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Announcing the 2006 results, Bank Chairman Mohamed Ali Alabbar said:
"In less than nine months, Al Salam Bank has been able to achieve a level of success and investor confidence that other financial institutions take years to reach. We thank all those who have believed in us, and are committed to raising the standard even further and continue delivering on our promise to our shareholders, clients and future depositors."
The year 2007 will see a rapid expansion in Al Salam Bank's product portfolio and network, he added, with the imminent introduction of its retail banking and investment banking services before the end of the second quarter 2007.
"In keeping with our primary goal of offering differentiated world-class services and products, we have spent a great deal of time preparing for the launch of our retail operations, bringing together the right team of experienced investment and finance specialists from around the world and a state-of-the-art core banking system," Alabbar added.
The Bank's enviable growth has been closely followed in the region's banking and finance sector. Its IPO in 2006 was oversubscribed by 63 times, and drew USD 7 billion in subscriptions.
"The results for the period ended 31 December 2006 are remarkable, and have exceeded our expectations. This is a great start for a young bank with global aspirations. We have everything in place and have every reason to be very optimistic that 2007 will see our business grow even stronger," said Mr. Hussain Al Meeza, Managing Director and Board Vice Chairman of Al Salam Bank. "I would also like to take this opportunity to thank Mr. Yousif Taqi and his team who contributed in achieving these excellent results in such a short time".
Posted by Lara Lynn Golden, News Editor
