Al Salam Bank B.S.C

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.

The Chairman of Al Salam Bank B.S.C. has invited shareholders to attend the Bank's Annual Ordinary and Extra Ordinary General Assembly meetings to be held on 31 March 2024. The agenda includes approving the minutes of previous meetings, discussing and approving the Board of Directors' report, the Shari'a Supervisory Board's report, and the external auditors' report. It also includes discussing and approving the consolidated financial statements, reporting transactions with related parties or major shareholders, and approving recommendations for net profit appropriations. Other items include approving remuneration for board members, receiving and discussing the Bank's Corporate Governance Report, absolving board members of any liability, appointing or reappointing the Shari'a Supervisory Board and external auditors, electing Board of Directors, and discussing any other matters. The Extraordinary General Assembly meeting will discuss ratifying previous meeting minutes, approving increase of share capital, amending the Memorandum of Association and Articles of Association, and authorizing the Chairman or the Bank’s Group CEO to carry out necessary formalities. Shareholders can attend in person or appoint a proxy.

Al Salam Bank B.S.C. has various financial figures in BHD'000. These include placements with financial institutions (293,580), Murabaha financing (729,716), Mudaraba financing (633,482), finance lease assets (883,259), Musharaka financing (30,801), Salam financing (339,217), Istisna financing (47,073) and credit cards (12,912). There are also loans and advances to customers (46), non-trading investments (163), placements from financial institutions (136,511), customers' current accounts (1,066,031), Murabaha term financing (510,848) and equity of investment accountholders (2,804,385). The non-Shari'a compliant assets come 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 and is not recognised in the income statement. The balance sheet balance is as of 31 December 2023.