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

Al Salam Bank has introduced an exclusive card discount program in collaboration with "Live Life," offering discounts at over 100 local merchants in Bahrain. The program covers various sectors, including dining, entertainment, fitness, and travel, and is designed to enhance the use of the bank's credit, prepaid, and youth debit cards. Cardholders can access these discounts by using their Al Salam Bank cards at participating merchants. The initiative aims to make Al Salam Bank cards the preferred payment option and improve clients' banking experiences. The program also supports clients who have transitioned from "ASB Financing." Clients can find more details on the bank's website or social media platforms.

Al Salam Bank has launched a December Cards Campaign to encourage card use and promote spending both locally and internationally. Running until December 31, 2024, the campaign offers Visa credit and prepaid cardholders the chance to win cash prizes, including a grand prize of BD 3,000 and two prizes of BD 1,000 each. Participants earn draw entries for every BD 30 spent locally and double entries for international transactions. The campaign aims to enhance the client experience by offering rewards and highlighting the benefits of multi-currency prepaid cards, such as competitive exchange rates and no conversion fees. Mohammed Buhijji, Head of Retail Banking, emphasized the bank's commitment to providing innovative solutions and invited former ASP Finance clients to participate by replacing their cards through various channels. For more information, clients can visit the bank's website or contact them via WhatsApp.

Al Salam Bank has introduced an exclusive offer for the Jewellery Arabia 2024 exhibition, allowing clients to win back purchases up to BD 5,000 and daily cash prizes. The campaign, running from November 26 to 30, 2024, offers cash prizes based on spending levels using Al Salam Bank's credit or prepaid cards. Clients spending between BD 200 and BD 5,000 can win varying prizes, with higher spending increasing the chance of winning up to BD 5,000. Additionally, the first 10 clients daily can win BD 100 by visiting the bank's booth and showing receipts for purchases of at least BD 200. Cardholders will also benefit from exclusive offers, a temporary credit limit increase, a "Buy Now, Pay Later" feature, and a dedicated entry line at the event. Mr. Mohammed Buhijji, Head of Retail Banking, emphasized the bank's aim to enhance client experience through this campaign. More details are available on Al Salam Bank's website or via WhatsApp.

Al Salam Bank has launched the "Workspaces" portal, a platform designed for Single Person Companies, family offices, and Micro, Small, and Medium-sized Enterprises (MSMEs) to manage their financial activities efficiently. This integrated platform allows users to access company accounts, financing options, and manage payments through a single login, with features like an Admin User profile for self-service capabilities, eliminating the need to visit the bank. It supports multiple Commercial Registration accounts and offers functionalities such as payments, salary transfers, and international transactions. The portal aims to enhance operational efficiency and support Bahrain's economic development by providing tailored digital services for MSMEs.

Al Salam Bank has partnered with Durrat Al Bahrain to offer real estate financing solutions for the Jawharat Al Murjan project in Bahrain. This agreement provides Al Salam Bank clients with competitive profit rates, flexible installment plans, quick approvals, and reduced down payments for purchasing villas. Additional benefits include free consultations, discounts on home and electronic appliances, and loyalty rewards points. The Jawharat Al Murjan project features 200 villas with modern amenities, designed to cater to families. The villas range in size and offer various features such as outdoor seating areas and balconies. For more information, interested parties can visit Al Salam Bank’s website or contact them via WhatsApp or their virtual branch.

Al Salam Bank reported a significant increase in financial performance for the third quarter and the nine-month period ended September 30, 2024. The bank's net profits for Q3 2024 were BD 14.0 million (USD 37.2 million), a 34.3% increase compared to the same period in 2023. Earnings per share rose to 4.9 fils (USD 13.0 cents), and total comprehensive income increased by 127.9% to BD 31.3 million (USD 82.9 million). For the nine-month period, net profits were BD 42.3 million (USD 112.3 million), up 36.5% from the previous year, with earnings per share at 15 fils (USD 39.8 cents). Total comprehensive income for this period increased by 80.2% to BD 71.1 million (USD 188.6 million). The bank's total income for the nine months was BD 255.4 million (USD 677.6 million), a 43.5% rise from 2023. Total equity attributable to shareholders increased by 8.5% to BD 366.2 million (USD 971.4 million), and total assets grew by 33.5% to BD 6.87 billion (USD 18.23 billion), partly due to the acquisition of Kuwait Finance House (Bahrain). The bank maintained a strong capital adequacy ratio of 20.4%. The Chairman, Shaikh Khalid bin Mustahil Al Mashani, and CEO, Rafik Nayed, expressed confidence in continued growth and strategic initiatives, including a new asset management venture in Dubai.