Al Salam Bank Bahrain names group chief executive

MANAMA: Al Salam Bank-Bahrain (ASBB) has appointed Rafik Nayed as chief executive of the group following regulatory approvals.

In a statement welcoming Mr Nayed’s appointment and wishing him success, ASBB chairman Khaleefa Butti Al Muhairi said: “Rafik has a proven international track record in banking and finance as well as the necessary expertise which we are confident will give the bank the momentum to reach new heights in Bahrain and beyond.”

A seasoned banker with more than 25 years of experience, he joins ASBB from Deutsche Bank where he was most recently the Mena region vice-chairman, chief country officer for the UAE and senior executive officer of Deutsche Bank AG Dubai (DIFC).

Thanking ASBB’s board of directors for their confidence, Mr Nayed said he “looked forward to working with the board and the team at the bank to continue delivering best-in-class service to clients and supporting the vision to become an influential force in the Islamic banking industry while enhancing stakeholder value.”

Established in 2006 with a paid-up capital of BD120 million, Al Salam Bank-Bahrain had the largest initial public offering (IPO) in Bahrain’s history with subscriptions reaching over BD2.7 billion.