Al Salam Bank B.S.C

Al Salam Bank B.S.C has announced the opening of elections for nine positions on its Board of Directors for a term from 2024 to 2027. The election will take place during the Annual General Meeting on 31 March 2024. Nominees must meet several conditions including full qualification, no prior convictions involving fraud or breach of trust, and not being prohibited from board membership by Bahraini law. Nominees for chairman or deputy chairman cannot simultaneously hold the position of the company's CEO. Candidates must submit several required documents including a CV, a list of companies where they serve as a board member, and a completed application for Approved Person Status.

Al Salam Bank has relaunched its digital onboarding campaign for the second year, extending its services to include Small and Medium-sized Enterprise (SME) clients. The campaign rewards clients who open new accounts digitally via the bank's mobile application or Self-Service Kiosks. Individual clients have a chance to win prizes worth BD 500, while those who transfer their salaries to Al Salam Bank could win cash prizes worth BD 1,000. SME clients can also win monthly cash prizes and access exclusive packages and offers designed to support their business growth. The campaign is part of the bank's ongoing commitment to digital expansion and client base growth.

Al Salam Bank has launched a new brand campaign, 'Why Stop Here', aimed at investing in key community sectors. The campaign includes three upcoming Environmental, Social, and Governance (ESG) initiatives designed to nurture young football talents, support rising athletes, and assist local businesses. The 'Project Dream' initiative, in partnership with Ole Academy, aims to develop young football talents and prepare them for the World Cup 2030 and 2034. The campaign also includes collaboration with the Bahrain Paralympic Committee to promote Bahraini Paralympic athletes and initiatives to support Bahraini entrepreneurs and SMEs.

Al Salam Bank has been awarded the Payment Card Industry Data Security Standard (PCI DSS) Version 4.0 Certification, a globally recognized standard for payment card data security. The certification acknowledges the bank's commitment to safeguarding client data and providing a secure banking experience. The bank's successful implementation of advanced technologies to enhance data security and ensure safe card use has been recognized. The PCI DSS 4.0 Certification includes updated standards such as enhanced security controls, compliance activities, payment verification methods, and a focus on cybersecurity.

Al Salam Bank has concluded its Danat Savings Scheme 2023 with a draw for the biggest cash prize in Bahrain, worth BD 1 million. The winner, retired Bahraini citizen Mr. Ebrahim Yusuf Hasan, was announced on live TV on 4th January 2024. Mr. Hasan had deposited BD250 into the Danat account after his retirement in 2017. The bank's 2023 Danat Savings scheme includes four grand prizes: a year's monthly salary of BD 20,000, a waterfront villa, and two cash prizes of BD 1 million each. The scheme also offers monthly prizes for clients who maintain savings in their Danat Plus accounts, with the chance of winning increasing the longer the savings are maintained.

Al Salam Bank B.S.C, located in Manama, Bahrain and regulated by the Central Bank of Bahrain, has announced the termination of its discussions with Kuwait Finance House K.S.C.P. (KFH Group) regarding the potential acquisition of the entire shareholding in Kuwait Finance House – Bahrain B.S.C.(c) (KFH Bahrain). The bank stated that the parties could not reach mutually agreeable terms for the transaction.

Al Salam Bank has revealed the biggest grand prize winner of 2023 in Bahrain and launched the Danat Prize Scheme 2024, offering even larger prizes. The new scheme doubles the grand prize to two million, with two clients having the opportunity to win BD 1 million each. The first grand prize of the scheme is a BD 20,000 monthly salary for one year. The scheme also includes a grand prize of a modern, waterfront villa at Diyar Al Muharraq's Al Naseem project. The bank plans to reward more than 100 clients with monthly prizes, including cash prizes and a new prize for clients who maintain their savings in their Danat Plus accounts. The bank's aim is to reward long-term account holders and encourage savings.

On January 2, 2024, Al Salam Bank B.S.C. announced that it has purchased 250,312 treasury shares on the Bahrain Bourse and Dubai Financial Market. This purchase has increased its total holding of treasury shares from 53,005,000 to 53,255,312, which accounts for 2.035% of its issued share capital. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.

The Board of Directors (BOD) meeting decision to purchase shares does not have a specified date. The competent authority approved the purchase on 14th November 2023. The start date of the buyback program (treasury shares) was 14th November 2023 and it ended on 11th February 2024. The size of the buyback program was 10% of treasury shares. The purchase was made on 31st December 2023 with 59,291 shares bought at an average price of 0.202 fils. The purchased shares represent 2.025% of the issued capital. Approximately 208,700,000 shares remain for purchase. The company chairman or his delegate is Ali Yusuf Al Khaja. The company is Al Salam Bank B.S.C. This information is a post share buyback announcement.