Feb 07 2012
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Bahraini Saudi Bank and Al Salam Bank launch "Tayseer" the latest Shari'a compliance product for personal finance
Manama 7 February 2012: The Bahraini Saudi Bank and Al Salam Bank -Bahrain have started the New Year with the launch of " Tayseer " promotional media campaign. The new Shari'a-compliant product "Tayseer" is Murabaha-based personal finance that meets liquidity requirements of individuals.
"Tayseer" is a flexible financing product that can provide liquidity up to BD 250,000, with a payment period that can extend up to 84 months and a grace period for three months. Tayseer's annual profit starts at 3.5% with a low APR of 6.09% with installments being paid in equal amounts.
Mr. Abdul-Karim Turki, Retail Group Head in Al Salam Bank -Bahrain said that the bank had dedicated efforts in 2011 to prepare the retail services staff and the two banks' infrastructures for the introduction of new products in 2012, where Tayseer was the first to be launched. "Hence, we are working to introduce a new package of products in 2012 that would fulfill the needs of our clients and customers," he said, adding that "many considerations were taken into account when Tayseer personal finance was designed to make its features distinguished with flexibility, Shari'a-compliance as well as easy and quick application procedures.
Headquartered in the Kingdom of Bahrain, Al Salam Bank -Bahrain (B.S.C.) is a dynamic, diversified and differentiated Islamic bank.
• Strong paid-up capital base;
• Pre-eminent founding shareholders;
• High-caliber management team;
• State-of-the-Art IT infrastructure;
• Universal business model covering deposits, financing and investment services;
• Innovative, tailor-made Shari'a-compliant solutions;
• Firm commitment to corporate and social responsibility;
Incorporated on 19 January 2006 in the Kingdom of Bahrain and commenced commercial operations on 17 April 2006, the Bank operates under Shari'a principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain.
Al Salam Bank -Bahrain was listed on the Bahrain Stock Exchange on 27 April 2006, and subsequently on the Dubai Financial Market on 26 March 2008. The Bank's high caliber management team comprises highly qualified and internationally-experienced professionals with proven investment expertise in key areas of banking, finance and related fields; all supported by a world-class Information Technology (IT) infrastructure and the latest 'smart' working environment. In 2009, the Bank acquired a 90.31% stake in Bahraini Saudi Bank BSC. Established with a paid-up capital of BD120 million, the
Bank's total equity has crossed circa BD202 million (US$540 million) with total assets crossing the US$2 billion mark.
Al Salam Bank -Bahrain adopts internationally recognized standards and best practices in Corporate Governance and operates with highest levels of integrity, transparency and trust.
The Bank is committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates.
For further information, please contact:
Head, Corporate Communications & Investor Relations Dept.
Tel: +973 39336900
© Press Release 2012
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