-based Islamic bank and a wholly-owned subsidiary of Ithmaar Holding. The transaction has been completed effective 7 July 2022. Ithmaar Holding retains a well-diversified portfolio of international and local financial and other assets which include banking businesses in Bahrain and Pakistan. Ithmaar Bank which remains a wholly-owned subsidiary of Ithmaar Holding continues to operate as an Islamic bank that is licensed and regulated by the CBB and exclusively focused on corporate banking and related services particularly the fast- growing SME. This press release and the full set of consolidated financial statements are available on the Bahrain Bourse website.

Ithmaar Bank B.S.C. (Closed) a Bahrain-based Islamic retail bank reported profits for the year ended 31 December 2022. The announcement by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Bank s consolidated financial results. Ithmaar Bank reported a net profit attributable to equity holders for the year ended 31 December 2022 of BD3.10 million a 706 percent increase compared to the net loss of BD0.51 million reported for 2021. Total net profit for the year ended 31 December 2022 is BD8.34 million compared to the net profit of BD5.16 million reported for 2021. This is mainly due to higher core income during the year. The Bank reported profits for the year despite that the financial results showed a net loss attributable to equity holders for the three-month period ended 31 December 2022 of BD8.29 million compared to the net profit of BD2.11 million reported for the same period in 2021. Total net loss for the three-month period ended 31 December 2022 was BD6.86 million compared to the BD3.82 million net profit reported for the same period in 2021. This is mainly due to prudent impairment provisions as well as higher taxation charges from the group subsidiary in Pakistan. On behalf of the Ithmaar Bank Board of Directors I am pleased to report that the Bank continues to report profits for the year as it has started the next phase of growth as an exclusively corporate-focused Islamic bank said HRH Prince Amr. This new phase marks an important milestone in the Group s transformation and adds to our decades-long history as key pioneers of the region s Islamic banking and finance industry he said. This follows completion of the transaction on 7 July 2022 which involved Ithmaar Holding Ithmaar Bank s parent company selling some of its key assets in Bahrain including Ithmaar Bank s consumer banking business as well as Ithmaar Holdings ownership stake in BBK and Solidarity Group Holding to Al Salam Bank. Following the transaction which was approved by Ithmaar Holding shareholders at an Extra Ordinary General Meeting on 17 March 2022 Ithmaar Bank continues to operate as a CBB-licensed Islamic bank that is wholly-owned by Ithmaar Holding and specialised in Corporate Banking and related services. The results show that the group s share of income from unrestricted investment accounts as a Mudarib increased to BD176.99 million for the year ended 31 December 2022 a 106 percent increase compared to BD85.84 million for the same period in 2021. This contributed to increasing the group s share of income from unrestricted investment accounts as a Mudarib to BD83.07 million for the year ended 31 December 2022 a 75 percent increase compared to BD47.55 million for 2021. Total owners equity decreased to BD36.12 million as at 31 December 2022 a 17.40 percent decrease from BD43.73 million as at 31 December 2021. This is largely due to the Bank being significantly impacted by foreign exchange rate movements from its subsidiary in Pakistan Faysal Bank Limited with the Pakistan Rupee-US Dollar parity depreciating significantly during the year resulting from strengthening of US Dollar against other global currencies coupled with the political situation in Pakistan. Despite these challenges Faysal Bank successfully completed its Islamic transformation during the year and was granted an Islamic banking license by the State Bank of Pakistan effective 1 January 2023.

Ithmaar Holding a Bahrain-based holding company that is licensed and regulated as an investment firm by the Central Bank of Bahrain (CBB) and listed on the Bahrain Bourse and Dubai Financial Market (Trading symbol: ITHMR) announced today (ed note 14/03/2024) the resignation of Mr. Abdulla Abdulaziz Taleb from his position as the Chief Executive Officer of Ithmaar Holding and its two wholly-owned subsidiaries Ithmaar Bank and IB Capital (together Ithmaar Group ). The Chairman of Ithmaar Group His Royal Highness Prince Amr Mohammed Al Faisal on behalf of the Board of Directors expressed their sincere appreciation to Mr. Taleb for his valuable contributions during the decade of his work wishing him continued success in his going forward career. Abdulla played a pivotal role in developing Ithmaar Holding and its subsidiaries into a high-profile high-value institutions said HRH Prince Amr. He has positively contributed to the Group transformation and he had successfully overcome challenging market conditions to deliver tremendous value. We are grateful for his contributions and wish him all the best he said. Mr. Taleb joined the group in 2014. Prior to his role as the Chief Executive Officer he held several senior positions at Ithmaar Bank and represented Ithmaar Group on various board membership both in Bahrain and abroad since 2016.

