FAQ

FAQ - Other Inquiries

Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) has reached an agreement with Al Salam Bank B.S.C. (“Al Salam Bank”) for the transfer of the banking business relating to individual clients to Al Salam Bank.

This step is part of a broader transaction which was recently approved by the shareholders of Ithmaar Bank and Ithmaar Holding B.S.C. in March 2022; the requisite notice was published in the Official Gazette. The transaction is envisaged to be completed during the second half of 2022, subject to regulatory and other approvals.

Is Al Salam Bank an Islamic bank?

Yes, Al Salam Bank is Licensed and Regulated as an Islamic Retail Bank by the Central Bank of Bahrain.

Will Ithmaar Bank continue to exist after the acquisition?

Yes, Ithmaar Bank will continue to exist but will only cater to non-retail clients. Following the transaction, Ithmaar Bank will embark on a new chapter of growth with an exclusive focus on its Corporate and Small and Medium Enterprises (SME) banking services.

What will happen next?

Ithmaar Bank continues to work closely with Al Salam Bank to implement a phased integration roadmap which will ensure a seamless transition, with no disruption to your Islamic banking experience. Clients are not required to do anything yet. A detailed integration plan will be announced post regulatory reviews and approvals. The integration is envisaged to be completed during the second half of 2022.

What changes will Ithmaar Bank clients experience?

All Ithmaar banking operations and services will continue to work as per the norm, and there will be no immediate impact to any of your Ithmaar Bank products or services. Clients can continue to use Ithmaar Bank branches, ATMs, cards, eBanking, mobile banking and Call Center services for their banking products and services.

We are committed to ensuring that clients continue to receive the high-quality service they are accustomed to.

Is this a good outcome for me as an Ithmaar Bank client?

Al Salam Bank is one of Bahrain’s leading and fastest growing Islamic banks with a proven track record of navigating market dynamics as part of its growth strategy, and this transaction reflects Ithmaar Bank’s established position at the forefront of the Islamic banking sector.

Over the last 40 years, Ithmaar Bank created value for its stakeholders, and is confident that, as a retail banking customer, you will benefit from an even stronger value proposition under the care of Al Salam Bank.

Following the transaction, Ithmaar Bank will embark on a new chapter of growth with an exclusive focus on its Corporate and Small and Medium Enterprises (SME) banking services.

Will my current Relationship Manager continue to serve me?

Most relationship managers will remain unchanged. Should there be any change, we will ensure sufficient notice is given to you.

Al Salam Bank and Ithmaar Bank are committed to ensuring that customers continue to receive the high-quality service they are accustomed to.

Why is this good for Al Salam Bank?

It fits with Al Salam Bank’s strategy to increase core banking activities, grow retail banking, increase scale, achieve sustainable double-digit growth across all metrics, and more importantly, cement the Bank’s place as the largest Islamic bank and the Islamic banking champion in Bahrain.

What changes will Al Salam Bank customers experience?

There will be no impact at all on Al Salam Bank customers.

How will this acquisition benefit the Kingdom of Bahrain as a whole?

The transaction will significantly contribute to the Kingdom’s vision of strengthening its financial sector, complementing national efforts to reinforce the Kingdom’s position as a key regional Islamic banking hub.

If I have a question about this transaction, whom should I contact?

For more details, kindly contact either Ithmaar Bank or Al Salam Bank on the following channels:

Ithmaar Bank- Call 13303030 or visit your nearest Ithmaar Bank branch
Al Salam Bank- Call 17005500 or visit your nearest Al Salam Bank branch
Ithmaar Bank or Al Salam Bank social media channels