Al Salam Bank-Bahrain, Tadamon International Islamic Bank launch strategic partnership

Both banks share the acquisition of a leasehold interest of one of the most luxurious residential and commercial towers close to the Holy Mosque in Mecca. The $158.7m (SR600m) deal is considered to be the second for Al Salam Bank-Bahrain as it has recently announced a similar investment in the same field.

The 33 floors tower has been designed to reflect the exceptional elegance of Islamic architecture according to international standards. The 462 units are considered to be an Islamic architectural masterpiece providing highest standards of hospitality.

The tower also includes a large reception hall, along with a floor dedicated for prayers which is linked audio-visually to the Holy Mosque. Another two floors have been allocated for parking and are connected to main streets around the Holy Mosque. Additionally, the tower is strategically located near King Abdul-Aziz Gate. The level of detail of the tower is reflected through the installation of more than 12 elevators which offers the tower's residents the ease of movement within the building especially at prayer times.

Commenting on the launching of this strategic partnership, Mr Nabeel Al Tattan, Executive Vice President and Head of MENA described the Shari'a compliant investment as a new addition to the bank's portfolio especially in the Islamic hospitality sector.

He stated:

"The partnership is true translation of the ethos of collaborative Islamic Banking especially in the presence of a strategic partner such as Al Tadamon International Islamic Bank where both parties possess the synergy and capabilities to offer unique investments with high benefits and returns of investments to their investors."

Dr. Abdulaqwi Radman Mohammed, AGM Foreign Investment at Tadhamon International Islamic Bank, reaffirmed that the partnership with Al Salam Bank-Bahrain is an important step in the Islamic Banking Industry as it reflects the strength of Islamic financial institutions and their ability to exploit their resources to offer investment opportunities with good returns, as well as to enhance the level of hospitality services offered to visitors of the Haram.

The announced deal entails the acquisition of a leasehold interest in the tower for 20 Hijri years where Al Salam Bank-Bahrain and Tadamon International Islamic Bank will issue Sukuk Intifaa for the tower in the near future.