BBK receives subscriptions for new Al Salam Bank IPO

Branches that have been designated to receive applications are the main branch, Muharraq, Budaiya, Isa Town and West Riffa. The remaining BBK 12 branches will also be able to handle applications. In addition, 20 BBK customer service personnel are on hand at the main central receiving outlet at the Bahrain Convention and Exhibition Bureau (BCEB) to serve investors. Customers in Kuwait can have direct access to applications from BBK-Kuwait.

The IPO was launched to the public on Sunday February 5th, 2006. Applications will be accepted until 12 noon on February 19th, with an allotment date set for March 12, 2006.

The IPO offers 42 million Ordinary Shares and is open to both individual and institutional investors. A minimum of 1,000 shares is required per subscription, at BD 1.050 per share.

Individual applicants should present two original identifications, with photocopies, proof of address (in the case of subscriptions funds over BD 6,000), as well as the original and copies of IDs of both the investor and the authorized signatory.

Institutional investors should present a copy of the Commercial Registration (CR) or Certificate of Incorporation, two original IDs, with copies, of the person signing on behalf of the company, as well as an original letter printed on the institution's letterhead authorizing the signatory to subscribe.

Jamal Hijris, AGM - Retail Banking, BBK, said, "As part of our efforts to provide unsurpassed customer service, we have chosen branches which give our investors across Bahrain convenient access for subscription.

"Moreover, BBK offers investors a unique advantage with our Contact Center, which is a call center through which investors can enquire conveniently about the IPO.

"Based on the recent flurry of IPO activity in Bahrain and the interest expressed by our customers in such products, we have trained and allocated our staff to ensure that this demand is met efficiently and in a professional manner."

Al Salam Bank is an Islamic commercial bank licensed by the BMA and registered by the Ministry of Industry and Commerce.

The bank will have a paid-up capital of BD120 million, equivalent to more than 16% of the total capital and reserves of all Islamic banks in Bahrain as at end of 2004.

The bank's mission is to be a leader among Islamic banks in Bahrain by providing a comprehensive range of the latest and most innovative Islamic banking products. The range of products and services will include demand and investment accounts, financial activities, property and lease financing, bank guarantees and Islamic Sukouk, amongst others.