Al Salam Bank named best Islamic Bank in Bahrain

TDT | Manama

Al Salam Bank-Bahrain (Al Salam Bank) has been named the best Islamic Bank in Bahrain for the second year in a row by US-based finance magazine Global Finance. The award honours the Bank’s wide range of cutting-edge products, strong balance sheet and growing asset base. “Al Salam Bank notched a stellar year in 2019: Total assets rose 19 per cent to $5.4 billion (BD 2 billion), fuelled by increased financing; while net profit increased 14pc.

The bank boasts a strong balance sheet with a capital ratio of over 20pc. Al Salam Bank offers a wide range of innovative Islamic financial products and services, such as iBank and online banking applications,” the organisers said. Global Finance judges had previously praised the Bank for bringing in iBank as well as Bahrain’s first Visa contactless cards.

The acknowledgement by Global Finance comes as Al Salam Bank continues the successful roll-out of its three-year strategy, focused on giving customers a choice of innovative Shari’a-compliant banking solutions. “We are incredibly proud to have received this recognition two years in succession – an award built on constant innovation as well as the continuing the delivery of best-inclass services to our customers and superior returns to our shareholders,” said Al Salam Bank-Bahrain Group CEO Rafik Nayed.

“We were proud to be one of the first banks to offer support to our customers when we launched our support campaign in Mid-March in response to the spread of COVID-19, and we look forward to continuing to support Bahrain and all of our customers as global markets recover. Our track record of innovation and agility will help us as we look towards 2021.”