Al Salam Bank B.S.C

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.

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.

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.