Al Salam Bank B.S.C
Year to date
0.03 %
3 months
-0.08 %
6 months
-0.01 %
1 year
0.14 %
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
Threads
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.
Al Salam Bank has reported a 36.3% increase in net profits for Q1 2024, amounting to BD 14.0 million (US$ 37.1 million), compared to BD 10.3 million (US$ 27.3 million) for the same period in 2023. This increase was mainly driven by growth in the bank's core banking activities and the acquisition of a subsidiary in Q2 2023. Earnings per share also rose by 32.4% to 4.9 fils (US$ 13.0 cents). Total income for the quarter was BD 68.7 million (US$ 182.2 million), a 46.0% increase from BD 47.0 million (US$ 124.8 million) in Q1 2023. Total assets increased by 3.3% to BD 5.3 billion (US$ 14.1 billion), while total equity attributable to parent shareholders increased by 2.2% to BD 344.8 million (US$ 914.5 million). The bank's capital adequacy ratio stood at 22.3% as of 31 March 2024.
Al Salam Bank has launched a pre-summer campaign for its VISA Credit and Multi-Currency Prepaid Cardholders, offering the chance to win a fully paid holiday among other prizes. For every BD 50 spent using these cards from 5th May to 30th June 2024, customers will receive one entry into the prize draw. The main prize includes a trip for two to Istanbul, with a four-night stay at a 5-star hotel and a choice of two unique experiences. Three other winners will receive BD 2,000 credited to their cards for their summer vacations. The bank also offers exclusive pre-summer foreign exchange rates for its Multi-Currency Prepaid Cardholders.
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.