Al Salam Bank signs agreement with AFS for credit card processing services

Notes and media contacts

Al Salam Bank was established on 23 January 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 318 million (BD 120 million). Al Salam Bank Bahrain BSC operates under an Islamic banking licence issued by the Central Bank of Bahrain (formerly Bahrain Monetary Agency). The Bank's Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over US$ 7 billion (BD 2.7 billion) and was the largest IPO in the Kingdom's history. The Bank was subsequently listed on the Bahrain Stock Exchange on 27 April 2006.

The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House, Lebanese Canadian Bank, Al Salam Bank Sudan, and Dubai Islamic Insurance and Reinsurance Company (Aman).

About Arab Financial Services (AFS):
AFS is the leading Arab company for electronic banking, personal payment
instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab World. The company pioneered the concept of outsourcing card processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is the largest payment card processor in the Middle East and North African regions.

AFS is Principal Member of Visa and MasterCard Payment Associations and an authorized third party processor centre. Over 50 Banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged on-going card processing & related services, assisting banks to issue Visa and MasterCard to their customers through sponsorship card programs. AFS offers flexible and customized solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality.

For more information please contact :
Rabih Dib
PR Account Executive
Memac Ogilvy PR Bahrain
Tel (+973) 17578724
Fax (+973) 1722 32 66