Al Salam Bank Receives J.p. Morgan Quality Recognition Award 2020

Press release

Published March 7th, 2021 - 10:36 GMT

Al Salam Bank Receives J.p. Morgan Quality Recognition Award 2020

Vice Chairman of Wholesale Payments & Senior Country Officer at J.P. Morgan, Mr. Ali Moosa. Al Salam Bank Bahrain Group Chief Executive Officer, Rafik Nayed.

Highlights

Al Salam Bank – Bahrain (Al Salam Bank) has received the J.P. Morgan 2020 STP Recognition Award in the ‘Elite Quality Recognition’ category

Al Salam Bank – Bahrain (Al Salam Bank) has received the J.P. Morgan 2020 STP Recognition Award in the ‘Elite Quality Recognition’ category, as a result of the Bank’s demonstrated success in achieving operational efficiency, exceptional performance in funds transfers, and best-in-class Straight Through Processing (STP) rates.

According to J.P. Morgan, which have stringent STP performance standards for the Awards, less than 1% of its total funds transfer clients qualified for the Quality Recognition Award in 2020.

Al Salam Bank emerged with an exceptional STP rate of 99.7% for the MT103 message type, an accomplishment which, in the wake of a pandemic, solidifies the Bank’s reputation as an agile financial institution and a solid industry player in the Kingdom of Bahrain and the wider MENA region.

The award was presented to the Al Salam Bank - Bahrain Group Chief Executive Officer, Rafik Nayed by the Vice Chairman of Wholesale Payments & Senior Country Officer at J.P. Morgan, Mr. Ali Moosa.

Commenting on the Bank’s latest accomplishment, Rafik Nayed, Group CEO of Al Salam Bank - Bahrain, stated, “We are proud to have received the highly coveted J.P. Morgan award especially considering not only the strict STP performance and evaluation standards set out by the awarding body, but also the challenging times faced by our industry. This international award recognizes the tireless commitment of our team in achieving consistent operational and service excellence, and it is very well deserved.”

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.