Bahrain's best domestic Islamic bank: Al Salam Bank
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AwardsEuromoney Islamic Finance Awards

Bahrain's best domestic Islamic bank: Al Salam Bank

Al Salam Bank has performed well across several financial metrics during the awards period, having launched new products, including first-to-market technology.

Its retail liability book exceeded BD1 billion ($2.7 billion) last year, while its operating income grew by 100.4% to BD202.5 million. This resulted in a 52.8% increase in net profits.

Partnering with the insurance company Solidarity Bahrain, the bank has launched a new Shariah-compliant insurance package, Al Salam Takaful. Retail clients can cover travel and personal accident, as well as insurance, medical expenses, fire and auto insurance under the scheme, while corporate clients and small and medium-sized enterprises can access office and group medical insurance.

The bank has also successfully used artificial intelligence to improve operational efficiency. Examples of this included the use of AI models for personal financing and the launch of a first-to-market AI-driven asset sale model, which identifies sales opportunities and executes transactions.

The bank has also enhanced its existing services with features including one that allows clients to receive salary payments up to 15 days in advance.

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