Latest news with #Manama
Zawya
11 hours ago
- Business
- Zawya
Al Salam Bank successfully closes $450mln AT1 capital issuance
Manama, Bahrain: Al Salam Bank (Bahrain Bourse trading code 'SALAM', Dubai Financial Market trading code 'SALAM_BAH') announced the successful close of its USD 450 million Additional Tier 1 (AT1) Capital issuance, reflecting strong investor confidence in the Bank's financial strength and long-term growth strategy. The issuance, which was structured as a private placement and advised by ASB Capital (the Group's asset management and investment banking arm headquartered in the DIFC), attracted substantial demand from regional and international investors. The AT1 Capital issuance forms a key initiative within the Group's broader financial optimization strategy, enhancing its capital position to support future growth plans. Following market leading annual growth exceeding 35% across balance sheet metrics, the issuance was designed to further enhance the Group's financial standing and capitalization profile. The issuance also underscores the Bank's commitment to sustainable growth and financial resilience, positioning it as a leading and diversified financial group in the region. The significant investor demand highlights the Group's ability to access liquidity from regional and global markets, reflecting strong investor confidence in the Bank's strategy and financial position. ASB Capital was mandated by Al Salam Bank to advise and structure the issuance. As part of its Capital Markets offering, ASB Capital provides innovative and tailored financing solutions to meet the evolving needs of clients by leveraging market expertise and strategic partnerships. Most recently, ASB Capital was also appointed as a joint lead manager by Bapco Energies in Q1 2025 for its USD 1 billion Sukuk issuance. Rafik Nayed, Group CEO of Al Salam Bank and Managing Director of ASB Capital, commented: 'The overwhelming response to our USD 450 million AT1 Capital issuance is a testament to Al Salam Bank's financial stability, market credibility, and strategic direction. Since 2020, we have consistently increased our total equity by more than 65%, and this issuance further strengthens our capital base and enhances our financial agility to execute our ambitious growth aspirations. We have recently rolled out an aggressive growth strategy across all Group companies. We are confident that the Group is well positioned to continue creating sustainable shareholder value.' Additionally, he stated: 'ASB Capital's ability to attract substantial investor demand, despite global market volatility, highlights the team's capabilities in the Capital Markets space. By focusing on efficient capital raising and tailored financing solutions, ASB Capital connects clients to a broad network of funding sources, enabling them to adapt to market conditions and achieve growth aspirations. In addition to Al Salam Bank's AT1 Capital issuance, the firm's Capital Markets pipeline includes mandates from regional financial institutions and institutional clients covering Sukuk, Tier 2 Capital, syndications, and other structured instruments.'
Zawya
14 hours ago
- Business
- Zawya
Bahrain: BBK inks accord to build new hi-tech health centre in Galali
Bahrain - A new state-of-the-art health centre will be constructed in Galali. The project, worth BD5.2 million, was announced by BBK, a leader in retail and corporate banking in Bahrain, during an official signing ceremony held at the bank's headquarters in Manama. Contracts were signed with Mohammed Jalal Contracting, appointed to execute the construction work, and Adel Ahmadi Associates, assigned to supervise the project. The new centre will span a total area of 9,713 square metres and feature a modern two-storey design. The ground floor will house 14 consultation clinics, 14 nurse examination rooms and an emergency department with 12 beds. The first floor will include a maternal and childcare unit, eight dental clinics and dedicated administrative offices. Once completed, the centre is expected to significantly enhance healthcare access and outcomes for the local community. The signing ceremony was attended by BBK group chief executive Yaser Alsharifi, members of the executive management team, Primary Healthcare Centres board of trustees chairman Abdulwahab Abdulwahab and chief executive Dr Ejlaal Al Alawi, and other senior officials from the health sector. Officials during the signing ceremony Mr Alsharifi said that the centre stands as a landmark initiative that underscores the bank's unwavering commitment to its social responsibility principles. 'The project will play a pivotal role in strengthening Bahrain's healthcare infrastructure and delivering high-quality, accessible medical services to the residents of Galali and neighbouring areas,' he added. 'This forward-looking initiative is closely aligned with the goals of Bahrain's Vision 2030, and it reinforces national efforts to enhance and modernise the healthcare sector.' He added that the new health centre will serve as a model of excellence in community care and will be a vital addition to Bahrain's healthcare network. 