Al Salam Bank-Bahrain receives green light to list in Dubai Financial Market

Yousif Taqi, the Bank's Chief Executive Officer, said in a statement that this move came following the decision of the Bank's Extraordinary General Meeting held on 10 September 2007 to list the Bank's share in any foreign stock market and entrusted the Board of Directors to specify the financial market to list the share in and the timing of listing as well as to take all necessary procedures and approvals from the pertinent parties and settle any incurring charges.

Meanwhile, Taqi clarified that one of the main reasons behind choosing DFM to list the Bank's share in was that a large number of the Bank's founders are from the United Arab Emirates.

He said that listing SALAM share in Dubai Financial Market will facilitate trading for shareholders in the UAE or even in other gulf countries, and would give them the right to choose to deal in more than one market according to their priorities and interests.

The Bank's General Assembly held its Annual Ordinary Meeting on 20 February 2008 where the shareholders approved the board's report on the bank's activities for the year ended 31 December 2007 as well as the Shari'a Supervisory Board report and the auditor's report for the year ended 31 December 2007.

The General Assembly also endorsed the Board of Directors' recommendation to allocate BD 12 million of the 2007 net profit of BD23.1m ($61.6m) to be distributed on the shareholder as cash dividends of the paid-up capital.
Year net profit of 2007 has grew to 41% more than the net profit of BD16.4m ($43.5m) for the period ended 31 December 2006. Earnings Per Share in 2007 was fils 19.3 compared to Fils 15.1 in 2006. Total assets grew 112% to BD397.8m ($1.06bn) as of 31 December 2007, compared to BD188m ($501m) in 2006.