Ibdar reports $14.5 million loss for 2015

Ibdar Bank recently concluded its Annual General Meeting for the fiscal year 2015 and appointed a new Board of Directors. For fiscal year 2015, the Bank reported $14.5 million loss attributable to shareholders. Total revenue for 2015 was $25.6 million compared to $13.6 million for 2014 an increase of 88% over the last year. The improved operating performance in 2015 was overshadowed by impairment and negative fair value changes of $23.8 million. In addition, shareholders elected a new Board of Directors for a three year period. Mr. Tareq Sadeq was appointed as the Bank’s Chairman and Mr. Abdulkarim Ahmed Bucheery as Vice Chairman.