The announcement by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Bank s consolidated financial results. Ithmaar Bank reported a net profit attributable to equity holders for the year ended 31 December 2023 of BD3.96 million a 27.74 percent increase compared to the net profit of BD3.10 million reported for 202 2. Total net profit for the year ended 31 December 2023 is BD12.22 million compared to the net profit of BD8.34 million reported for 2022. This is mainly due to higher core income during the year. The Bank reported a net profit attributable to equity holders for the three-month period ended 31 December 2023 of BD0.85 million compared to the net loss of BD8.29 million reported for the same period in 2022. Total net profit for the three-month period ended 31 December 2023 was BD2.10 million compared to the BD6.86 million net loss reported for the same period in 2022. On behalf of the Ithmaar Bank Board of Directors I am pleased to report that the Bank continues to report profits for the year as the Bank is growing further by focusing on providing its products and services exclusively to meet the financial and investment needs of small and medium enterprises (SMEs) as well as corporates and institutions said HRH Prince Amr. This is also due to the Bank continuous efforts and focus to achieve further growth in its core Islamic banking business in Bahrain and Pakistan and further enhancing the value of its strategic investments he said. The results show that the group s share of income from unrestricted investment accounts as a Mudarib increased to BD107.70 million for the year ended 31 December 2023 a 29.65 percent increase compared to BD 83.07million for 2022. Total owners equity increased to BD40.08 million as at 31 December 2023 a 11 percent increase from BD36.12 million as at 31 December 2022.

The internship programmes which are being developed as part of the Bank s strategies and plans to achieve its Environmental Social and Governance goals are designed to help prepare future banking professionals in Islamic banking industry. The programmes provide participants the opportunity to experience first hand working environment and enhance their communication and time management skills as well as provide them with practical and technical experience in order to increase their opportunity to be employed in the labour market in line with the Bahrain Vision 2030 to empower Bahrainis making them the first choice of employment. Ithmaar Energy is designed for fresh graduates as it provides them with the opportunity to develop their skills and utilise their capabilities and ambitions through practical experience in banking environment as well as providing them with access and authority to perform their job similarly to actual employees in the Bank. Ithmaar Guide which is designed for younger candidates especially high school students aims to provide participants with an outline practical experience and guidance to help them make a right decision to choose their academic programme. This is done through a comprehensive programme that is designed to enable them greater knowledge about all departments in the Bank and allow participants to complete some tasks in each department as well as equip them with specialised training courses to learn more about the work environment in an Islamic Bank and guide them in line with their ambitions to meet their future academic aspiration. Being one of the Islamic banking pioneers Ithmaar Bank has always played a vital and effective role in supporting various activities and social initiatives said Ithmaar Bank Head of Enterprise Support Services and Sustainability Einas Raheemi. This includes continuous investment in Bahraini youth as it contributes directly to help maintain Bahrain s position as a major financial hub in the Middle East she said. Ithmaar Bank recognises its important role and responsibility to support youth talent through internship programmes that aim to develop their professional capabilities and increase their chances to swiftly find a job opportunity said Raheemi. Through these programmes Ithmaar Bank gives the priority to its talented and qualified interns to be hired by the Bank when there is a vacancy. Therefore the Bahrainisation in 2023 at Ithmaar Bank has reached 95 percent and has reached 93 percent at the executive management level. This high percentage is due to the Bank s continuous efforts to develop national cadres and the Bank s employees to hold senior management positions and set an effective internal plan to invest in Bahrainis to be the employee of choice at the Bank as well as in the banking sector she said.

