BMA grants licence for Al-Salam Bank
The Bahrain Monetary Agency (BMA) has granted a licence for the establishment of a new Islamic full commercial bank, Al-Salam Bank, which will be a publicly-listed entity.
The new licence was approved earlier by Shaikh Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and Chairman of the BMA Board.
Al-Salam Bank, which will have a paid up capital of BD100 million, is being founded by a number of institutional and individual investors from Bahrain and other GCC states, said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the BMA.
The founders intend to provide about 70% of the bank’s capital. The remaining capital will be raised through an initial public offering (IPO).