Al Salam Bank B.S.C

Logotype for Al Salam Bank B.S.C
Ticker/ISIN
SALAM_BAH
BH000A0J2481
Market/Country
Dubai Financial Market
United Arab Emirates

About Al Salam Bank B.S.C

Al Salam Bank Profile

 

Establishing its headquarters in the Kingdom of Bahrain in 2006, Al Salam Bank has since cemented its reputation as the fastest growing bank in the Kingdom and a highly influential force in the Islamic banking industry on a regional level. Leveraging on its robust financial standing as the industry’s strongest in asset capital, the Bank has a proven track record in risk mitigation and effectively shifting to market dynamics, through its agile and aggressive growth strategy.

 

The Bank has adopted a digital-first mindset to meet the modern-day needs of its clientele, delivering curated financial solutions and a seamless, transformative customer experience. Harnessing the power of data-backed insights and state-of-art technology, Al Salam Bank offers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through its extended network of branches and ATMs. In addition to its diverse range of retail banking services, the Bank also provides corporate banking, private banking, asset management, international transaction banking as well as treasury services.

 

Al Salam Bank’s competitive edge lies in its unrivalled approach to nurturing client relationships, fuelled by a deeply-rooted ethos in humanizing the customer journey through personalization, convenience, and efficiency, creating a refined and rewarding client experience. The Bank prides itself on its solution-oriented philosophy, curating tailored solutions with its clients’ financial needs at the epicenter of everything they do.

 

With a Bahrainization rate of 92%, Al Salam Bank considers its people to be its most valued asset. The Bank has prioritized the wellbeing of its human capital, empowering them with the requisite tools, training and opportunities to create an inspired workforce dedicated to the pursuit of excellence. Championing a highly energetic and collaborative work environment, Al Salam Bank fosters a culture of innovation which celebrates collective achievements.

 

Encouraging a socially responsible culture from within to drive positive change, the Bank is committed to supporting the social and financial wellbeing of the community in which it resides. Driven by the shared passion of its people to form deep relationships with clients, the Bank aims to create solutions to help its customers meet their financial goals in a sustainable manner.

