Al Salam Bank-Bahrain wins a bid for BD27.8m Islamic financing

The participation in Government tenders by the Bank comes in line with the strategy set by the senior management to contribute in Government development projects and to expand the Bank's operations based on competitive Shari'a-compliant services, the Bank's Chief Executive Mr. Yousif Taqi said.

Mr. Taqi affirmed that winning this tender proves the Bank's competitive capabilities and the distinguished competence and experience of its banking team.

Al Salam Bank-Bahrain seeks to extend its operations to cover various aspects of investment and explore all possible opportunities to further strengthen its financial position and foster the value of its services, Mr. Taqi stressed.

Executive Vice President and Head of the Banking Group Mr. Nabeel Al-Tattan clarified that the purpose of the financing is to acquire specific equipment by the Bank as identified by the Ministry of Electricity and Water, and that these equipment will then be leased to the Ministry of finance up to 10 years tenor on a Lease-to-own basis (Ijarah).

The equipment are required by the Ministry of Electricity and Water to enhance and maintain the electricity distribution network in the Kingdom, Al-Tattan said.

Al-Tattan pointed out that the Bank will be arranging for sub-participations with other financial institutions, as a number of banks have already expressed their desire to sub-participate in this transaction. This indicates the level of confidence the Bank enjoys within the banking community, he added.