Al Salam Bank Joins Bahrain Trade

Press release

Published April 11th, 2023 - 07:05 GMT

During the event

Highlights

Al Salam Bank has expanded its digital investment platform, "Al Salam Invest," by launching Bahrain Trade as part of its trading services

Al Salam Bank has expanded its digital investment platform, "Al Salam Invest," by launching Bahrain Trade as part of its trading services, enabling retail clients to digitally trade in Bahrain Bourse securities online. The launch was marked with a bell ringing ceremony held at Bahrain Bourse, with the attendance of Mr. Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, and Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse, along with the executive management from Al Salam Bank and Bahrain Bourse.

The platform, which was launched last year, is exclusively available through the Bank's mobile application and features a customizable, intuitive, user-friendly interface where clients can choose between viewing information in English or Arabic. Al Salam Invest allows its clients to execute trades in real-time as well as have a comprehensive overview of their portfolios. The shari'a-compliant platform offers a seamless digital trading experience as clients can easily access global markets and equities, exchange-traded funds (ETFs), sukuk, and mutual funds.

The platform was developed in collaboration with GTN Middle East Financial Services (DIFC) Limited, one of the leading digital trading companies in the region, combining Islamic banking fundamentals with cutting-edge digital technology. The platform which was previously exclusive to Private Banking and Al Ruwad clients is now also available to the retail banking clients of Al Salam Bank.

Commenting on this development, Rafik Nayed, Group Chief Executive Officer of Al Salam Bank, said, "We are delighted that Al Salam Invest is now available to all of our clients. Through this investment platform, clients will have the opportunity to explore a wide range of investments in addition to its digital banking services, providing them with greater convenience and accessibility. We remain committed to innovation and offering exceptional banking and investment services to our current and prospective clients."

Speaking on behalf of Bahrain Bourse, Shaikh Khalifa bin Ebrahim Al-Khalifa, Chief Executive Officer of Bahrain Bourse, said, "We are delighted to welcome Al Salam Bank to Bahrain Trade network. Having Al Salam Bank onboard as a Participating Bank in Bahrain Trade comes in line with Bahrain Trade's network expansion strategy, which aims to facilitate investor access through providing innovative technology-driven solutions. This achievement encourages active retail participation in the market, allowing Al Salam Bank's Retail Clients to benefit from the various investment opportunities available through Bahrain Bourse listed financial instruments," Shaikh Khalifa Added.

For more information on Al Salam Invest, please download Al Salam Bank's mobile application, or visit www.alsalambank.com or contact the Bank's client care center on 17005500.

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.