Ithmaar Holding B.S.C. (Trading symbol Bahrain Bourse and Dubai Financial Markets: ITHMR) a Bahrain-based holding company announced its 2022 financial results for the year ended 31 December 2022. The announcement by Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Company s consolidated financial results. Ithmaar Holding reported a net loss attributable to equity holders for the three-month period ended 31 December 2022 of US 39.69 million compared to the net profit of US 37.13 million reported for the same period in 2021. Earnings Per Share (EPS) for the three-month period ended 31 December 2022 were negative US Cents 1.36 compared to US Cents 1.28 for the same period in 2021. Total net loss for the three-month period ended 31 December 2022 was US 36.09 million compared to the net profit of US 44.59 million reported for the same period in 2021. This is mainly due to prudent impairment provisions as well as higher taxation charges from the group subsidiary in Pakistan. Net loss attributable to equity holders for the year ended 31 December 2022 was US 38.39 million compared to the net profit of US 38.60 million reported for 2021. EPS for the year ended 31 December 2022 was negative US Cents 1.32 compared to US Cents 1.33 for 2021. Total net loss for the year ended 31 December 2022 was US 20.96 million compared to the net profit of US 60.32 million reported for 2021. During 2022 Ithmaar Holding s financial position was adversely impacted by the strengthening of the US Dollar against other global currencies coupled with the political situation in Pakistan resulting in the Pakistan Rupee-US Dollar parity depreciating significantly. This depreciation has resulted in foreign exchange translation impact of US 50 million from Ithmaar Holding s subsidiary in Pakistan Faysal Bank Limited. Accordingly Ithmaar Holding s total owners equity decreased to US 4.57 million as at 31 December 2022 a 87.90 percent decrease compared to US 37.76 million as at 31 December 2021. Despite these challenges Faysal Bank successfully completed its Islamic transformation during the year and was granted an Islamic banking license by the State Bank of Pakistan effective 1 January 2023. Accumulated losses as at 31 December 2022 increased to US 828.75 million and amount to 109 percent of the share capital. Total assets stood at US 6.06 billion as at 31 December 2022 a decrease of 33 percent than US 9.03 billion as at 31 December 2021. This is mainly due to the transaction with Al Salam Bank. At an Extraordinary General Meeting on 17 March 2022 Ithmaar Holding shareholders approved plans to sell some of the Company s key assets in Bahrain to Al Salam Bank (Bahrain Bourse Trading Code SALAM Dubai Financial Market Trading Code SALAM_BAH ). The assets include Ithmaar Holdings ownership stake in both BBK (Bahrain Bourse Trading Code: BBK ) and Solidarity Group Holding one of the largest takaful groups globally and the parent of Solidarity Bahrain (Bahrain Bourse Trading Code: SOLID ) as well as the consumer banking business of Ithmaar Bank a Bahrain-based Islamic bank and a wholly-owned subsidiary of Ithmaar Holding. The transaction has been completed effective 7 July 2022. Ithmaar Holding retains a well-diversified portfolio of international and local financial and other assets which include banking businesses in Bahrain and Pakistan. Ithmaar Bank which remains a wholly-owned subsidiary of Ithmaar Holding continues to operate as an Islamic bank that is licensed and regulated by the CBB and exclusively focused on corporate banking and related services particularly the fast- growing SME. This press release and the full set of consolidated financial statements are available on the Bahrain Bourse website.

Ithmaar Bank B.S.C. (Closed) a Bahrain-based Islamic retail bank reported profits for the year ended 31 December 2022. The announcement by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal follows the review and approval of the Board of Directors of the Bank s consolidated financial results. Ithmaar Bank reported a net profit attributable to equity holders for the year ended 31 December 2022 of BD3.10 million a 706 percent increase compared to the net loss of BD0.51 million reported for 2021. Total net profit for the year ended 31 December 2022 is BD8.34 million compared to the net profit of BD5.16 million reported for 2021. This is mainly due to higher core income during the year. The Bank reported profits for the year despite that the financial results showed a net loss attributable to equity holders for the three-month period ended 31 December 2022 of BD8.29 million compared to the net profit of BD2.11 million reported for the same period in 2021. Total net loss for the three-month period ended 31 December 2022 was BD6.86 million compared to the BD3.82 million net profit reported for the same period in 2021. This is mainly due to prudent impairment provisions as well as higher taxation charges from the group subsidiary in Pakistan. On behalf of the Ithmaar Bank Board of Directors I am pleased to report that the Bank continues to report profits for the year as it has started the next phase of growth as an exclusively corporate-focused Islamic bank said HRH Prince Amr. This new phase marks an important milestone in the Group s transformation and adds to our decades-long history as key pioneers of the region s Islamic banking and finance industry he said. This follows completion of the transaction on 7 July 2022 which involved Ithmaar Holding Ithmaar Bank s parent company selling some of its key assets in Bahrain including Ithmaar Bank s consumer banking business as well as Ithmaar Holdings ownership stake in BBK and Solidarity Group Holding to Al Salam Bank. Following the transaction which was approved by Ithmaar Holding shareholders at an Extra Ordinary General Meeting on 17 March 2022 Ithmaar Bank continues to operate as a CBB-licensed Islamic bank that is wholly-owned by Ithmaar Holding and specialised in Corporate Banking and related services. The results show that the group s share of income from unrestricted investment accounts as a Mudarib increased to BD176.99 million for the year ended 31 December 2022 a 106 percent increase compared to BD85.84 million for the same period in 2021. This contributed to increasing the group s share of income from unrestricted investment accounts as a Mudarib to BD83.07 million for the year ended 31 December 2022 a 75 percent increase compared to BD47.55 million for 2021. Total owners equity decreased to BD36.12 million as at 31 December 2022 a 17.40 percent decrease from BD43.73 million as at 31 December 2021. This is largely due to the Bank being significantly impacted by foreign exchange rate movements from its subsidiary in Pakistan Faysal Bank Limited with the Pakistan Rupee-US Dollar parity depreciating significantly during the year resulting from strengthening of US Dollar against other global currencies coupled with the political situation in Pakistan. Despite these challenges Faysal Bank successfully completed its Islamic transformation during the year and was granted an Islamic banking license by the State Bank of Pakistan effective 1 January 2023.