Latest Pressrelease Summaries from Al Salam Bank B.S.C

Al Salam Bank has formed a strategic partnership with MG Motor, owned by Zayani Motors, to offer a comprehensive auto financing package available until December 31, 2025. This offer includes special pricing on selected MG models and covers all initial fees and expenses, such as registration fees, a service package, Takaful insurance, and a 6-year warranty. Al Salam Bank clients can benefit from affordable monthly installments starting at BD 68, subject to terms and conditions. This initiative aims to ease the financial burden on clients during the early years of car ownership. The partnership reflects Al Salam Bank's commitment to providing innovative and client-focused financial solutions, while MG Motor sees it as a way to make their vehicles more accessible in Bahrain. For more details, interested parties can contact Al Salam Bank's Relationship Managers or visit their website.
Al Salam Bank has launched a range of protection and savings plans under its Sharia-compliant "Al Salam Takaful" in partnership with Solidarity Bahrain. The initiative includes a promotional campaign with exclusive Takaful offers, such as up to 28% off on new Travel Takaful policies and a 10% voucher for Motor Takaful policies for new clients. The Takaful offerings cover various insurance solutions for individuals and businesses, including Motor, Travel, Home, and Personal Accident insurance, as well as group medical schemes. The protection and savings plans aim to provide financial stability and help clients prepare for future goals like education, retirement, and medical emergencies. The bank emphasizes its commitment to addressing clients' needs and offers these services through branches, kiosks, and a mobile app. For more details, clients are encouraged to visit the bank's website or contact them via WhatsApp.
Bank Al Salam has announced a partnership with the Zakat and Charity Fund of the Ministry of Justice, Islamic Affairs, and Endowments in Bahrain. This collaboration aims to unify efforts to support needy groups through transparent and organized mechanisms. The initiative reflects the bank's commitment to social responsibility and its strategy to make a positive impact on individuals and families in Bahrain. The collaboration seeks to channel the bank's charitable contributions to ensure they reach the deserving beneficiaries effectively. This partnership is seen as a model for cooperation between the financial and charitable sectors, enhancing support for those in need and promoting community cohesion. The bank believes in the importance of extending its success to the community, and through this partnership, it aims to address urgent humanitarian and social priorities, such as emergency funding, medical supplies, and educational support for students from low-income families.
Al Salam Bank has formed a strategic partnership with Live Life and Al Rashid Group to offer exclusive discounts of up to 20% for its cardholders in Bahrain. This collaboration allows holders of Al Salam Bank credit, prepaid, and youth cards to receive discounts at various Al Rashid Group outlets, including Home Centre, Home Box, Max, Mothercare, Centrepoint, Lifestyle, Shoemart, and Splash. The initiative reflects Al Salam Bank's commitment to enhancing client experiences by providing added value beyond traditional banking services, aligning with its strategy to form partnerships that complement clients' lifestyles. Key figures from Al Salam Bank, Live Life, and Al Rashid Group expressed their enthusiasm for the partnership, highlighting its potential to enhance lifestyle experiences and offer meaningful benefits. Discounts are subject to terms and conditions, with specific offers available at different outlets. For more details on the offers and participating stores, clients are encouraged to visit Al Salam Bank's website or Instagram account.
Al Salam Bank recently hosted its third Sharia Forum in Manama, Bahrain, aimed at enhancing communication and integration among professionals in the Islamic banking sector. The forum gathered experts and specialists to discuss compliance and accounting issues, reflecting the bank's commitment to supporting the Islamic banking industry. The event provided a platform for professionals to exchange insights and address developments and challenges in the sector, contributing to the advancement of professional standards and practices in line with Sharia principles. This year's forum featured panel discussions and workshops centered on Sharia audits of financial statements in Islamic financial institutions. Mr. Eihab Ahmed, Deputy CEO of Corporate Affairs at Al Salam Bank, emphasized the bank's dedication to supporting Sharia professionals and enhancing governance frameworks. The forum builds on previous editions that addressed key topics in Sharia compliance and positions Al Salam Bank as a leader in the field. Through this initiative, the bank aims to advance the Islamic banking industry and empower national talents to meet evolving Sharia requirements.
Bank Al Salam in Bahrain achieved an unprecedented milestone by winning five awards from Visa within a single year. This accomplishment highlights the bank's commitment to innovative, customer-focused banking solutions and its leadership in adopting advanced technologies for a comprehensive banking experience. The awards recognize the bank's excellence in various performance categories, including growth in payment volume, digital spending, active cards, and both domestic and international spending. The awards include: 1. Highest growth rate in payment volume for 2024 in Bahrain. 2. Highest growth rate in active cards for 2024 in Bahrain. 3. Highest growth rate in spending for 2024 in Bahrain. 4. Highest growth rate in cross-border spending for 2024 in Bahrain. 5. Highest growth rate in digital spending for 2024 in Bahrain. Anwar Murad, Deputy CEO of Banking Services at Bank Al Salam, expressed pride in this achievement, emphasizing the bank's dedication to innovation and enhancing digital payment experiences. He noted that winning five awards in one year reflects the bank's market trust and the quality of its banking products and services. The success is attributed to the bank's strategy focusing on digital transformation, operational efficiency, and offering data-driven smart banking experiences. Ali Bailoun, Visa's Regional General Manager for Saudi Arabia, Bahrain, and Oman, praised Bank Al Salam's exceptional performance and its commitment to excellence in digital payments. He emphasized the bank's unique ability to stimulate usage, expand card bases, and enhance reliance on digital payments. The success results from a clear strategy and dedicated executive team, reinforcing the fruitful partnership between Visa and Bank Al Salam. For more information about Bank Al Salam's products and services, visit their website or contact them via WhatsApp.
Al Salam Bank has launched a comprehensive auto financing package in collaboration with BYD, a leader in New Energy Vehicle manufacturing. This offer, available until December 31, 2025, provides financing for BYD vehicles powered by renewable energy. The package includes benefits such as special pricing for all models, a three-year service package, one-year registration fees, an eight-year or 200,000-kilometer battery warranty, a six-year or 150,000-kilometer vehicle warranty, and multi-year insurance coverage for three years. Monthly installments start from BD83, with terms and conditions applying. Al Salam Bank aims to provide a seamless financing experience by covering major vehicle ownership costs for the initial years. The collaboration is supported by Fakhro Motors, the exclusive distributor of BYD in Bahrain, highlighting a shared commitment to offering integrated solutions for sustainable mobility.
Al Salam Bank announced the successful completion of its USD 450 million Additional Tier 1 (AT1) Capital issuance, indicating strong investor confidence in the bank's financial health and long-term growth strategy. The issuance, structured as a private placement and advised by ASB Capital, attracted significant demand from both regional and international investors. This initiative is part of the bank's broader financial optimization strategy to enhance its capital position and support future growth plans. The issuance underscores the bank's commitment to sustainable growth and financial resilience, positioning it as a leading financial group in the region. ASB Capital, which advised on the issuance, provides tailored financing solutions and was recently involved in a USD 1 billion Sukuk issuance for Bapco Energies. Rafik Nayed, Group CEO of Al Salam Bank, highlighted the issuance as a testament to the bank's financial stability and strategic direction, noting a consistent increase in equity since 2020. He emphasized ASB Capital's ability to attract investor demand despite global market volatility, showcasing the firm's expertise in capital markets.

