Al Salam Bank Wins Two Prestigious Awards from Visa

Press release

Published November 19th, 2023 - 08:29 GMT

Al Salam Bank Wins Two Prestigious Awards from Visa

During the event

Al Salam Bank has received two coveted awards from Visa, the global leader in digital payments, for "Cross-Border Spend Growth Leaders in Bahrain for 2023" and "CIF Growth Champions in Bahrain for 2023". This remarkable achievement reaffirms the Bank's exceptional performance in the Kingdom of Bahrain and continuous strides in the Islamic banking industry.

The awards were presented to Mr. Rafik Nayed, Group Chief Executive Officer at Al Salam Bank, by Ali Bailoun, Visa's Regional General Manager for Saudi Arabia, Bahrain, and Oman, and Malak Alsaffar, Visa's Country Manager for Bahrain, in the presence of senior officials and members of the Bank's executive management team in a special ceremony held at the Bank's headquarters on Tuesday, October 31, 2023.

Commenting on the achievement, Mr. Mohammed Buhijji, Head of Retail Banking at Al Salam Bank, said: "We are beyond proud to be receiving these two prestigious awards from Visa. The first award underscores the significant increase in credit, debit, and prepaid card usage outside the Kingdom of Bahrain over the course of this year. Whereas the second award reflects the substantial growth in Al Salam Bank's Visa cardholder base, which has more than tripled in 2023 following the acquisition of Ithmaar Bank's retail banking business. The Bank's partnership with Visa has introduced various rewarding promotional campaigns for clients, including tuition fee discounts, summer promotions for Visa credit and debit cardholders, and the monthly campaign for Multi-Currency Visa Prepaid cards. These initiatives align with the Bank's ongoing efforts to elevate its clients' banking experience and achieve further recognition in the future."

On her end, Ms. Malak AlSaffar, Visa's Country Manager for Bahrain, said: "We are delighted to acknowledge Al Salam Bank's remarkable growth in 2023 and are proud to see them reaching such significant milestones. Our partnership with Al Salam Bank is a testament to Visa's commitment to promoting digital commerce in Bahrain. We see the opportunity and potential of the Bahrain market and are dedicated to supporting its growth and development. We look forward to continuing our work with Al Salam Bank and other partners to drive digital transformation and economic progress in Bahrain."

Al Salam Bank offers a diverse range of cards with various benefits, including the ability to earn loyalty points on all banking transactions. Debit and Credit cardholders can benefit from "Buy Now, Pay Later" features and gain access to Apple Pay and Samsung Wallet services for secure and convenient payments. Clients can easily manage their cards through the Bank's mobile app and enjoy exclusive global discounts and offers from Visa. Cardholders also gain complimentary access to airport lounges, in addition to making use of insurance benefits and personal concierge services. The Visa Multi-Currency Prepaid card offers flexibility, controlled spending, and cash withdrawals in multiple currencies, including Bahraini Dinar, US Dollar, British Pound, Euro, Turkish Lira, and Emirati Dirham.

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.