Al Salam Bank Launches Al Salam Third-Party Takaful with Added Benefits

Press release

Published October 28th, 2024 - 07:55 GMT

Al Salam Bank Launches Al Salam Third-Party Takaful with Added Benefits

Introducing Al Salam Third-Party Takaful with Added Benefits in partnership with Solidarity Bahrain

As part of its suite of Al Salam Takaful products, Al Salam Bank has launched its enhanced Third-Party Motor insurance coverage, known as “Al Salam Third-Party Takaful with Added Benefits”. This new offering brings a range of benefits from comprehensive motor insurance. This step follows the successful launch of the Bank’s Multi-Year Motor Takaful Insurance product in partnership with Solidarity Bahrain, one of the largest insurance companies in the Kingdom of Bahrain.
Beneficiaries of the new product can make use of a number of features, including an 8-day car replacement service and 24/7 roadside assistance across Bahrain. In the event of an accident with an uninsured vehicle, clients will receive insurance compensation for up to BD 10,000 as per the terms and conditions.
Commenting on the occasion, Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, said: “Al Salam Bank is proud to continuously expand its portfolio of Sharia-compliant takaful insurance products, positioning ‘Al Salam Takaful’ as an all-inclusive platform for financing solutions and insurance products under one roof.”
He further added: “We encourage our clients interested in the Al Salam Third-Party Takaful with Added Benefits to take advantage of our instant issuance services, available through our branches or contact centers. Payments can also be made via cash or through our Buy Now, Pay Later service.”
For more information, visit the Bank’s website www.alsalambank.com, WhatsApp on 17005500, or book an appointment with Al Salam Bank’s virtual branch via Skiplino.

Background Information

Al Salam Bank

Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.

ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.

ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.

ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.