Question 1

What is Al Salam Bank?

Accepted Answer

Al Salam Bank is an Islamic retail bank headquartered in the Kingdom of Bahrain. Established with a strong paid-up capital base of BD 120 million (approximately US$ 317 million), the bank has grown to become one of the fastest-growing Islamic financial institutions in Bahrain and a highly influential force in the regional Islamic banking industry.

The bank operates as a universal Islamic bank, offering a comprehensive range of Shari'a-compliant financial products and services to retail, corporate, and high-net-worth clients. Licensed and regulated by the Central Bank of Bahrain, Al Salam Bank has extended its presence internationally through subsidiaries in Algeria and Seychelles.

Question 2

When was Al Salam Bank founded?

Accepted Answer

Al Salam Bank B.S.C. was incorporated on 19 January 2006 in the Kingdom of Bahrain and commenced commercial operations on 17 April 2006. The bank's founding shareholders include prominent regional institutions such as Emaar Properties, Amlak Finance, Dubai Holding, Dubai Investment Group, and Global Investment House, among other strategic investors from across the region.

The bank's Initial Public Offering (IPO) in April 2006 was historic, comprising 35% of the paid-up capital and raising over BD 2.7 billion (approximately US$ 7 billion) in subscriptions. The IPO was oversubscribed 63 times, making it the largest in Bahrain's history at the time. Al Salam Bank was subsequently listed on the Bahrain Bourse on 27 April 2006 and later on the Dubai Financial Market on 26 March 2008.

Question 3

Where is Al Salam Bank headquartered?

Accepted Answer

Al Salam Bank is headquartered in Manama, the capital of the Kingdom of Bahrain. The bank's main headquarters is located at Building 935, Road 1015, Block 410, Sanabis, Manama, Capital Governorate.

The bank also maintains a significant presence in the Diplomatic Area of Manama, with offices at Al Salam Tower, Entrance 222, Road 1907, Block 319, serving as a key banking facility in Bahrain's commercial and financial district.

Question 4

Where does Al Salam Bank operate?

Accepted Answer

Al Salam Bank operates throughout the Kingdom of Bahrain with an extended network of branches and ATMs serving various governorates and communities. The bank has established branches in key locations including Manama, Budaiya, Exhibition Road, Isa Town, Riffa, Muharraq, Salmabad, Tubli, and Seef District.

The bank maintains specialized branches such as the Seef District branch dedicated to private banking customers and retail locations in shopping centers like Seef Mall Muharraq and Reef Mall. This widespread branch network ensures accessibility for customers across urban and suburban areas of Bahrain.

Question 5

What services does Al Salam Bank offer?

Accepted Answer

Al Salam Bank provides a comprehensive range of Shari'a-compliant financial products and services across multiple banking segments:

Retail Banking: Personal accounts, savings products, financing solutions, credit cards (Gold, Platinum Contactless, and Signature Contactless), and loyalty rewards programs.

Corporate Banking: Business financing, international transaction banking, trade finance, and treasury services tailored to corporate clients.

Private Banking: Wealth management, asset management, and personalized financial solutions for high-net-worth individuals, with dedicated private banking facilities.

Digital Banking Services: Award-winning mobile banking application (highest-rated banking app in Bahrain), online banking platform, digital account opening, Buy Now Pay Later, salary advance services, goal-based savings, Danat eGifts, Al Salam Invest, and comprehensive digital transaction capabilities. The bank's mobile app was recognized with "Best Mobile Banking Services Bahrain 2023" by the International Business Magazine Awards and "Most Innovative Mobile Application - Banking - Bahrain 2023" by the International Finance Awards.

Islamic Financial Products: Trust services (the first offered by an Islamic bank in the region), Takaful coverage, and innovative Shari'a-compliant investment solutions.

Question 6

What makes Al Salam Bank unique?

Accepted Answer

Al Salam Bank distinguishes itself through several unique characteristics:

Digital-First Approach: The bank has adopted a "Digitally Native" guiding principle, with its mobile banking application fully designed and developed in-house by a talented Bahraini team. The app offers exclusive features like the Fils Challenge, family account management, and a first-of-its-kind loyalty rewards program in Bahrain.

Strong Bahrainization: With a Bahrainization rate of 92%, Al Salam Bank demonstrates exceptional commitment to local talent development and employment, making it one of the highest employers of Bahraini nationals in the banking sector.

Personalized Customer Experience: The bank's competitive edge lies in its approach to "humanizing the customer journey" through personalization, convenience, and efficiency. Its brand promise to "Nurture relationships by enriching experiences" is reflected in solution-oriented philosophy and client-centric services.

Robust Financial Foundation: The bank leverages its strong financial standing and asset capital position to maintain agility in responding to market dynamics, contributing to its reputation as the fastest-growing bank in the Kingdom.

Innovation in Islamic Banking: Al Salam Bank pioneered trust services for Islamic banking and continues to introduce innovative Shari'a-compliant products, operating under the supervision of a Fatwa and Shari'a Supervisory Board.

Question 7

What type of financial institution is Al Salam Bank?

Accepted Answer

Al Salam Bank is an Islamic Retail Bank operating as a universal Islamic financial institution. It is specifically licensed and regulated as an Islamic Retail Bank by the Central Bank of Bahrain, meaning it operates exclusively under Shari'a principles and Islamic banking regulations.

As a universal Islamic bank, Al Salam Bank combines retail banking operations with corporate, private banking, investment, and treasury services, all structured to comply with Islamic financial principles. This classification distinguishes it from conventional banks in Bahrain, as it offers only Shari'a-compliant products and services supervised by its Shari'a Supervisory Board. The bank is publicly traded on both the Bahrain Bourse and the Dubai Financial Market, making it a publicly-listed Islamic financial institution.

Al Salam Bank

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