Al Salam Bank B.S.C

Al Salam Bank B.S.C. has announced the completion of its acquisition of Kuwait Finance House – Bahrain B.S.C.(c) ("KFH Bahrain") from Kuwait Finance House K.S.C.P. ("KFH Group"). The acquisition was finalised on 14th May 2024, following the receipt of regulatory approvals. The financial impact of this acquisition will be reflected in Al Salam Bank's Q2 2024 consolidated financial statements.

Al Salam Bank B.S.C reported various financial figures for the end of March 2024. These figures include placements with financial institutions at 353,633 BHD, Murabaha financing at 757,751 BHD, Mudaraba financing at 633,248 BHD, finance lease assets at 898,644 BHD, and other assets. The bank also reported non-trading investments at a fair value through equity of 163 BHD. The report also noted that non-Shari'a compliant assets resulted 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, not recognised in the income statement, and disbursed as charity and donation contributions.

Al Salam Bank has reported a 36.3% increase in net profits for Q1 2024, amounting to BD 14.0 million (US$ 37.1 million), compared to BD 10.3 million (US$ 27.3 million) for the same period in 2023. This increase was mainly driven by growth in the bank's core banking activities and the acquisition of a subsidiary in Q2 2023. Earnings per share also rose by 32.4% to 4.9 fils (US$ 13.0 cents). Total income for the quarter was BD 68.7 million (US$ 182.2 million), a 46.0% increase from BD 47.0 million (US$ 124.8 million) in Q1 2023. Total assets increased by 3.3% to BD 5.3 billion (US$ 14.1 billion), while total equity attributable to parent shareholders increased by 2.2% to BD 344.8 million (US$ 914.5 million). The bank's capital adequacy ratio stood at 22.3% as of 31 March 2024.

Al Salam Bank has launched a pre-summer campaign for its VISA Credit and Multi-Currency Prepaid Cardholders, offering the chance to win a fully paid holiday among other prizes. For every BD 50 spent using these cards from 5th May to 30th June 2024, customers will receive one entry into the prize draw. The main prize includes a trip for two to Istanbul, with a four-night stay at a 5-star hotel and a choice of two unique experiences. Three other winners will receive BD 2,000 credited to their cards for their summer vacations. The bank also offers exclusive pre-summer foreign exchange rates for its Multi-Currency Prepaid Cardholders.

Al Salam Bank B.S.C, licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, has announced the results of its Board of Directors election. The election took place during the Annual General Meeting held on 31st March 2024. The elected members include Ahmed Habib Kassim, Alhur Mohammed Al Suwaidi, Hisham Saleh Al Saie, Khalid bin Mustahil Al Mashani, Matar Mohamed Al Blooshi, Salim Abdullah Al Awadi, Salman Saleh Al Mahmeed, Tariq Abdul Hafidh Al Aujaili, and Zayed Ali Al Amin. The announcement was made to both the Bahrain Bourse and the Dubai Financial Market.

Al Salam Bank has teamed up with Solidarity Bahrain to offer an exclusive Ramadan promotion for their credit and prepaid cardholders. The offer, which runs from the start of Ramadan until 21 April 2024, gives a 5% discount on new motor, travel, home, domestic helper, and personal accident insurance policies issued through Solidarity Bahrain. The discount can be availed by using a promo code consisting of the first four digits of their card followed by "ALSALAM". In addition to the discount, clients can also earn double reward points on all insurance transactions during the campaign period. The initiative is part of the bank's strategy to provide double rewards during Ramadan and improve the overall banking experience for its clients.