Sunday, December 9, 2007

CFO Investment bank - Role and Resonsibilities

CFO - SCope of ACtivities at Ithmaar Bank BAHRAIN
September 2007 -

Ithmaar Bank, a Bahrain-based investment bank with global reach, announced the appointment of Chartered Accountant Ravindra Khot as Group Chief Financial Officer. He is responsible for planning, managing and directing the consolidated financial accounting and reporting of the Bank and its subsidiaries and associates: Swiss-based Faisal Private Bank, Pakistan-based Faysal Bank Limited (FBL) and Bahrain-based Shamil Bank of Bahrain, Solidarity (the global takaful company), First Leasing Bank (FLB), and Ithmaar Development Company (IDC).

Ravi Khot, an Indian national, has taken charge of consolidated financial, regulatory and management reporting, as well as the annual budget process. He will also be involved in supporting the Bank's strategic planning process, and will be providing proactive and key assistance in management decision-making.

"A strong CFO is fundamental to the long-term success of any organization. Ravi will be expected to identify opportunities to create value within the group. His rich background in the financial services industry makes him ideal for this demanding position," remarked Michael P. Lee, CEO, Ithmaar
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Ravi is not only looking after our financials, but is also playing a key role in compliance issues and strengthening further our corporate governance in accordance with changing international best practice."

With more than US$5.1 billion in total assets and funds under management, the Ithmaar banking group, covers a broad spectrum of Islamic banking and finance products and services, including investment, commercial and private banking, under-writing (equity and other financings), asset management, Islamic financing, investments, private equity (structuring, participation and portfolio management), private and public issue of securities, mergers and acquisitions advice, takaful, equipment leasing and real estate development.

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