By Gavin Gibbon
#AlSalamInitiative includes profit-free loan schemes, credit line increases and installment deferrals
Al Salam Bank-Bahrain has announced a raft of measures aimed at supporting customers through the current coronavirus crisis.
Corporate, SME and retail customers of the bank will benefit from a number of offers as part of a newly launched #AlSalamInitiative, which includes profit-free loan schemes, credit line increases and installment deferrals.
The campaign is Al Salam Bank’s contribution to the nationwide #TeamBahrain effort.
Rafik Nayed, group chief executive officer of Al Salam Bank-Bahrain, said: “As an active #TeamBahrain member, Al Salam Bank has taken swift action by offering a multifaceted package of measures to support our customers. The initiative forms a key part of our ongoing corporate responsibility to the wider community. It is vital that the whole of #TeamBahrain comes together and plays their part.”
As part of the #AlSalamInitiative, retail customers who currently have outstanding facilities with the bank can apply for a profit-free loan of BD500, with a repayment grace period to ensure the first repayment installment falls after Ramadan.
Additionally, all customers will receive an automatic immediate 10 percent credit card limit increase, as well as access to a dedicated relationship manager to streamline delivery of banking products and services.
Corporate and SME customers will also be able to apply for installment deferrals and increases to overdraft limits through their existing relationship managers. All corporate credit card limits will automatically receive an immediate 10 percent limit increase.
Currently there are 212 confirmed cases of coronavirus in Bahrain.