Al Salam Bank B.S.C

Ticker/ISIN

SALAM_BAH

BH000A0J2481

Market/Country

Dubai Financial Market

United Arab Emirates

Latest Stock Price

1.91 AED

2024-10-25

Year to date

0.00 %

3 months

-0.10 %

6 months

-0.03 %

1 year

0.11 %

3 years

0.00 %

5 years

0.00 %

Al Salam Bank Profile

Establishing its headquarters in the Kingdom of Bahrain in 2006, Al Salam Bank has since cemented its reputation as the fastest growing bank in the Kingdom and a highly influential force in the Islamic banking industry on a regional level. Leveraging on its robust financial standing as the industry’s strongest in asset capital, the Bank has a proven track record in risk mitigation and effectively shifting to market dynamics, through its agile and aggressive growth strategy.

The Bank has adopted a digital-first mindset to meet the modern-day needs of its clientele, delivering curated financial solutions and a seamless, transformative customer experience. Harnessing the power of data-backed insights and state-of-art technology, Al Salam Bank offers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through its extended network of branches and ATMs. In addition to its diverse range of retail banking services, the Bank also provides corporate banking, private banking, asset management, international transaction banking as well as treasury services.

Al Salam Bank’s competitive edge lies in its unrivalled approach to nurturing client relationships, fuelled by a deeply-rooted ethos in humanizing the customer journey through personalization, convenience, and efficiency, creating a refined and rewarding client experience. The Bank prides itself on its solution-oriented philosophy, curating tailored solutions with its clients’ financial needs at the epicenter of everything they do.

With a Bahrainization rate of 92%, Al Salam Bank considers its people to be its most valued asset. The Bank has prioritized the wellbeing of its human capital, empowering them with the requisite tools, training and opportunities to create an inspired workforce dedicated to the pursuit of excellence. Championing a highly energetic and collaborative work environment, Al Salam Bank fosters a culture of innovation which celebrates collective achievements.

Encouraging a socially responsible culture from within to drive positive change, the Bank is committed to supporting the social and financial wellbeing of the community in which it resides. Driven by the shared passion of its people to form deep relationships with clients, the Bank aims to create solutions to help its customers meet their financial goals in a sustainable manner.

Latest Pressrelease Summaries

Al Salam Bank has introduced a new insurance product called "Al Salam Third-Party Takaful Added Benefits" in collaboration with Solidarity Bahrain. This enhanced third-party motor insurance coverage offers several benefits, including an 8-day car replacement service, 24/7 roadside assistance in Bahrain, and compensation of up to BD 10,000 in the event of an accident with an uninsured vehicle. The initiative follows the successful launch of the bank's Multi-Year Motor Takaful Insurance product. Al Salam Bank aims to expand its range of Sharia-compliant takaful insurance products and offers instant issuance services through its branches and contact centers, with payment options available via cash or the Buy Now, Pay Later service. For more details, customers can visit the bank's website or contact them through WhatsApp or their virtual branch.

Disclosure: Press release

3 days ago

Al Salam Bank has partnered with Y.K. Almoayyed & Sons to offer an exclusive "Buy Now, Pay Later" payment plan for its clients at selected Nissan service branches in Bahrain. This offer, available to both debit and credit cardholders, will run until October 15, 2025, and aims to provide flexible and convenient payment options. Both companies expressed their commitment to enhancing customer experience and simplifying payment processes through this collaboration.

Disclosure: Press release

9 days ago

Al Salam Bank has introduced a new Youth debit card for individuals aged 10 to below 18 years old. The card features a modern design and offers up to 30% discounts and exclusive deals at restaurants, cafes, fitness centers, and more. It aims to promote financial independence among youth. New clients can open an account and get the card instantly at the Bank’s Self-Service Kiosk, while existing clients can replace their current cards at the kiosk. The card includes benefits such as loyalty rewards, independent usage of BenefitPay, and eligibility for monthly prizes. For more details, visit the Bank’s website or contact them via WhatsApp or their virtual branch.

