Al Salam Bank B.S.C

Al Salam Bank B.S.C, licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, has announced the results of its Board of Directors election. The election took place during the Annual General Meeting held on 31st March 2024. The elected members include Ahmed Habib Kassim, Alhur Mohammed Al Suwaidi, Hisham Saleh Al Saie, Khalid bin Mustahil Al Mashani, Matar Mohamed Al Blooshi, Salim Abdullah Al Awadi, Salman Saleh Al Mahmeed, Tariq Abdul Hafidh Al Aujaili, and Zayed Ali Al Amin. The announcement was made to both the Bahrain Bourse and the Dubai Financial Market.

Al Salam Bank has teamed up with Solidarity Bahrain to offer an exclusive Ramadan promotion for their credit and prepaid cardholders. The offer, which runs from the start of Ramadan until 21 April 2024, gives a 5% discount on new motor, travel, home, domestic helper, and personal accident insurance policies issued through Solidarity Bahrain. The discount can be availed by using a promo code consisting of the first four digits of their card followed by "ALSALAM". In addition to the discount, clients can also earn double reward points on all insurance transactions during the campaign period. The initiative is part of the bank's strategy to provide double rewards during Ramadan and improve the overall banking experience for its clients.

Al Salam Bank has partnered with food delivery platform talabat to offer exclusive discounts to its clients during the holy month of Ramadan, from 11 March to 10 April. The bank will offer instant discounts to its Visa Credit and Prepaid cardholders for their Ramadan and Eid purchases made on talabat. The discount is 30% for orders of BD 10 or more, capped at BD 3, with a card usage limit of four times during the offer period. The bank's Head of Retail Banking, Mohammed Buhijji, said the initiative aligns with the bank's commitment to supporting the social and financial wellbeing of its community. The offer does not include transactions made through Apple Pay and Samsung Pay.

Al Salam Bank B.S.C, a Bahrain-based Islamic Retail Bank, has announced an increase in its shareholding in Al Salam Bank Algeria (ASBA) from 53.1% to 66.7%, following the purchase of additional shares from other shareholders. The impact on the bank's financial position will be disclosed in due course. Previously, on 3 January 2023, the bank had increased its shareholding in ASBA from 16.58% to 37.43%. Then, on 21 June 2023, the bank acquired a majority stake in ASBA, increasing its shareholding from 37.4% to 53.1%.

The Annual General Meeting of Al Salam Bank B.S.C. is scheduled for 31 March 2024, with provisions for rescheduling on 8 April and 21 April, if necessary. The agenda includes approval of the previous meeting's minutes, discussion and approval of the bank's activities and financial statements for the year ended 31 December 2023, and the appointment of the Shari’a Supervisory Board and external auditors for the year ending 31 December 2024. Shareholders will also vote on the distribution of the net profit for the year ended 31 December 2023, including transfers to reserves, dividends, charitable donations, and retained earnings. The meeting will also address the bank's corporate governance report, absolution of board members from liability, and the election of a new board of directors. Shareholders can attend in person or appoint a proxy to vote on their behalf. Proxy forms must be submitted 24 hours before the meeting.