'It reflects our strategic vision of delivering sustainable impact through meaningful partnerships and long-term investment in national priorities. 'We are committed to delivering this project to the highest international standards and to continuing our collaboration with both public and private sector partners to ensure its success and alignment with the kingdom's broader development goals.' Adel Ahmadi Associates representative Adel Ahmadi expressed his sincere appreciation to BBK for entrusting the firm with the design and supervision of the project. He also expressed his pride in the continued partnership with the bank, noting that this project marks a significant milestone as the second major collaboration following the successful completion of the bank's health centre in Hidd. The new project also reinforces BBK's deep-rooted commitment to corporate social responsibility and its dedication to supporting the kingdom's healthcare ecosystem. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
a day ago
- Business
- Trade Arabia
MKF seals strategic partnerships for Takeoff career expo
AlMabarrah AlKhalifia Foundation (MKF) has announced a series of strategic partnerships with prominent academic and financial institutions in Bahrain as part of its preparations for 'The Takeoff' university and career expo in Manama. Scheduled to take place on June 28 at the Foundation's headquarters, The Takeoff exhibition has been designed as an immersive platform combining career counseling, academic advising, and skill-building opportunities, all geared toward equipping the youth with the capabilities needed to progress professionally in today's dynamic job market. It will be held under the patronage of Shaikha Zain bint Khalid bin Abdulla Al Khalifa, Chairperson of the AlMabarrah AlKhalifia Foundation's Board of Trustees. As part of its preparations, MKF has signed agreements with the Education Zone, and Mubasher Capital. These agreements underscore a shared commitment to delivering comprehensive and forward-thinking learning experiences to high school students aged 16 to 18. Commenting on the occasion, Shaikha Zain said: "At MKF, we strive to curate educational experiences that inspire innovation and leadership among young people. These partnerships represent a meaningful step toward equipping students with the resources and guidance necessary to shape their future with clarity and confidence, while fostering a generation ready to play an active role in the advancement of our nation." The exhibition will feature a range of specialised sessions delivered by representatives from partner organizations.
Zawya
a day ago
- Business
- Zawya
BENEFIT launches fourth edition of FinTech Internship Program ‘MASAR'
Manama, Bahrain – BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has officially announced the launch of the fourth edition of its annual FinTech Internship Program 'Masar'. This strategic program is designed to cultivate the potential of Bahraini youth by equipping them with hands-on experience, and skills development in the FinTech sector. Aimed at empowering 40 aspiring Bahraini trainees, Masar serves as a gateway into the FinTech ecosystem, offering participants the opportunity to gain real-world exposure, sharpen their innovative thinking, and actively contribute to advancing the Kingdom's digital economy. The fourth edition of Masar is open to all talented Bahraini university students, as well as members of the BENEFIT family, reflecting the program's commitment to inclusive national talent development. Aligned with the highest industry standards, it offers advanced training in emerging financial technologies alongside hands-on workshops, enabling participants to work on real-world projects under the guidance of experienced professionals at BENEFIT. Mr. Salah Al Awadhi, Chief Human Resources Officer, commented, 'We are pleased to launch the fourth edition of the Masar program, building on the strong foundation and success of its previous cycles. This initiative reflects our commitment to advancing national talent and equipping Bahraini youth with the specialised skills required to thrive in the FinTech sector—an increasingly vital pillar of the digital economy. We firmly believe that investing in human capital is fundamental to sustainable progress, and we are confident in the ability of Bahraini youth to play a leading role in shaping the Kingdom's digital future.' Mr. Al Awadhi affirmed that the latest edition of Masar is designed to advance the development of a highly skilled, innovation-driven generation equipped to meet the evolving needs of the FinTech sector. By emphasising experiential learning and critical problem-solving, the program empowers participants to apply their academic knowledge in practical settings. It serves as a vital platform for preparing future FinTech leaders who will contribute to Bahrain's Vision 2030 and the broader goal of fostering a resilient, knowledge-based economy.
