Al Salam Bank B.S.C: Pioneering Growth and Innovation in Islamic Banking
Al Salam Bank B.S.C, a leading player in the Islamic banking industry, has recently announced the successful completion of its treasury shares buyback program. This article delves into the implications of this move and the future prospects of the bank.
Summary
Al Salam Bank B.S.C, headquartered in Bahrain, has successfully completed its treasury shares buyback program. The bank has a robust financial standing and has adopted a digital-first mindset to meet the evolving needs of its clientele. With a recent buyback of 1,116,000 shares, the bank showcases its financial strength and commitment to its shareholders.
Source
Summary
On 27th November 2023, Al Salam Bank B.S.C announced the purchase of 1,116,000 treasury shares on the Bahrain Bourse and Dubai Financial Market, increasing its total holding of treasury shares from 44,157,547 to 45,273,547, which is 1.730% of the issued share capital. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.
Summary
The Board of Directors (BOD) meeting, in which the purchase decision was taken, does not have a specified date. The competent authority approved the purchase on November 14, 2023. The buyback program for treasury shares started on November 23, 2023, and ended on February 11, 2024. The buyback program size was 10% of treasury shares. The purchase date was November 27, 2023, and 1,116,000 shares were purchased at an average price of 0.199 fils. The purchased shares comprise 1.73% of the issued capital. Approximately 216,450,000 shares remain for purchase. Ali Yusuf Al Khaja is the chairman of the BOD or his delegate. The company is Al Salam Bank B.S.C. This information is part of the post share buyback announcement.
