Al Salam Bank Hosts Second Shari’a Departments Forum

Press release

Published May 19th, 2024 - 03:34 GMT

Al Salam Bank Hosts Second Shari'a Departments Forum, Group Photo

Manama, Bahrain – 19 May 2024: Al Salam Bank hosted the second Shari’a Departments Forum on Sunday, 12th May 2024 under the supervision of the Shari’a Audit Department and with the support of the Bank’s Executive Management. Taking place at the Bank’s headquarters, the distinguished event focused on bridging the gap between theoretical and practical applications of Islamic Jurisprudence of financial transactions. It aimed to enhance the qualifications of Islamic banking professionals and strengthen their communication with Shari’a Supervisory Boards.

Held under the slogan “The Shari’a Compliance Function: Reality and Future Prospects,” the forum delved into the foundational role of Shari’a compliance in Islamic banks. It explored the history of the profession and its key figures, examining the essential qualifications for Shari’a compliance positions. Effective methodologies for archiving Shari’a Board fatwas were also addressed, alongside discussions on anticipating future trends and harnessing the potential of Artificial Intelligence (AI) in the field.

Commenting on the occasion, Mr. Eihab Ahmed, Deputy CEO of Corporate Affairs at Al Salam Bank said, “Building upon the success of the inaugural event, we are pleased to host the second Shari’a Departments Forum. We anticipate another productive event and welcome active participation from all Islamic banks in Bahrain. This forum serves as a vital platform to exchange knowledge and experiences, ultimately propelling the advancement of the Kingdom’s Islamic banking sector.”

Last year’s Shari’a Departments Forum addressed the critical role of Shari’a audit and supervision in Islamic banking. Discussions encompassed best practices in Shari’a governance, challenges faced by the Islamic banking sector, model frameworks for Shari’a governance, and leveraging AI tools for future advancements.

Background Information

Al Salam Bank

Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.

ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.

ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.

ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.

Company Profile

Al Salam Bank

Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.