Al Salam Bank-Bahrain (ASBB), one of the pioneering Shari’a-compliant banks in the kingdom, has announced that it has successfully taken over the entire business of its subsidiary BMI Bank.

Pursuant to the Resolution No. (22) published in the Central Bank of Bahrain (CBB) official gazette under issue number 3310 dated April 20, it has approved BMI Bank's request to transfer its entire banking business including all of its assets and liabilities to ASBB.

On the move, Yousif Taqi, the director and group CEO of Al Salam Bank-Bahrain said: "We are pleased to accomplish another milestone that is part of our strategy and in line with our continued commitment to enhance our shareholder’s value."

"ASBB’s strategy is to grow organically as well as through mergers and acquisitions benefitting from a diversified customer portfolio, and consistent with this strategy the board of directors is ideally poised to achieve its vision of becoming a regional force in banking & financial industry," he stated.

Taqi said the bank was committed to facilitate a smooth transition of all BMI Bank businesses which will gradually be transferred to Al Salam Bank.

Customers can now take advantage of ASBB’s complete range of innovative and unique Shari’a-compliant financial products and services through its extended network of branches and ATMs by providing quicker, more amalgamated products and services for our Islamic banking customers, he added.-TradeArabia News Service