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Announcing the results, Mr. Hussein Mohammed Al Meeza, Managing Director and Board Vice Chairman of Al Salam Bank, said:
"The interim results for the period ended 30 September 2006 are extremely encouraging, and are in line with the Founders' expectations. They underline the Bank's continued strong financial performance in the short period since the start of operations earlier this year. These results show that Al Salam Bank achieved net income of US$ 13.8 million (BD 5.2 million) till the end of September 2006. This performance reflects a return on average equity of 6.6 %."
The Chief Executive Mr Yousif Taqi stated "Al Salam Bahrain has made excellent progress in establishing the institutional capacity of the Bank, in readiness for the launch of full-scale commercial operations by the beginning of 2007." He added "we have established a high-calibre senior management team, comprising highly qualified and internationally-experienced professionals, and have also filled all key roles at different levels throughout the organisation. We are currently implementing a state-of-the-art core banking system, and will soon be moving to our new headquarters building in the Seef business district. We have also been busy finalising plans for the introduction of the Bank's innovative and differentiated range of Sharia-compliant products and services for specific target segments."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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