Disclosure: Press release

a month ago

Al Salam Bank has partnered with talabat to offer Visa Credit and Multi-Currency Prepaid cardholders a free 12-month t-pro subscription. This offer is available from September 1 to October 13, 2024, and includes benefits such as free delivery and special rewards. The t-pro service, recently launched in talabat Bahrain, provides unlimited free delivery from selected restaurants, grocery stores, pharmacies, and shops. The partnership aims to enhance client experience and satisfaction. For more details, visit Al Salam Bank's website or contact them via WhatsApp or their virtual branch.

Disclosure: Press release

2 months ago

Al Salam Bank B.S.C., licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, announced a transaction involving a substantial shareholder. On 18 August 2024, Overseas Investment S.P.C. sold 12,513,924 shares, reducing their ownership from 175,504,546 shares (6.38%) to 162,990,622 shares (5.93%). The announcement was made to both the Bahrain Bourse and Dubai Financial Market. The transaction details were communicated by Ali Yusuf Al Khaja, Head of Compliance and MLRO.

Disclosure: Notification from the company

2 months ago

Al Salam Bank announced its financial results for the first half of 2024, showing significant growth. For the second quarter of 2024, the bank reported a net profit attributable to shareholders of BD 14.3 million (US$ 37.9 million), a 39.0% increase from the same period in 2023. Earnings per share rose by 31.6% to 5.0 fils (13.3 cents). Total comprehensive income for Q2 2024 was BD 13.6 million (US$ 36.1 million), up 118.1% from Q2 2023. Total income for the quarter increased by 37.5% to BD 94.2 million (US$ 249.9 million). For the first half of 2024, the bank reported a net profit of BD 28.3 million (US$ 75.0 million), a 37.6% increase from H1 2023. Earnings per share for H1 2024 were 10 fils (26.5 cents), up 31.6%. Total comprehensive income for H1 2024 was BD 39.8 million (US$ 105.7 million), a 54.8% increase from H1 2023. Total income for H1 2024 was BD 162.9 million (US$ 432.1 million), up 41.0% from H1 2023. Total equity attributable to shareholders increased by 5.0% to BD 354.4 million (US$ 940.1 million) as of 30 June 2024. Total assets grew by 34.1% to BD 6.9 billion (US$ 18.3 billion), driven by organic growth and the acquisition of KFH Bahrain. Financing assets and customer deposits increased by 37.9% and 39.3%, respectively. The bank maintained a strong capital adequacy ratio of 20.4%. Chairman Shaikh Khalid bin Mustahil Al Mashani expressed pride in the bank's consistent growth in profitability and market share, attributing the success to strong financial standing, unique banking propositions, and key growth initiatives. He noted that the acquisition of KFH Bahrain would support further expansion and solidify the bank's position as Bahrain's largest domestic Islamic bank.

Disclosure: Press release regarding financial results for the Second QTR of 2024

3 months ago

The financial summary of Al Salam Bank B.S.C. as of 30 June 2024 includes various types of financing and placements, such as Murabaha, Mudaraba, and Musharaka financing, among others. The bank's Sharia-compliant income from these activities is detailed, with significant amounts from Murabaha financing (1,017,190 BHD) and finance lease assets (1,457,591 BHD). Non-Sharia income is not recognized in the income statement but is transferred to a charity pool for disbursement. The balance sheet also includes placements from financial institutions and individuals, customers' current accounts, and equity of investment accountholders. Non-Sharia-compliant assets resulted from acquisitions of BMI Bank, AlSalam Seychelles, and Bahraini Saudi Bank.

Disclosure: Financial statements for the 2n QTR of

3 months ago

Al Salam Bank is participating in Youth City 2030 by hosting a training program aimed at young participants aged 9 to 14. The initiative focuses on enhancing financial literacy, budget management, and savings skills among youth. An employee from the bank will conduct the training, covering topics such as the bank's products and services, digital financial tools, and an overview of branch operations. The program also includes a segment on entrepreneurship and the banking industry. Mr. Mohammed Buhijji, Head of Retail Banking, expressed pride in contributing to the national initiative and emphasized the importance of educating youth on financial and business matters.

Disclosure: Press release

3 months ago