IslamicFinance.de

INJAZ Bahrain has endeavored to develop its first mobile application with the support of Al Salam Bank-Bahrain, K-Labs and Inforise IT. The application will offer an enhanced registration experience by enabling new joiners, volunteers and alumni to choose among a list of programs offered by INJAZ Bahrain in collaboration with public and private schools. The application will also provide INJAZ Bahrain’s privileged volunteers with reward points based on their contributed volunteering hours towards youth development. The INJAZ Bahrain application will be available for both Android and IOS users by June of this year. In an aim to expand youth education and economic development, INJAZ Bahrain is leveraging mobile to harness digital innovation to improve the learning process and encourage more volunteers to join its programs.

Al Salam Bank-Bahrain signed a memorandum of understanding with Al Saraya Properties Company to offer an exclusive financing facility for customers purchasing villas in the new Saraya Al Reem 3 development. The bank's property finance scheme is available to all customers, including Bahraini nationals eligible for Mazaya social housing.

China’s MSA Capital and Al Salam Bank-Bahrain launched a $50 million venture capital fund to invest in sectors such as e-commerce and financial technology in the Middle East. The fund also plans to target big data, artificial intelligence, cloud computing, and logistics and networking systems. The $50 million MEC Ventures was raised from seed money, Chinese entrepreneurs and institutional investors and family offices from Gulf Cooperation Council countries. MSA Capital has existing investments in Chinese entrepreneurs who have taken the Chinese model into the MENA region.

Bahrain-based urban development company Diyar Al Muharraq entered into a $32 million corporate agreement with Al Salam Bank-Bahrain Thursday.
The agreement will partially fund the company's Dragon City development and was signed by Diyar Al Muharraq Chairman Abdulhakeem Alkhayyat and Al Salam Bank-Bahrain Director and Group CEO Yousif Abdulla Taqi. The total price tag for the Dragon City development is $100 million.

“It is with great pride that I officiate this momentous occasion as this marks the beginning of a strong partnership that is set to produce rich rewards and collect significant milestones for a long time to come," Alkhayyat said. "With Dragon City set to start operating in full capacity before the end of the year, we are confident that our calculated and well-thought out decision will reap many benefits and look forward to reveling in the age of prosperity that will soon follow.”

Shari’ah-compliant Al Salam Bank-Bahrain reported a net profit of BHD 3.053 million in the first quarter of 2013, up 68 per cent. The bank also reported a rise of 32 per cent in total operating income to BHD 6.184 million. Total operating expenses fell BHD 122,000 to BHD 2.63 million, mainly as a result of an 8.5 per cent cut in staff costs to BHD 1.38 million. Provisions and write-offs were BHD 501,000 against BHD 117,000 in the same period last year. Al Salam Bank-Bahrain reported total assets of BHD 989.293 million, up from BHD 942.218 million in Q1 2012. Total liabilities rose from BHD 715.877 million to BHD 766.633 million.

Al Salam Bank-Bahrain has successfully completed and sold a joint venture comprising seventy three villas worth an estimated gross development value of RM260.6 million ($86m), in one of Malaysia's Penang Island's largest seafront residential developments. The venture, Martinique Villas By-the-Sea, was named as the Best Villa Development in Malaysia at the South East Asia Property Awards 2011. Successful completion of this project was a result of a tripartite venture involving Al Salam Bank-Bahrain, Eastern & Oriental and CIMB-Mapletree Management Sdn, who entered into the agreement in 2006. The successful collaboration was celebrated at a private event in Penang.

According to CPIFinancial on 21 January, Al Salam Bank-Bahrain works with Tadhamon Islamic International Bank in agreement with Rawacheen Al Hijaz to issue Sukuk Manfa’a with a value exceeding SAR 857 mn on Burj Al Jewar, a commercial/residential tower overlooking the Holy Mosque in Mecca. Rawacheen Al Hijaz will act as the lead manager of the Sukuk Manfa’a.

The Sukuk program will give each Sukuk holder the right to benefit from the unit for a period of 19 Hijri years either to use it or sell, lease to others, grant or bequeath. The holders can also exchange their unit with another.