Al Salam Bank Launches Inspired to Grow Campaign

Press release
Published November 21st, 2022 - 08:36 GMT
Al Salam Bank Launches Inspired to Grow Campaign
Rafik Nayed, Group CEO of Al Salam Bank
Al Salam Bank has unveiled a nationwide campaign under the theme of ‘Inspired to Grow’, celebrating the Bank’s new chapter of accelerated growth.

Al Salam Bank has unveiled a nationwide campaign under the theme of ‘Inspired to Grow’, celebrating the Bank’s new chapter of accelerated growth. Inspired by the Bank’s commitment to supporting the social and financial wellbeing of the local community, as well as its Environmental, Social and Governance (ESG) obligations, the campaign aims to engage the entire community in a tree-planting initiative for a greener Bahrain. A series of Inspired to Grow mall activations began last week at City Centre Bahrain and will continue from 23-26 November.

The launch of the Inspired to Grow campaign follows the Bank’s successful completion of a US$2.2 billion transaction with Ithmaar Holding to acquire Ithmaar Bank’s consumer banking business and a selection of other assets which cements Al Salam Bank’s position as the Kingdom’s largest Islamic Bank. The transition of Ithmaar Bank’s consumer banking business to Al Salam Bank is set to be completed by the end of 2022 leading to an enhanced banking experience for retail clients, who will benefit from a combined workforce and an expanded network of branches and ATMs.

To encourage engagement in the campaign, everyone visiting the Inspired to Grow mall activations will receive a special giveaway. For every participation, a tree will be planted in Bahrain and BD1 will be added to the weekly prize pool for a social media competition on the Bank’s Instagram channel. 
Commenting on the launch of the campaign, Group Chief Executive Officer of Al Salam Bank, Rafik Nayed, said, “The recent expansion of our banking offerings reflects our commitment to accelerated growth and reinforces our position as the country’s largest Islamic bank. Having acquired more assets, resources, and talent, we are inspired to deliver an unparalleled and rewarding banking experience to our clients. We are motivated to continue investing in our people, our communities, and the values Al Salam Bank embodies. We maintain our firm commitment to giving back and supporting the welfare of the community, which we regard as the foundation of our successes.” 

He added: “Our ambitious growth journey focuses not only on building one of the region’s leading financial institutions, it is also designed to support the Kingdom’s development goals. At the 26th United Nations Climate Change Conference of the Parties (COP26), HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, pledged net-zero emissions by 2060 and a promise to lead the country into the sustainable energy era. Inspired by the vision of our leadership, we have launched a national tree planting program to help create a greener community. Similarly, we are implementing a robust ESG strategy to integrate best practices into our operations and to align with the Kingdom’s efforts to develop a sustainable economy. As Bahrain continues to flourish, Al Salam Bank will continue to be an important economic, environmental, and community pillar supporting the growth of the country and our clients.”

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.

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