Bahrain's Ithmaar says CEO set to retire

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Bahrain's Ithmaar Bank said chief executive Mohammed Bucheerei will retire at the end of August and be replaced by Ahmed Abdul Rahim, currently general manager, as acting head.

Bucheerei led the bank's transition from an Islamic investment bank to a retail Islamic lender offering a range of sharia-compliant products, the bank said in a statement on Thursday.

In October last year, Ithmaar said it had received shareholder approval to merge with unlisted First Leasing Bank, in which Ithmaar held a 21.3-percent stake.

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