Al Salam on massive expansion drive
Manama, February 21, 2008
Al Salam Bank - Bahrain is adopting a fast track approach to develop its performance regionally and internationally, its chairman said.
At an annual general assembly at the Diplomat Radisson SAS Hotel, Residence and Spa, which attracted more than 50 per cent of the shareholders, Mohamed Ali Alabbar said the fast track approach has led to the bank taking progressive positions within major Islamic banks in the region.
It had also shown its exceptional skills in innovating Sharia-compliant solutions that compete with those of other Islamic banks.
The assembly endorsed the board's recommendation to allocate BD12 million of last year's net profit of BD23.1 million ($61.6 million) to be distributed to the shareholders as cash dividends of the paid-up capital, as well as the transfer of BD11.1 million to the investments reserves, the transfer of BD2.3 million to the statutory reserves and allocation of BD529,087 for zakat.
Alabbar expressed appreciation for the trust shown by the shareholders during the meeting and hailed the outcome, which he said, proved the soundness of the bank's policy and high-quality performance in managing the bank's operations.
Al Salam was able to increase its products portfolio last year due to its ambitious expansion plans and enter new markets that achieved high investment returns to its clients and shareholders, Alabbar said.
Alluding to the retail banking and electronic banking services which were launched last year, Alabbar said that those services matched their peers at local and international levels for being distinct in efficiency and quality.-TradeArabia News Service