Zawya
a day ago
- Business
- Zawya
AFS and Mawarid Finance spearhead digital transformation in credit card services
Manama, Kingdom of Bahrain: In a significant leap forward for digital finance, Mawarid Finance, in strategic collaboration with Arab Financial Services (AFS), the leading digital payments solutions provider and fintech enabler across the Middle East and Africa, has officially launched a comprehensive digital application poised to redefine credit card issuance and management. This pioneering initiative underscores a shared commitment to accelerating digital transformation and elevating the customer experience within the financial services landscape. The newly introduced application represents a robust smart solution, offering a fully digitized journey from initial application submission and approval to card issuance and direct, real-time management via a smartphone. This seamless process effectively eliminates the conventional necessity for branch visits or physical signatures, translating directly into considerable time savings and enhanced convenience for customers. This pivotal launch is the direct outcome of a strategic agreement between Mawarid Finance and AFS, meticulously crafted to deliver advanced digital financial solutions. These solutions not only cater to the evolving needs of the local market but also align with prevailing global trends in financial technology. The application empowers users to instantly and securely issue credit cards, seamlessly track transactions, and manage their accounts in real-time, all fortified by state-of-the-art data protection and privacy technologies. The official signing ceremony, marking this collaborative milestone, was attended by key leadership, including Mr. Samer Soliman, CEO of AFS, and Mr. Rashid Al Qubaisi, CEO of Mawarid Finance. Both executives emphasized the profound significance of this partnership in stimulating innovation and expanding the breadth of digital services accessible within the vibrant UAE financial market. Commenting on this transformative development, Mr. Rashid Al Qubaisi stated: "At Mawarid Finance, our core commitment revolves around delivering digital solutions that not only meet but exceed our customers' expectations. This innovative platform is a testament to our relentless pursuit of empowering customers with secure, efficient, and exceptionally easy access to our comprehensive suite of products." Echoing this sentiment, Mr. Samer Soliman added: "This collaboration exemplifies a highly successful model of integration between established financial institutions and agile fintech companies. Together, we are meticulously crafting and delivering innovative digital experiences that not only adhere to rigorous global standards but also provide users with an intuitively seamless and highly secure financial journey." This strategic launch is an integral component of Mawarid Finance's broader vision to expand its customer base and introduce agile, digital-first products designed to support the diverse needs of both individual consumers and corporate entities, thereby significantly accelerating access to modern, secure, and user-centric financial services across the region. AFS Media Relations Email: pr@ About AFS: Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem. AFS is owned by 37 banks and financial institutions and serves over 60 clients in more than 20 countries across the Middle East and Africa. Today, AFS is the region's leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain and the Central Bank of Egypt and licensed by the Central Bank of UAE, its dedication to innovation has made AFS a driving force in the market offering a rich portfolio of payment solutions including Open Banking Hub, popular digital wallets, market-leading merchant acquisition services, digital payroll solutions and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates. About Mawarid: Mawarid Finance PJSC is an Islamic finance and investments group licensed by the UAE Central Bank. Mawarid Finance was formed in 2006 in Dubai, United Arab Emirates, with a paid-up capital of AED 1 billion to launch a new vision in Islamic Finance by adding more value to the industry through developing innovative Shariah compliant products for both individual and corporate customers Mawarid was founded upon and continues to believe in Innovation. We aim to be different, unique and 'special' in everything we do. Mawarid's focus has also been on supporting and developing the national economy through the provision of Islamic financial products and services for small & medium enterprises, enabling them to grow and in turn fostering the growth of the economy. Over the years, Mawarid's strategic approach has been on emerging from an Islamic financial services company to a Conglomerate building synergy through the acquisition of complimentary and supplementary shariah compliant businesses. Today, Mawarid maintains a healthy and well diversified portfolio of investments across a wide spectrum of industry sectors and asset classes across the MENA region Mawarid Finance in its young history has collected several awards, locally and internationally, in business, gained ISO 9001:2008 certification, and is considered as a very successful brand in the UAE.
