Al Salam Bank Agrees on the Acquisition of Ithmaar's Consumer Banking Portfolio

Bahrain-based Al Salam Bank (Al Salam) has agreed to acquire the consumer banking portfolio of investment firm Ithmaar Holding, according to a bourse filing to the Dubai Financial Market (DFM) on the 28th of January 2022. The acquisition includes the consumer banking business of Ithmaar Bank, Ithmaar Holding’s ownership stake in both Bank of Bahrain and Kuwait, and the global Takaful group, Solidarity Group Holding.

Why it Matters?

The transaction aligns with the Central Bank of Bahrain’s (CBB) objectives to develop the Islamic finance industry. It aims to position Al Salam Bank as the largest Islamic lender in Bahrain by accelerating market share acquisition. At the same time, Ithmaar Holdings will continue to hold a well-diversified portfol...