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Building on the strong first quarter results, Al Salam Bank Bahrain announced a half-yearly net profit of BD15.3 million (US$40.5 million) for the period ended 30 June 2008.

The total assets as of 30 June 2008 grew by 63% from 31 December 2007 to reach BD647 million (US$1,716 million).  In a market marred by financial crisis and tight liquidity, the Bank has managed to increase its institutional and customer deposits and is working to further enhance liability management.

The Banks gross operating income for the period amounted to BD21.3 million (US$56.6 million), compared to BD19.0 million (US$50.4 million) in corresponding period in 2007 and the net income represented a 19.8% annualized return on average shareholders' equity.

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About Al Salam Bank

Al Salam Bank was incorporated on 18 January 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 318 million (BD 120 million). Al Salam Bank Bahrain BSC was licensed by the Central Bank of Bahrain to provide financial services compliant with Shari'a. The Bank's vision is to become a leading and influential power in the Islamic banking industry through the provision of Shari'a compliant banking services to a selected segment of clients.

The Bank was listed on the Bahrain Stock Exchange on 27 April 2006. The founding shareholders of Al Salam Bank hold 65 per cent of the paid-up capital. They include Emaar Properties, Amlak Finance, Dubai Investment Group, Dubai Holding, Global Investment House (Global) and Dubai Islamic Insurance and Reinsurance Company (Aman).

The Bank has achieved excellent financial results during its second year of operations, where its second year net profit during the year ended 31 December 2007 reached BD23.1  million ($61.6million).

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