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News Update From Al Salam Bank B.S.C

Disclosure: Resolutions of General Assembly

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News Update From Al Salam Bank B.S.C

Disclosure: Post share buyback announcement

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.

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News Update From Al Salam Bank B.S.C

Disclosure: Press release

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.

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News Update From Al Salam Bank B.S.C

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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.

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News Update From Al Salam Bank B.S.C

Disclosure: Press release

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.

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News Update From Al Salam Bank B.S.C

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News Update From Al Salam Bank B.S.C

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Al Salam Bank is offering exclusive promotions to its Visa debit, credit, and prepaid cardholders at Jewellery Arabia 2023, the Middle East's largest jewelry and watch exhibition. The top 60 card spenders who spend BD 300 or more will receive up to 200% cashback on purchases, capped at BD4000. The bank is also offering a "Buy Now Pay Later" service with an installment plan ranging from 3 to 24 months. Additionally, Al Salam Bank is increasing the limit for all Visa credit cardholders by 10%, and clients will receive triple reward points on their purchases. There will also be a 10% discount for the top 100 women spenders. The bank is encouraging new clients from Ithmaar Bank to issue a Visa card with Al Salam Bank to enjoy these benefits.

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News Update From Al Salam Bank B.S.C

Disclosure: Press release regarding financial results for the third QTR of 2023

Al Salam Bank reported a 54% increase in net profits for Q3 2023, reaching BD 10.45 million (US$ 27.72 million), up from BD 6.77 million (US$ 17.95 million) in Q3 2022. The bank attributed this growth to its core banking activities and strategic initiatives, including the acquisition of a majority stake in Al Salam Bank Algeria. Earnings per share also increased to 4.2 fils (US$ 11.1 cents) in Q3 2023 from 2.9 fils (US$ 7.7 cents) in Q3 2022. For the nine-month period ending 30 September 2023, the bank reported net profits of BD 31 million (US$ 82.24 million), a 53% increase from the same period in 2022. Total operating income for the nine months also doubled, reaching BD 202.49 million (US$ 537.11 million). The bank's total assets increased by 27% to BD 4.97 billion (US$ 13.18 billion), while financing assets grew by 30%. The bank maintained a strong capital adequacy ratio of 19.9% as of 30 September 2023.

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News Update From Al Salam Bank B.S.C

Disclosure: Notification from the company

Al Salam Bank B.S.C. reported various financial figures in BHD'000. These include placements with financial institutions at 288,790, Murabaha financing at 712,481, Mudaraba financing at 620,831, finance lease assets at 865,383, Musharaka financing at 30,206, Salam financing at 295,575, Istisna financing at 48,513, and credit cards at 13,507. The bank also reported loans and advances to customers at 55, non-trading investments at 163, placements from financial institutions at 144,412, customers' current accounts at 1,037,539, Murabaha term financing at 469,278, and equity of investment accountholders at 2,724,349. The bank noted that these figures represent non-Shari'a compliant assets resulting from the acquisition of BMI Bank, AlSalam Seychelles (ASBS), and Bahraini Saudi Bank B.S.C. ("BSB"). All non-sharia income is transferred to a charity pool and disbursed as charity and donation contributions, so it is not recognised in the income statement.

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News Update From Al Salam Bank B.S.C

Disclosure: Notification from the company

Al Salam Bank B.S.C., licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, has announced that they have signed a non-binding letter of intent with the Kuwait Finance House K.S.C.P. (KFH Group). This letter indicates their intention to begin preliminary discussions, negotiations, and due diligence for the potential acquisition of the entire shareholding of KFH Group in KFH Bahrain. This acquisition would be in collaboration with another investor. The announcement was made to the Bahrain Bourse and Dubai Financial Market on November 12, 2023.

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