Al Salam Bank Recognized as “Bank of the Year”

Press release

Published May 8th, 2023 - 06:17 GMT

Al Salam Bank Recognized as “Bank of the Year”

Rafik Nayed Group CEO

Highlights

Al Salam Bank has been named "Bank of the Year - Bahrain" at The Banker Awards 2022

Al Salam Bank has been named "Bank of the Year - Bahrain" at The Banker Awards 2022, recognizing the Bank's commitment to service excellence, its diverse portfolio of tailored innovative banking products, and its significant contributions to the financial industry and national economy.

The prestigious award also recognizes Al Salam Bank's successful completion of the US$2.2 billion transaction with Ithmaar Holding, which includes the acquisition of Ithmaar Bank's consumer banking business, expanding Al Salam Bank's client base, and cementing its position as Bahrain's largest Islamic bank.

The award also acknowledges Al Salam Bank's robust environmental, social, and governance (ESG) operational framework, aligning with global best practices and contributing to Bahrain's net-zero targets while accelerating its digital transformation initiatives.

Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, said, "Our strong financial performance during 2022 allowed us to stay focused on achieving our growth objectives despite macroeconomic headwinds. Through the implementation of a strategic roadmap, we pursued new growth opportunities, including the acquisition of Ithmaar Bank's consumer banking business and select assets from Ithmaar Holding, resulting in the expansion of our core banking activities and retail banking business."

He added, "This award is the result of the collective efforts and dedication of our people. We have continued to empower our clients by introducing an expanded portfolio of curated, digital-first products and services, and we are proud to deliver personalized experiences inspired by our commitment to providing an elevated banking proposition to our growing client base."

The Banker Awards ceremony took place in December 2022 in London, United Kingdom, honoring global banking pioneers. Owned by The Financial Times Ltd, The Banker Magazine is the world's premier source of data and analysis for the banking and financial sectors.

Al Salam Bank was also recently awarded the Best Retail Bank in Bahrain at the MEA Finance Awards 2022 for its achievements in digital transformation, specifically within its retail banking division.

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.