Press releases, Reports & Disclosures for Al Salam Bank B.S.C

Al Salam Bank reported a significant increase in financial performance for the third quarter and the nine-month period ended September 30, 2024. The bank's net profits for Q3 2024 were BD 14.0 million (USD 37.2 million), a 34.3% increase compared to the same period in 2023. Earnings per share rose to 4.9 fils (USD 13.0 cents), and total comprehensive income increased by 127.9% to BD 31.3 million (USD 82.9 million). For the nine-month period, net profits were BD 42.3 million (USD 112.3 million), up 36.5% from the previous year, with earnings per share at 15 fils (USD 39.8 cents). Total comprehensive income for this period increased by 80.2% to BD 71.1 million (USD 188.6 million). The bank's total income for the nine months was BD 255.4 million (USD 677.6 million), a 43.5% rise from 2023. Total equity attributable to shareholders increased by 8.5% to BD 366.2 million (USD 971.4 million), and total assets grew by 33.5% to BD 6.87 billion (USD 18.23 billion), partly due to the acquisition of Kuwait Finance House (Bahrain). The bank maintained a strong capital adequacy ratio of 20.4%. The Chairman, Shaikh Khalid bin Mustahil Al Mashani, and CEO, Rafik Nayed, expressed confidence in continued growth and strategic initiatives, including a new asset management venture in Dubai.

Al Salam Bank B.S.C. announced the launch of ASB Capital, a new asset management firm licensed under Category 3A by the Dubai Financial Services Authority (DFSA). The firm is based in the Dubai International Financial Centre (DIFC) and has assets under management (AUM) totaling USD 4.5 billion. ASB Capital offers a comprehensive wealth and asset management platform with advanced products in public and private markets, investment banking, and placement services. It targets high-net-worth individuals, family offices, companies, and institutional clients in the Middle East and Africa.

Al Salam Bank, Bahrain's largest Islamic bank, has announced the launch of ASB Capital, a new asset management firm licensed by the Dubai Financial Services Authority. Based in the Dubai International Financial Centre, ASB Capital is set to launch with assets under management totaling USD 4.5 billion. The firm aims to offer a diversified wealth and asset management platform, providing access to investment opportunities typically reserved for institutional investors. ASB Capital will focus on four key areas: public markets, private markets, investment banking, and placement, targeting high net worth individuals, family offices, corporations, and institutional clients in the Middle East and Africa. The firm has partnered with a major global asset manager to introduce a specialized global equity fund and plans to enter the ETF market through a collaboration with a leading global provider. ASB Capital also intends to offer private market products, including private equity and venture capital, in partnership with established entities. The firm aims to address the growing demand for specialized asset management services in the region and is aligned with Al Salam Bank's growth objectives. ASB Capital aspires to become one of the top 10 asset managers in the region, focusing on excellence in asset and wealth management.

Al Salam Bank has launched a promotional campaign for credit cards issued through its app, running from November 3 to December 31, 2024. The first 900 clients to obtain a new credit card via the app will receive an instant BD 20 reward, and all users can earn 10% cashback on transactions, up to BD 30, during the campaign. This initiative highlights the bank's focus on enhancing digital banking experiences and providing innovative solutions. Mr. Mohammed Buhijji, Head of Retail Banking, emphasized the campaign's role in making banking services more accessible and rewarding for clients. The campaign aligns with Al Salam Bank's strategy to integrate digital technology into its services, aiming to meet evolving client needs and improve satisfaction. For more details, clients can visit the bank's website, contact via WhatsApp, or book an appointment through the Skiplino app.

Al Salam Bank has introduced a new insurance product called "Al Salam Third-Party Takaful Added Benefits" in collaboration with Solidarity Bahrain. This enhanced third-party motor insurance coverage offers several benefits, including an 8-day car replacement service, 24/7 roadside assistance in Bahrain, and compensation of up to BD 10,000 in the event of an accident with an uninsured vehicle. The initiative follows the successful launch of the bank's Multi-Year Motor Takaful Insurance product. Al Salam Bank aims to expand its range of Sharia-compliant takaful insurance products and offers instant issuance services through its branches and contact centers, with payment options available via cash or the Buy Now, Pay Later service. For more details, customers can visit the bank's website or contact them through WhatsApp or their virtual branch.

Al Salam Bank has partnered with Y.K. Almoayyed & Sons to offer an exclusive "Buy Now, Pay Later" payment plan for its clients at selected Nissan service branches in Bahrain. This offer, available to both debit and credit cardholders, will run until October 15, 2025, and aims to provide flexible and convenient payment options. Both companies expressed their commitment to enhancing customer experience and simplifying payment processes through this collaboration.