Al Salam Wakala Deposit most recent banking service launched by Al Salam Bank Bahrain

"Designed for Retail Banking, the new Al Salam Wakala Deposit is a unique banking service that is different from current Shariah-compliant products such as Mudharaba and Murabaha", said Executive Vice President - Banking Group Head, Mr Nabeel Al-Tattan. "Al Salam Wakala Deposit is characterized by flexibility, easy application and implementation. It may be transacted for any period of time and at any currency", Mr. Al-Tattan added.

The main feature of the new product is that it is Shari'a compliant, easy to process and execute and automatically extendable. It provides competitive profit rates and the deposited amount may be withdrawn and re-deposited at any time.

Mr. Al-Tattan points out that the Al Salam Wakala Deposit is available at Al Salam Bank Bahrain for customers who wish to invest certain amounts of money for a flexible period of time, with a yielding return.

Since its inception in 2006, Al Salam Bank Bahrain has been offering a variety of Shari'a compliant products inline with the bank strategy in providing innovative and tailor-made products to suit the individual requirements of customers and investors.