Al Salam Bank-Bahrain launches unique online banking

Mr. Nabeel Al Tattan, EVP and Head of the Banking Group at the bank, said in a statement that the online service will be available within the Bank's web site at www.alsalambahrain.com, and is distinguished by its interactive design which is compliant with the highest standards of security, risk management and customer service.

The new service will give the clients the opportunity to use unique banking services within their accounts including placing standing orders; recurring payments from ASBB account to other beneficiaries with other banks, Mr. Al Tattan said.

"The online banking service will also include utility payment such as electricity and water and telephone bills as well as internal payment between two different accounts of two different customers within ASBB, in addition to external payments with predefined limits to any external beneficiary who does not have an account with ASBB including credit cards payments,"

Mr. Al Tattan added.

The online banking assists our customers in their future scheduled payment and provides prompt feedback general banking enquiries in terms of balance check-up, transaction search, Al Salam Wakala Deposit and print all requested statements. Al Tattan pointed out that the online banking service will allow the bank's customers to check their investment portfolio, issue bank draft and order cheque book.

Al Salam Bank Bahrain has recently announced the launch of "Al Salam Wakala Deposit" the first of its kind in Shari'a compliant banking services. "Designed for Retail Banking, the new Al Salam Wakala Deposit is a unique banking service that is different from current Shari'a-compliant products such as Mudharaba and Murabaha", said Mr. 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 It provides competitive profit rates and the deposited amount may be withdrawn and re-deposited at any time. Al-Tattan concluded by saying that Al Salam Bank-Bahrain staunchly endeavors to provide the best available banking Shari'a-compliant services and products for its customers, thus it is continuously searches for all potential Shari'a-compliant systems and methods that have good returns and suits the individual requirements of customers and investors.