Al Salam Bank B.S.C

Al Salam Bank B.S.C. has various financial figures in BHD'000. These include placements with financial institutions (293,580), Murabaha financing (729,716), Mudaraba financing (633,482), finance lease assets (883,259), Musharaka financing (30,801), Salam financing (339,217), Istisna financing (47,073) and credit cards (12,912). There are also loans and advances to customers (46), non-trading investments (163), placements from financial institutions (136,511), customers' current accounts (1,066,031), Murabaha term financing (510,848) and equity of investment accountholders (2,804,385). The non-Shari'a compliant assets come 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 and is not recognised in the income statement. The balance sheet balance is as of 31 December 2023.

Al Salam Bank, listed on the Bahrain Bourse and Dubai Financial Market, has reported a Q4 2023 net profit of BD 11.2 million (US$ 29.8 million), slightly down from BD 11.3 million (US$ 30.0 million) in Q4 2022. The bank's total operating income for Q4 2023 was BD 76.8 million (US$ 203.6 million), up 41.3% from the previous year. For the full fiscal year 2023, the bank reported a net profit of BD 42.2 million (US$ 112.0 million), a 33.7% increase from 2022, driven by expansion in key business lines. The bank's total operating income for 2023 was BD 279.3 million (US$ 740.7 million), an 80% increase from 2022. The bank's total assets increased by 32% to BD 5.1 billion (US$ 13.7 billion) in 2023, partly due to the acquisition of Al Salam Bank Algeria. The bank's board recommended a 12% dividend distribution, subject to approval. The chairman expressed confidence in the bank's resilience and agility and its strategy for growth.

Al Salam Bank has financed the first beneficiary through the 'Baity' application, a platform launched at the Housing Finance Exhibition. The bank was the first to complete real estate financing procedures via the platform, demonstrating its efficient administrative processes. The beneficiary also received a BD 500 cash prize at the exhibition in City Centre Bahrain. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, highlighted the bank's commitment to providing accessible housing services and invited users to apply for residential and financial solutions via the 'Baity' platform. Beneficiaries will receive benefits such as competitive profit rates, a six-month grace period, exemption from certain fees, and flexible procedures. The bank also announced six partnerships with local organizations during the exhibition.

Al Salam Bank has entered into strategic partnerships with several top real estate developers and firms to provide exclusive offers at the third Housing Finance Exhibition in Bahrain. The deals are targeted at Al Salam Bank's clients and include offers on residential plots, free consultations, exemptions from property valuation fees, discounts on home appliances, and a BD 50 purchase voucher from Al Salam Gas. Clients can also enjoy special prices on residential plots and villas from Tayba Company, Delmon Gate, and Union Company. The bank's customers will also benefit from competitive profit rates, a grace period of up to six months, and exemptions from property valuation fees, administrative fees, and down payments. The bank aims to offer innovative housing solutions through these partnerships.

Al Salam Bank is participating in the third edition of the Housing Finance Exhibition in Bahrain, which is organised by the Ministry of Housing and Urban Planning and Eskan Bank. The event will feature the launch of the "Bayti" platform, which aims to unite real estate developers, housing applicants, and banks. Al Salam Bank plans to offer exclusive financing options through this platform and will award BD 500 to the first three clients who complete the financing process on it. The bank's clients will also benefit from competitive profit rates, a grace period of up to six months, exemptions from certain fees, instant approvals, and a loyalty rewards program. Special offers on personal financing and strategic partnerships will also be available. The exhibition is part of efforts to enhance the housing sector in Bahrain and encourage private sector involvement.

Al Salam Bank B.S.C has announced the opening of elections for nine positions on its Board of Directors for a term from 2024 to 2027. The election will take place during the Annual General Meeting on 31 March 2024. Nominees must meet several conditions including full qualification, no prior convictions involving fraud or breach of trust, and not being prohibited from board membership by Bahraini law. Nominees for chairman or deputy chairman cannot simultaneously hold the position of the company's CEO. Candidates must submit several required documents including a CV, a list of companies where they serve as a board member, and a completed application for Approved Person Status.