Al Salam Bank Bahrain approves stock split and listing on GCC stock exchange markets

Additionally the meeting agreed to incorporate a clause on Zakat into the Bank's Articles of Association.

The Bank's Extraordinary General Meeting was held at Al Ghzal Ballroom-1, Ritz-Carlton Hotel, Bahrain, and attended by more than two third of the shareholders. The agenda of the meeting included several topics which aimed at preserving the strong performance of the Bank and at enhancing its distinguished position among the Islamic banks operating in Bahrain.

The Extraordinary General Meeting authorized the Chairman of the Board, or whomever he delegates, to take the necessary actions to obtain regulatory and official approvals from the appropriate authorities to effect the amendments to the Bank's Memorandum of Association and Articles of Association, and to finalize the procedures pertaining to the two above-mentioned resolutions adopted by the Extraordinary General Meeting.

Simultaneously, the Extraordinary General Meeting approved listing of the Bank's shares on any of the GCC stock exchange markets, and authorized the Board of Directors, or whomever they delegate, to set a date for such listing, to obtain the required approvals from the appropriate authorities and to pay the relevant expenses.

Commenting on the meeting's outcome, the Chairman of the Board, His Excellency Mohammed Ali Rashid Alabbar, said: "The unanimous agreement reached after deliberations by the meeting clearly reflects the shareholders' great confidence in the Board of Directors and the Executive Management of Al Salam Bank Bahrain, as well as in the strategic plans designed to ensure the leading position of the Bank among the other GCC Islamic banks, which seek to provide innovative, world-class financial and investment solutions that will yield higher returns for the shareholders."

He added:

"The stock split and future listing of the shares on several GCC stock exchange markets will make it easier for shareholders and traders to promote the shares, which action will reflect positively on the value of our shares."

His Excellency Alabbar expressed his thanks to the Extraordinary General Meeting for supporting the Bank and the Board's plans that aim at transforming the Bank into a wider Shari'a compliant provider of Islamic banking activities. He conveyed his gratitude to the Bahrain Central Bank, to the Ministry of Industry & Commerce, to the Bahrain Stock Exchange Market and to the other official authorities concerned for providing every facility to create an attractive business environment.

The 120 million shares of Al Salam Bank Bahrain have been listed on the Bahrain Stock Exchange Market since April 2006. Upon stock split, the number of the Bank's share will increase to 1,200,000,000.