MANAMA — Al Salam Bank-Bahrain is adopting a “fast-track approach” to boosts its performance regionally and internationally, chairman Mohammed Ali Alabbar said on Thursday. Alabbar, who was addressing an annual general assembly, which attracted more than 50 percent of the shareholders, said the new approach has led to the bank taking progressive positions within major Islamic banks in the region. 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 zakah.
Amlak Finance Seeks to Operate in Bahrain
UAE-based Amlak Finance has applied for a license from Bahrain’s Central Bank to operate in the kingdom as a wholly-owned entity under Amlak Finance (Bahrain). “Bahrain is a renowned financial hub in the region and with the growth in its real estate sector, the time is ripe today for Amlak to proceed with adding another building block in its strategic expansion plans,” said Amlak Finance Chairman Nasser Al-Shaikh. “Amlak Finance is pleased with the progress of its expansion plans in the region, which will effectively position the company not only as the uncontested leader in home financing in the UAE, but also in the region as well,” he said.