Al Salam Bank B.S.C

Al Salam Bank has launched a new digital service that allows its existing clients to top up their personal financing through its mobile banking app. The new service is part of the bank's digital transformation journey and reflects its commitment to a client-centric, digital-first philosophy. The service calculates the maximum top-up amount based on each client's financial creditworthiness. This move follows Al Salam Bank's introduction of various innovative products and services, including Buy Now Pay Later, Salary Advance, Goals, Salary Transfer, and the Fils Challenge.

On December 4, 2023, Al Salam Bank B.S.C announced that it purchased an additional 104,375 treasury shares on the Bahrain Bourse. This increased their total holding of treasury shares from 46,584,272 to 46,688,647, which represents 1.784% of the issued share capital. The announcement was made to the Bahrain Bourse and the Dubai Financial Market.

On 03 December 2023, Al Salam Bank B.S.C. announced that it has purchased 70,625 treasury shares on the Bahrain Bourse. This acquisition increases its total holding of treasury shares from 46,513,647 to 46,584,272, representing 1.780% of the issued share capital. The announcement was made to the Bahrain Bourse and the Dubai Financial Market. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.

The board of directors (BOD) of Al Salam Bank B.S.C. had a meeting on an undetermined date to decide on a share buyback program. The competent authority approved the purchase on 14th November 2023. The buyback program, which involved the bank's treasury shares, started on 14th November 2023 and ended on 11th February 2024. The size of the buyback program was 10% of the treasury shares. The actual purchase of the shares occurred on 30th November 2023, with 325,100 shares bought at an average price of 0.196 fils per share. This represented 1.777% of the issued capital. There are approximately 215,183,653 shares still available for purchase. The company representative for this transaction was Ali Yusuf Al Khaja.

On 27th November 2023, Al Salam Bank B.S.C announced the purchase of 1,116,000 treasury shares on the Bahrain Bourse and Dubai Financial Market, increasing its total holding of treasury shares from 44,157,547 to 45,273,547, which is 1.730% of the issued share capital. The bank is licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain.

Al Salam Bank, based in Bahrain, has won two awards from Visa for "Cross-Border Spend Growth Leaders in Bahrain for 2023" and "CIF Growth Champions in Bahrain for 2023". The awards were presented to Rafik Nayed, Group CEO of Al Salam Bank, at a ceremony at the bank's headquarters. The awards reflect the bank's growth in credit, debit, and prepaid card usage outside Bahrain and the growth in its Visa cardholder base, which has tripled in 2023. The bank's partnership with Visa has led to promotional campaigns for clients, including tuition fee discounts and promotions for Visa credit and debit cardholders. Al Salam Bank offers a range of cards with various benefits, including loyalty points on all transactions, access to Apple Pay and Samsung Wallet, and a multi-currency prepaid card.

Al Salam Bank has entered into a three-year strategic partnership with global events organizer Informa Markets, becoming the exclusive banking and finance institution for all Informa Markets exhibitions. The bank will offer a range of digital payment solutions, including self-service kiosks, mobile ATMs, and an on-site branch at Exhibition World Bahrain, to reduce cash usage and enhance the experience of visitors and exhibitors. Al Salam Bank will also provide banking products and services specifically designed for exhibitors and SMEs. The partnership includes an educational initiative and internship program to train Bahraini talents in the events and exhibitions industry. The bank will also establish an exclusive lounge area at all Informa Markets exhibitions.

Al Salam Bank has partnered with Solidarity Bahrain to launch 'Al Salam Takaful', a comprehensive Shari'a-compliant insurance package for individuals and SMEs. The package includes fire, auto, travel, personal accident, and group medical health insurance for individuals, and office, performance bond, marine, and group medical insurance for SMEs. The launch is part of Al Salam Bank's efforts to become a one-stop-shop for all banking and Takaful products. The product was officially launched on 12 November 2023. Clients can apply for the insurance policy through the bank's Self-Service Kiosks, call center, or any branch.