Al Salam Bank B.S.C. Announces Share Buyback Program
Summary
The bank's share buyback program, approved on 15th August 2023, commenced on the same date and concluded on 12th November 2023. The program size was 10% of treasury shares. On 26th October 2023, 265,000 shares were bought at an average price of 0.181 fils, representing 1.604% of the issued capital. Approximately 219,720,000 shares remain for purchase.Al Salam Bank B.S.C., a leading Islamic bank in the Kingdom of Bahrain, recently announced a share buyback program. This move is indicative of the bank's robust financial standing and its strategic approach to capital management.
Founded in 2006, Al Salam Bank B.S.C. has emerged as a significant player in the Islamic banking industry, demonstrating a consistent growth trajectory. The bank's recent share buyback program is a testament to its strong financial position and its proactive approach to capital management. The decision to buy back shares is often seen as a sign of a company's underlying strength and its belief that its shares are undervalued. It is also a strategic move to invest in itself and potentially drive up the stock price. The bank's positive yield over the past month, coupled with a substantial market cap of 4,579,627,761, underscores its solid financial footing. Al Salam Bank B.S.C. has also shown adaptability in its operations, adopting a digital-first mindset and offering a comprehensive range of innovative and unique Shari’a-compliant financial products and services. With a Bahrainization rate of 92%, the bank's commitment to its workforce and the community is evident. Given these factors, the future of Al Salam Bank B.S.C. looks promising.
