Al Salam Bank-Bahrain reports US$ 11.1 million net profit fot the period ended 30 June 2006

These results present a strong start up for the bank and pleasant news for its shareholders and comes after the resounding success of its IPO which was launched in February 2006 and closed in March 2006 with the issue being over subscribed by 63 times.

Managing Director and Board Vice Chairman Mr.Hussein Mohammed Al Meeza said, "The interim results for the period ending 30 June 2006 is very encouraging and are in line with the founders expectations. These results showed that the bank achieved a net profit of US$ 11.1 million (BD 4.2 million) for the period ending June 30, 2006 and that income from murabaha and mudaraba for the period amounting to BD5.8 million. Basic Earning per Share for the period was 88 Fils. The performance to 30 June 2006 reflected a Return on Average Equity of 8.8%.'

Mr. Al Meeza further said that, "The Bank is poised to achieve excellent results once the operations are launched with a state-of-the-art IT systems and highly qualified and experienced bankers. Customers will be the main focus of ASB and that the Bank is committed to offering differentiated Shari'a compliant products to investors in the region and beyond."

Mr. Yousif Taqi, CEO of Al Salam Bank, stated that the bank is committed to serve its customers using latest available technology and custom designed financial solutions and, thus, contribute positively and effectively in the development of the Islamic banking industry in Bahrain and globally.

He furthered said that Bahrain and the region has huge finance and investment opportunities and a large number of customers are looking for new and differentiated Islamic financial services and that Al Salam Bank has the resources and abilities to satisfy such demands conforming to highest standards in the industry.

The Bank is scheduled to open its head quarters in Al Seef area in Manama, the capital of Bahrain. It will be equipped with the most advanced technology to provide an ideal banking platform, as the Bank is set to play a leading role not only in Bahrain but in the whole region.