Bahrain’s Al Salam Bank to acquire group of assets from Ithmaar Holdings 

Bahrain’s Al Salam Bank to acquire group of assets from Ithmaar Holdings 

Bahrain-based Al Salam Bank is acquiring Ithmaar Bank’s consumer banking unit, Ithmaar Holdings’ ownership stake in both Bank of Bahrain and Kuwait (BBK) and Solidarity Group Holding, one of the largest Takaful groups globally and the parent of Solidarity Bahrain.

This announcement, in line with the Central Bank of Bahrain’s (CBB) objectives to develop the Islamic finance industry, follows the execution of a Memorandum of Understanding (MoU) between the two entities in October 2021. The transaction remains subject to the approval of Ithmaar Holding’s shareholders and the signing of definitive agreements.

Ithmaar Bank, a key player in the development of Islamic finance in Bahrain and the wider region, will remain a wholly-owned subsidiary of Ithmaar Holding and will continue its journey as an innovative and agile Sharia-compliant banking institution following this strategic transaction.

Shaikh Khalid Al Mashani

Chairman

Al Salam Bank “The transaction supplements the achieved organic growth during the past 3 years cementing Al Salam Bank’s position as the fastest-growing bank in Bahrain. The Bank has a robust track record of successfully achieving inorganic growth through targeted acquisitions of assets in line with our long-term growth strategy. The acquisition of Ithmaar Bank’s consumer banking portfolio, with its rich history spanning almost four decades, will