Al Salam Bank Receives J.P. Morgan Elite Quality Recognition Award for the Third Consecutive Year
Press release
During the event
Al Salam Bank has been awarded the prestigious J.P Morgan Elite Quality Recognition Award for the third consecutive year. This recognition reflects the Bank's outstanding performance in optimizing the efficiency of payments made in US dollars. The award was presented to Al Salam Bank's Chief Operating Officer, Abdulkarim Turki, and Hussain Abdulhaq, Head of Treasury and Financial Institutions Group, by the Head of GCC – FIG Payments at J.P. Morgan, Mr. Sherif Abdelsalam, in the presence of the Bank's senior management and the respective team members.
The award follows stringent Straight Through Processing (STP) performance standards set by a SWIFT message type featuring two award tiers: Quality Recognition and Elite Quality Recognition. These tiers acknowledge institutions with a proven track record of exceptional performance and efficiency optimization.
This accolade is the highest rating granted by J.P. Morgan to banks that demonstrate exceptional efficiency and accuracy in international payments and transfers. Al Salam Bank received this award in recognition of its outstanding STP rate, which exceeds 99% for the MT103 message type and above 99.7% for the MT202 message type. This remarkable achievement epitomizes the Bank's recent success and further solidifies its reputation as a leading financial institution in the region.
Reflecting on the award, Mr. Abdulkarim Turki, Chief Operating Officer of Al Salam Bank, stated; 'We are honored to have received the J.P. Morgan Elite Quality Recognition Award for the third successive year. This award is a testament to Al Salam Bank's ongoing financial excellence and showcases our commitment to enhancing the banking experience for our clients through seamless transactions. As we look towards the future, we remain steadfast in our commitment to surpassing our client's expectations by diligently striving for excellence in all that we do."
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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.
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