Rapid growth for fledgling Al Salam

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Mohamed Ali Alabbar, Chairman, Al Salam Bank

Bahrain's Al Salam Bank has revealed it will soon launch retail and investment banking services following the announcement of record financial results for 2006.

The Islamic bank, launched in April last year, has reported gross revenue figures for 2006 of BD20.4m (US$54.1m) and a net profit of BD16.4m (US$43.5m) in the same period.

And, according to chairman Mohamed Ali Alabbar, Al Salam Bank will rapidly expand its product portfolio this year with the launch of retail and investment services by the end of Q2.

"In less than nine months Al Salam Bank has been able to achieve a level of success and investor confidence that other financial institutions take years to reach," said Ali Alabbar.

"We thank all those who have believed in us, and are committed to raising the standard even further and continue delivering on our promise to our shareholders, clients and future depositors," he added.

Last year the bank's IPO on the Bahrain Stock Exchange was over-subscribed 63 times, drawing BD2.65bn (US$7bn) in subscriptions.

Hussain Al Meeza, managing director and board vice chairman of Al Salam Bank said: "This is a great start for a young bank with global aspirations. We have everything in place and have every reason to be very optimistic that 2007 will see our business grow even stronger."

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