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 partnered with Y. K. Almoayyed & Sons to offer a special promotion for its clients, valid until October 26, 2025. The offer includes a 10% discount on electronics and household appliances, along with a one-year extended warranty at YKA's showrooms in Manama and Gudaibiya. Clients can also use the Bank's "Buy Now, Pay Later" service for flexible payment options. This initiative is part of the Bank's commitment to enhancing the client experience and complements an ongoing offer with Eskan Bank, which provides competitive rates for home furnishing in specific projects. The collaboration aims to provide valuable deals and convenient payment solutions for clients.
Al Salam Bank in Bahrain hosted students from the American University of Bahrain for a training program aimed at enhancing financial awareness. The initiative focused on converting conventional banking products into Shari’a-compliant solutions. Over 15 students participated in sessions led by senior bank representatives from various departments such as Shari’a Compliance, Legal Affairs, Business Development, and Treasury. The program included a tour of the trading floor to observe daily operations. Ms. Muna Albalooshi, Head of Human Resources and Administration at Al Salam Bank, emphasized the bank's commitment to supporting youth and developing national competencies through partnerships with academic institutions. The initiative highlights Al Salam Bank's role in providing innovative banking solutions and contributing to the growth of Bahrain's banking sector.
Al Salam Bank recently organized a workshop at its headquarters in Manama, Bahrain, to celebrate Bahraini Women’s Day under the theme “Partners in Progress.” The event gathered female leaders, entrepreneurs, and professionals from various sectors to highlight women's contributions to Bahrain's development. The workshop included speeches from the “Qaedat” program, panel discussions on empowering women in the workplace, and interactive sessions to enhance skills and confidence. Participants also had networking opportunities. Mrs. Muna Al Balooshi, Head of Human Resources and Administration, emphasized the bank's commitment to supporting female talent and fostering an inclusive environment. The workshop concluded with a pledge to support gender equality and women's empowerment, with Al Salam Bank reaffirming its dedication to an inclusive and prosperous future for Bahrain.
Al Salam Bank has introduced an exclusive card discount program in collaboration with "Live Life," offering discounts at over 100 local merchants in Bahrain. The program covers various sectors, including dining, entertainment, fitness, and travel, and is designed to enhance the use of the bank's credit, prepaid, and youth debit cards. Cardholders can access these discounts by using their Al Salam Bank cards at participating merchants. The initiative aims to make Al Salam Bank cards the preferred payment option and improve clients' banking experiences. The program also supports clients who have transitioned from "ASB Financing." Clients can find more details on the bank's website or social media platforms.
Al Salam Bank has launched a December Cards Campaign to encourage card use and promote spending both locally and internationally. Running until December 31, 2024, the campaign offers Visa credit and prepaid cardholders the chance to win cash prizes, including a grand prize of BD 3,000 and two prizes of BD 1,000 each. Participants earn draw entries for every BD 30 spent locally and double entries for international transactions. The campaign aims to enhance the client experience by offering rewards and highlighting the benefits of multi-currency prepaid cards, such as competitive exchange rates and no conversion fees. Mohammed Buhijji, Head of Retail Banking, emphasized the bank's commitment to providing innovative solutions and invited former ASP Finance clients to participate by replacing their cards through various channels. For more information, clients can visit the bank's website or contact them via WhatsApp.
Al Salam Bank has introduced an exclusive offer for the Jewellery Arabia 2024 exhibition, allowing clients to win back purchases up to BD 5,000 and daily cash prizes. The campaign, running from November 26 to 30, 2024, offers cash prizes based on spending levels using Al Salam Bank's credit or prepaid cards. Clients spending between BD 200 and BD 5,000 can win varying prizes, with higher spending increasing the chance of winning up to BD 5,000. Additionally, the first 10 clients daily can win BD 100 by visiting the bank's booth and showing receipts for purchases of at least BD 200. Cardholders will also benefit from exclusive offers, a temporary credit limit increase, a "Buy Now, Pay Later" feature, and a dedicated entry line at the event. Mr. Mohammed Buhijji, Head of Retail Banking, emphasized the bank's aim to enhance client experience through this campaign. More details are available on Al Salam Bank's website or via WhatsApp.
Al Salam Bank has launched the "Workspaces" portal, a platform designed for Single Person Companies, family offices, and Micro, Small, and Medium-sized Enterprises (MSMEs) to manage their financial activities efficiently. This integrated platform allows users to access company accounts, financing options, and manage payments through a single login, with features like an Admin User profile for self-service capabilities, eliminating the need to visit the bank. It supports multiple Commercial Registration accounts and offers functionalities such as payments, salary transfers, and international transactions. The portal aims to enhance operational efficiency and support Bahrain's economic development by providing tailored digital services for MSMEs.
Al Salam Bank has partnered with Durrat Al Bahrain to offer real estate financing solutions for the Jawharat Al Murjan project in Bahrain. This agreement provides Al Salam Bank clients with competitive profit rates, flexible installment plans, quick approvals, and reduced down payments for purchasing villas. Additional benefits include free consultations, discounts on home and electronic appliances, and loyalty rewards points. The Jawharat Al Murjan project features 200 villas with modern amenities, designed to cater to families. The villas range in size and offer various features such as outdoor seating areas and balconies. For more information, interested parties can visit Al Salam Bank’s website or contact them via WhatsApp or their virtual branch.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Notification from the company

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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Financial statements for the 1st QTR of 2024

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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Press release

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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Financial statements for the 1st QTR of 2024

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Results of BOD meeting

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Press Release

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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Minutes of General Assembly

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Notification from the company

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Resolutions of General Assembly

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.

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Dubai Financial Market News

Dubai Financial Market News

News Update From Al Salam Bank B.S.C

Disclosure: Press release

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.

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