Al Salam Bank, Bahrain sponsors ICC Bahrain Seminar on UCP 600

Notes and media contacts

For further information, please contact:
Suhair Al-Ajjawi,
Corporate Communications Manager
Office: +973 17560090
Fax: +973 17560003

Al Salam Bank Bahrain Incorporated on 23 January 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 318 million (BD 120 million), Al Salam Bank commenced commercial operations in April 2006. The Bank operates under Islamic principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain. The Bank's vision is to become a leading force in the Islamic financial services industry by providing a differentiated Shari'a compliant offering to focused segments in selected markets.

The Bank's Initial Public Offering (IPO) of 35 per cent of the paid-up capital was oversubscribed 63 times and raised over US$ 7 billion (BD 2.7 billion) making it the largest IPO in the Kingdom's history. The Bank was subsequently 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 and Global Investment House, together with other strategic shareholders from across the Middle East.