Bahrain-based Ithmaar Bank has appointed Mohamed Hussain as co-chief executive officer. He will be looking after private banking and risk management as well as being responsible for overseeing the bank's holdings in subsidiaries and associates.

In his new role, Mr Hussain will be serving on the boards of Swiss-based Faisal Private Bank, Pakistan-based commercial and investment bank Faysal Bank, Bahrain-based global takaful (Islamic insurance) company Solidarity and First Leasing Bank.

Mr Hussain, a former chief executive and member of the board of Shamil Bank, will be working alongside Ithmaar chief executive officer and member of the board Michael Lee.

Mr Lee will continue to focus on further expanding the business of Ithmaar's private equity and investment banking groups, including its mergers and acquisitions and Islamic finance and financial institutions divisions, as well as its institutional placement and capital markets activities.

Mr Husain is also a member of the board of Bahrain-based commercial bank BBK, in which Ithmaar has a 19.4 per cent stake, and on BBK's executive committee and on that of Ithmaar. He will also be sitting on the board of Ithraa Capital, a new investment institution recently established in Saudi Arabia, for which licences have been granted by the Saudi Arabian Capital Market Authority.

Ithmaar Bank has a 23 per cent stake in the new entity, headquartered in Riyadh, giving Ithmaar access to the Saudi Arabian market.