Al Salam Bank-Sudan posts USD 28.2m in profit

The announcement was made at the end of the third General Assembly meeting held at the Friendship Hall in Khartoum under the presidency of Mr. Hussein Mohammed Al Meeza, Deputy Chairman and Managing Director of the Bank.

The Bank said its revenues in 2006 had amounted to USD 28.2 million including depositors' share accounting for USD 7.1 million out of net profits. Net shareholders' profits stood at USD 11.5 million while the proprietorship rights totaled USD 139 million at a growth rate of 7% from 2005.

Commenting on results attained by the Al Salam Bank-Sudan, Mr. Mohammed Ali Al Abbar, Chairman of the board of directors, said: "Although less than two years has barely elapsed since the Bank has penetrated the banking market, it has since achieved distinctive results. On this occasion, we would like to thank all those who have placed faith in us assuring them that we would strive to make the Al Salam Bank a trustworthy entity. We shall also endeavour to make the aspirations of our prospective shareholders and depositors come true and realize results beyond all expectations in future."

The current year 2007, Al Abbar added, will see major development being carried out as the Al Salam Bank-Sudan continues to expand and penetrate into new markets with high prospects of growth that greatly benefit shareholders.

For his part, Mr. Hussein Mohammed Al Meeza, Deputy Chairman and Managing Director, said the Al Salam Bank-Sudan has been placed at the forefront as it was rated among the best 30 banks operating in Sudan in recognition of its distinguished performance in 2006. "It will, however, seek to achieve even better ranking in the future," he added.

He said the Al Salam Bank-Sudan has had a huge task to do, which is to set up branches and rules as well as render various Islamic banking services to its customers in Sudan. He pointed out that in a bid to meet the growing demand for Islamic financial services at both the local and regional levels; the Bank has completed the infrastructure of its main database and the internal networking at its main office. Several automated teller machines outside the Bank, Al Meeza added, have been operated and that other new units are being installed in the main building.

"Sudan is at the threshold of a huge construction and development stage during which the Al Salam Bank-Sudan will play a major and vital role at the service of our Sudanese brethren," he maintained, adding that the Bank would strive to offer the best of banking services in coping with the economic developments taking place in Sudan. By so doing, he went on to say, we would be able to contribute to the advancement of the economic process in this sisterly country through transferring our expertise in the banking sector.

In its Monday's meeting, the General assembly viewed the board report on the Bank's activities during the fiscal year ending December 31st, 2006 and another report by the Legal Edict and Monitor Authority. Auditors' report on the balance sheet and profit and loss account was further reviewed and endorsed.