The launch will be attended by Government officials, the Chairman of the Bank, Mr. Mohammed Ali Alabbar, the Vice Chairman and Managing Director, Mr. Husein Almeeza and the Bank's Chief Executive Officer, Mr. Yousif Taqi and designated guests from Bahrain & abroad.
Al Salam Bank Bahrain's official launch comes about one year after it commenced operations. The Bank has attracted investors' confidence since its IPO of 35% of the paid-up capital was oversubscribed 63 times in April 2006 when it raised more than BD2.7 billion and was the largest IPO in the Kingdom's history. The year 2007 will see more expansion plans and introduce banking products and services that suit local, regional and international market needs. Recently, the Bank announced its first Quarter results of achieving BD5.2 million (U$ 13.7 million) in profits reflecting the strong performance the Bank is maintaining since it began operations in 2006.
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HH The Prime Minister inaugurates Al Salam Bank - Bahrain
- Bahrain: Wednesday, May 16 - 2007 at 08:45
- PRESS RELEASE
His Highness The Prime Minister, Shaikh Khalifa bin Salman Al Khalifa will inaugurate Al Salam Bank - Bahrain this morning at the Ritz Carlton Hotel marking the occasion by launching its Sharia-compliant operations.
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Notes and media contacts
For further information, kindly contact Suhair Al-AjjawiCorporate Communications Manager
Office: +973 17560090
Mobile: +973 9912166
Al-Salam Bank was established on 19th January 2006 in the Kingdom of Bahrain with a paid-up capital of BD 120 million (US$ 318 million). Al-Salam Bank Bahrain BSC operates under an Islamic banking licence issued by the Central Bank of Bahrain. The Bank's Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over BD 2.7 billion (US$ 7 billion) and was the largest IPO in the Kingdom's history. The Bank was 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).
Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, May 16 - 2007 at 08:45 UAE local time (GMT+4)
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