His Excellency Rasheed Al Maaraj, Governor of Central Bank of Bahrain deputised by Shk Khalifa Bin Salman AL Khalifa, Prime Minister of Bahrain inaugurated Al Salam Bank – Bahrain Banking Hall in Seef District today. HE cut the ribbon at the headquarters which is dedicated to offering retail services indicating the official opening of the Bank.
Mr. Al Maaraj was joined by the Deputy Governor Anwar Al Sadah, Mr Mohammed Ali Alabbar, the Chairman, Mr Husein Almeeza, Vice Chairman and Managing Director and Mr Yousif Taqi, Chief Executive Officer, other designated guests from the Central Bank of Bahrain and the senior management at the Bank. He toured the Banking Hall and the rest of the bank divisions.Al-Salam Bank was established on 19th January 2006 in the Kingdom of Bahrain with a paid-up capital of BD 120 million (US$ 318 million). Al-Salam Bank Bahrain BSC operates under an Islamic banking licence issued by the Central Bank of Bahrain. The Bank’s Initial Public Offering (IPO) of 35 per cent of the paid-up capital, which closed in March 2006, raised over BD 2.7 billion (US$ 7 billion) and was the largest IPO in the Kingdom’s history. The Bank was 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).