IslamicFinance.de

Al Salam Bank-Bahrain (Al Salam Bank) has achieved the highest reduction in non-performing financing (NPF) amongst 55 GCC listed banks in 2019. According to KPMG, the Bank also ranked sixth in the region for Capital Adequacy Ratio (CAR), with a strong standing of 20.9%. The KPMG report notes that the region’s positive results were coupled with an increased focus on digitisation. Al Salam Bank has come to be recognised as one of the key institutions driving the digitisation of financial services in Bahrain. Al Salam Bank is continuing the successful roll-out of its three-year strategy, focused on giving customers a virtual branch and an onboarding app that enables clients to open their accounts within minutes.

Al Salam Bank-Bahrain announced the sponsorship of the Islamic Finance Handbook for practitioners, produced locally by the Bahrain Institute of Banking and Finance (BIBF). The Islamic Finance Handbook will cover all major Islamic financial products and services including FinTech and Takaful Insurance. The book will incorporate case-studies from Al Salam Bank Bahrain as well as interviews and thoughts from the Bank’s senior management on various aspects of Islamic Finance. The BIBF Centre for Islamic Finance was established in 1997 to help promote the growth of both Islamic finance and banking. Today, the BIBF offers degrees and certifications, and conducts training in more than 27 countries worldwide.

Al Salam Bank-Bahrain (ASBB) has appointed Rafik Nayed as chief executive of the group following regulatory approvals. According to ASBB chairman Khaleefa Butti Al Muhairi, Rafik Nayed has a proven international track record in banking and finance as well as the necessary expertise needed for this position.

The assets in #Bahrain’s Islamic banking sector have risen from $1.9 billion in 2000 to $25.1 billion in 2015 and account for around 13% of the kingdom’s total banking assets. According to Director & Group CEO of Al Salam Bank-Bahrain, Yousif Abdulla Taqi, the bank is particularly appealing to a growing number of international clients. Investors are attracted to Islamic finance products for various reasons such as: diversification, ethical investments and asset-based investments. Al Salam Bank-Bahrain (ASBB) has a 6% market share of total Bahraini bank financing. The bank recently signed an agreement with Eagle Hills Diyar and Diyar Al Muharraq to set up an escrow account for the real estate development projects in the kingdom.