Al Salam Bank set state of the art core banking system with TEMENOS Group

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Lina Husri
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About Al Salam Bank

Established on 17 April 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 317 million (BD 120 million), Al Salam Bank Bahrain BSC operates under an Islamic retail banking licence issued by the Bahrain Monetary Agency. The Bank's Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over US$ 7 billion (BD 2.7 billion) and was the largest IPO in the Kingdom's history. The Bank was subsequently listed on the Bahrain Stock Exchange on 27 April 2006.

The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House, Lebanese Canadian Bank, Al Salam Bank Sudan, and Dubai Islamic Insurance and Reinsurance Company (AMAN).

The interim results posted by the Bank for the half-year ended 30 June 2006 showed net profits of US$ 11.1 million (BD 4.2 million). This performance reflected a return on average equity of just under 9 per cent.

The vision of Al Salam Bank is to become a global force in the Islamic financial services industry, offering innovative and differentiated Sharia-complaint products and services to clients and investors in specific target segments. The Bank is committed to providing superior levels of customer service, adopting the highest international standards and global best practices, and contributing to the regional and global development of the Islamic financial services industry.

About TEMENOS
Founded in 1993, TEMENOS Group AG is a provider of integrated modular core banking systems to over 500 financial institutions worldwide. TEMENOS software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to retail, universal, wholesale and private banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, TEMENOS knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project.

Headquartered in Geneva, Switzerland, the company has 39 offices in 31 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN).