Al Abbar, Chairman of Al Salam Bank - Bahrain Board

The meeting started by electing H. E. Mohammad Ali Al Abbar, as Chairman of the Constituent General Meeting, where he headed the discussion of the founders' report, and the incorporation expenses and then the General Meeting resolved to approve the incorporation expenses.

Al Abbar Said: "With God's will, we have finally managed to declare the establishment of Al Salam Bank in Bahrain. This comes after continuous and carefully studied efforts conducted by the founders' committee. I would like to thank H.M. the King, the government and the people of Bahrain, especially the Bahrain Monetary Agency and the Ministry of Finance for their great support and the facilitations they have provided us."

Board of Directors of Al Salam Bank - Bahrain:

H. E. Mr. Mohamed Ali Rashid Alabbar, Chairman of the Board, Mr. Hussein Mohamed Salem Al Meeza, Vice Chairman, Mr. Salem Rashed Saeed Al Mohannadi, board member, Mr. Mohamed Omeir Bin Yousef, board member, Mr. Saleh Saeed Ahmed Lootah, board member, Mr. Essam Al Muhaideb, board member, Mr. Habib Ahmed Qasim, board member, Mr. Omar Mahmood Quqa, board member.

After the election of the Board of Directors, the Chairman officially declared the establishment of Al Salam Bank in Bahrain.

Mr. Hussein Mohammed Al Meeza, Vice Chairman of Al Salam Bank, said: "Our aim is to turn Al Salam Bank into a successful establishment that provides innovative and modern Islamic banking solutions, a success that resembles the one of Al Salam Sudan. We took great attention to details and arrangements to build a stable base for Al Salam bank in one of the most efficient banking environments in the Gulf region."

The meeting's agenda also included the appointment of the financial auditors (Ernst and Young). The meeting also appointed the Shari'ah supervisory Committee Members, Dr. Hussain Hamid Hassan, as Chairman and Dr. Mohamed Abdulhakim Za'air and Ahmed Ali Abdullah. The members of the Shariah Board will provide consultancy and supervision on all banking services provided by the bank to be according to Islamic economic principles and Shari'ah.

From his side, Dr. Hussain Hamed Hassan, said: "I am honored to be part of launching a new Islamic Bank in the region, such as Al Salam Bank in Bahrain. The Islamic and Arab worlds are in great need of more financial Islamic institutions to fulfill the growing needs for such services. I would like to thank the Founders Committee for their efforts in establishing a Islamic bank and wish the new Board of Directors all the best in their upcoming mission."

Al Salam Bank Bahrain announced the successful closure of its Initial Public Offering (IPO), with the issue being oversubscribed over 63 times. Shares with a value of BD 42 million that amounts to AED 420 million with a subscription result of B.D 2.7 billion which equals AED 27 billion. Therefore, a total number of sixteen (16) ordinary shares have been allotted to all investors whom have subscribed to the minimum subscription of one thousand (1,000) ordinary shares. The same allotment basis (pro-rata) shall be applied to all other investors.