Headquartered in the Kingdom of Bahrain, Al Salam Bank-Bahrain (B.S.C.) (“Bank”) is a dynamic, diversified and differentiated Islamic bank.
The Bank was incorporated on 19 January 2006 in the Kingdom of Bahrain and commenced commercial operations on 17 April 2006. The Bank operates under Shari’a principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain. The Bank was Established with a paid-up capital of BD120 million (US$318 million) and was the largest Initial Public Offering in Bahrain’s history with subscriptions reaching circa BD3 billion. The Bank’s paid-up capital as of December 2015 was BD214 million (US$567 million).
The Bank was listed on the Bahrain Bourse on 27 April 2006, and subsequently on the Dubai Financial Market on 26 March 2008. The Bank’s high-caliber management team comprises highly qualified and internationally experienced professionals with proven investment expertise in key areas of banking, finance and related fields; all supported by a world-class Information Technology infrastructure and the latest ‘smart’ working environment.
In 2009, the Bank completed its merger with the Bahraini Saudi Bank. Thereafter in 2014, the Bank became the third largest domestic bank by asset size following the conclusion of a business combination between Al Salam Bank-Bahrain and BMI Bank B.S.C (c), where latter became a wholly owned subsidiary of Al Salam Bank - Bahrain.
The Bank offers its customers a complete range of innovative and unique Shari’a-compliant financial products and services through its extended network of 11 branches and 35 ATMs utilizing the latest technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Investment as well as Treasury services.
The Bank witnessed remarkable growth in its operations which has been reflected in the growth in the Bank’s total operating income from circa BD13 million (US$34 million) in 2011 to circa BD58 million (US$153 million) in 2015. The Bank improved its operation efficiency which was reflected in an improved net profit margin leading to an increase in net profit from circa BD0.5 million (US$1.3 million) in 2011 to circa BD10.5 million (US$28 million), along with the reduction in the Bank’s cost to income ratio from 91% in 2011 to 43.7% in 2015. The Bank’s strong performance during the past years resulted in an increase in earnings per share by 28 folds from 0.2 fils in 2011 to 5.8 fils in 2015.
The Bank continued expanding its asset base while focusing on obtaining high quality assets. Total assets increased by 79% from BD924 million (US$2,451 million) in 2011 to BD1,657 (US$4,395 million) in 2015.
The Bank is committed into adopting internationally recognized standards and best practices in Corporate Governance and operates with highest levels of integrity, transparency and trust. The Bank is committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic wellbeing of the local communities in which it invests and operates.