Press releases, Reports & Disclosures for Al Salam Bank B.S.C

Al Salam Bank B.S.C announced that its Board of Directors held a meeting on Thursday, 13th June 2024, at 10:00 am. During this meeting, the board approved regular and periodic items. The announcement was addressed to Bahrain Bourse and Dubai Financial Market and was signed by Ali Yusuf Al Khaja, Head of Compliance and MLRO. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.

Al Salam Bank B.S.C. announced that its Board of Directors held a meeting on Thursday, 13th June 2024, at 10:00 am. During the meeting, the Board approved regular and periodic items. The announcement was addressed to Bahrain Bourse and Dubai Financial Market. The notice was signed by Ali Yusuf Al Khaja, Head of Compliance and MLRO.

Al Salam Bank in Bahrain has launched a new financing solution for clients purchasing watercraft such as boats, jet skis, and jetties. The initiative, the first of its kind in Bahrain, includes a campaign running from May 29 to July 31, 2024, where five winners will receive three months of paid installments, capped at BD 1,000 each. The bank aims to support the maritime sector with financial solutions like "Buy Now Pay Later" options and other banking products. The campaign is in partnership with Sea World and Yamaha, offering clients extended warranties, special service packages, and discounts. Clients can apply for financing at showrooms or through dedicated relationship managers and enjoy benefits like a 6-month grace period, competitive profit rates, and flexible payments. For more information, clients can visit the bank's website, contact via WhatsApp, or book an appointment through Skiplino.

Al Salam Bank has completed the acquisition of Kuwait Finance House Bahrain (KFH Bahrain) from Kuwait Finance House Group (KFH Group). This marks Al Salam Bank's fifth M&A transaction, further establishing its position as the fastest growing bank in Bahrain. The consolidation will increase Al Salam Bank's balance sheet by 28%, accelerate market share acquisition, and enhance its offerings. Both parties will continue to work together to ensure a smooth integration and uninterrupted banking experience for customers. The transaction is seen as a significant milestone in achieving strategic objectives and maximizing shareholder value. Customers will continue to access all existing services provided by KFH Bahrain.

Al Salam Bank B.S.C. has announced the completion of its acquisition of Kuwait Finance House – Bahrain B.S.C.(c) ("KFH Bahrain") from Kuwait Finance House K.S.C.P. ("KFH Group"). The acquisition was finalised on 14th May 2024, following the receipt of regulatory approvals. The financial impact of this acquisition will be reflected in Al Salam Bank's Q2 2024 consolidated financial statements.

Al Salam Bank B.S.C reported various financial figures for the end of March 2024. These figures include placements with financial institutions at 353,633 BHD, Murabaha financing at 757,751 BHD, Mudaraba financing at 633,248 BHD, finance lease assets at 898,644 BHD, and other assets. The bank also reported non-trading investments at a fair value through equity of 163 BHD. The report also noted that non-Shari'a compliant assets resulted from the acquisition of BMI Bank, AlSalam Seychelles (ASBS), and Bahraini Saudi Bank B.S.C. ("BSB"). The non-sharia income is transferred to a charity pool, not recognised in the income statement, and disbursed as charity and donation contributions.