A Healthier Financial Future with Al Salam Life Planning Account

Press release

Published June 6th, 2021 - 06:05 GMT

A Healthier Financial Future with Al Salam Life Planning Account

Head of Retail Banking, Mr. Mohammed Buhijji

Highlights

Competitive profit rates on minimal deposits for short and medium terms saving

Al Salam Bank’s Life Planning Account campaign gives customers the opportunity to secure their financial future through achievable monthly contributions starting as low as BD 30 and up to BD 150. The account offers clients competitive profit rates on minimal investments for short-term savings, with the added benefit of accompanying insurance (Takaful) which includes Children’s Education, Life, and Covid-19 coverage.

The Life Planning Account and its flexible tier packages (BD30, BD80 or BD150 per month), with saving plan periods of 3 or 5 years, is designed to assist clients in effectively meeting their saving goals, enabling them to secure a stronger financial future of choice, be it saving for their children’s education, planning for retirement, or saving for a mortgage down payment. In addition, upon opening an Al Salam Life Planning Account from 1 June to 30 June 2021, clients will have the opportunity to double their monthly contribution up to 9 months and win 3000 bonus points in the Loyalty Rewards Program.

Commenting on the launch of the campaign, Head of Retail Banking, Mr. Mohammed Buhijji stated, “with Al Salam Life Planning Account, we encourage our customers to save, thereby enabling them to invest more strategically for a brighter future. Specifically designed to support our customers in meeting their financial goals; the account allows them to begin saving with small sums, offers competitive profit rates over a short period, in addition to providing Takaful coverage and the chance to win valuable prizes.”

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.