Al Salam Bank Receives J.P. Morgan Elite Quality Recognition Award for the Second Consecutive Year

Press release

Published March 8th, 2022 - 10:44 GMT

Al Salam Bank Receives J.P. Morgan Elite Quality Recognition Award.

Highlights

Al Salam Bank recently received the reputable J.P Morgan Elite Quality Recognition Award for the second year in a row

Al Salam Bank recently received the reputable J.P Morgan Elite Quality Recognition Award for the second year in a row, recognizing the Bank for its unparalleled performance and demonstrated success in achieving the utmost level of optimized efficiency in USD payments. The award was presented to Al Salam Bank’s Chief Operating Officer, Abdulkarim Turki by the Executive Director of Financial Institutions Group at J.P. Morgan, Mr. Mohammed Al Banna.

With stringent Straight Through Processing (STP) performance standards, designated by a SWIFT message type featuring two award tiers, Quality Recognition and Elite Quality Recognition, which acknowledge institutions with a proven track record of exceptional performance and efficiency optimization. Less than 1% of its total correspondent banking clients qualified for the Quality Recognition Award in 2021.

Following an outstanding year, Al Salam Bank received this accolade from J.P. Morgan in acknowledgement of the Bank’s success in receiving an exceptional STP rate, achieving a rate above 99% for the MT103 message type and above 99.7% for the MT202 message type respectively. This milestone achievement further solidifies the Bank’s standing as a growing financial institution and solid industry player on both local and regional levels.

Commenting on the recognition, Mr. Abdulkarim Turki, Chief Operating Officer of Al Salam Bank, said, “We are incredibly proud to have received the J.P. Morgan Elite Quality Recognition Award for the second consecutive year, particularly in the wake of the collective challenges brought on by the pandemic faced by financial institutions across the globe. This award is a testament to Al Salam Bank’s robust financial performance and demonstrated success in enriching our clients’ experience by providing facilitated and seamless banking transactions. Going forward, we aim to continue to surpass the expectations of our clients’, service providers and partner banks; emerging as the Bank of choice in the Kingdom of Bahrain."

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.