Al Salam Bank B.S.C

The financial summary of Al Salam Bank B.S.C. as of 30 June 2024 includes various types of financing and placements, such as Murabaha, Mudaraba, and Musharaka financing, among others. The bank's Sharia-compliant income from these activities is detailed, with significant amounts from Murabaha financing (1,017,190 BHD) and finance lease assets (1,457,591 BHD). Non-Sharia income is not recognized in the income statement but is transferred to a charity pool for disbursement. The balance sheet also includes placements from financial institutions and individuals, customers' current accounts, and equity of investment accountholders. Non-Sharia-compliant assets resulted from acquisitions of BMI Bank, AlSalam Seychelles, and Bahraini Saudi Bank.

Al Salam Bank is participating in Youth City 2030 by hosting a training program aimed at young participants aged 9 to 14. The initiative focuses on enhancing financial literacy, budget management, and savings skills among youth. An employee from the bank will conduct the training, covering topics such as the bank's products and services, digital financial tools, and an overview of branch operations. The program also includes a segment on entrepreneurship and the banking industry. Mr. Mohammed Buhijji, Head of Retail Banking, expressed pride in contributing to the national initiative and emphasized the importance of educating youth on financial and business matters.

Al Salam Bank B.S.C. has announced that its Board of Directors approved the Interim Condensed Consolidated Financial Statements for the period ending June 30, 2024. This announcement was made to both the Bahrain Bourse and the Dubai Financial Market. The statement was signed by Ali Yusuf Al Khaja, the Head of Compliance and MLRO, and includes the company's seal.

Al Salam Bank has signed a Memorandum of Understanding (MOU) with Bareeq Al Retaj, a prominent real estate developer in Bahrain, to offer exclusive real estate financing solutions for buyers interested in housing units in Ras Hayan Village and Wahati projects. The partnership provides clients with competitive profit rates, a 6-month grace period, quick approvals, waived administration and valuation fees, loyalty rewards points, complimentary consultations, and discounts on home and electronic appliances. Eligible clients under the Tas’heel scheme will also benefit from waived registration fees and free life and fire insurance. The collaboration aims to enhance the quality of life for clients and support national housing goals. Ras Hayan Village offers sustainable living with various plot sizes, while Wahati features modern apartments in a convenient location. For more information, clients can visit the bank's website or contact them via WhatsApp or Skiplino.

Al Salam Bank, in partnership with Solidarity Bahrain, has launched a new multi-year motor Takaful insurance product for the first time in Bahrain. This Sharia-compliant insurance offers coverage for up to seven years with flexible payment options, including installments, cash, and "Buy Now Pay Later." The first 30 clients to issue a new policy by September 30, 2024, will receive BD 50. Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, highlighted the product's benefits, including ease of mind, special discounts, and a seamless banking experience. The fixed-cost coverage remains consistent even in the event of claims, and the insurance amount is lower than annual renewal policies. For more information, visit the bank's website or contact them via WhatsApp or Skiplino.