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Al Salam Bank starts operations in Algeria.

Summary: Al Salam Bank officially started its operation in Algiers, with a paid up capital of 7.2 billion Algerian dinar ($100 million) for providing high-quality services.

Al Salam Bank officially started its operation in Algiers, with a paid up capital of 7.2 billion Algerian dinar ($100 million) for providing high-quality services.

The bank was officially opened by Hussein Mohammed Al Meeza, vice chairman of the Board of Directors of Al Salam Bank and a number of high ranking officials and businessmen.

Al Salam Bank acquired the license from Algeria's Money and Credit Council to operate as one of the largest banks in North Africa and to offer its banking services through its headquarters and one branch in the Algerian capital city with a paid up capital of 7.2 billion Algerian dinar ($100 million).

Al Salam will provide innovative banking services in the Islamic banking market.

Al Meeza said that the opening of Al Salam Bank comes at an important stage of Algerian history as the government is taking huge economic strides to attract investments and Algeria is poised for a new era of comprehensive development.

'Investment opportunities in Algeria are huge. Vast segments of Algerian society are looking for new banking services to help them achieve ambitions in various sectors of the economy.

'Algerian market is witnessing a real investment revolution,' he said.

'In mid 2007, investments of 6162 domestic enterprises were valued at $10 billion, in addition to foreign investments mounting to $10 billion.

'By the end of 2008, investments are expected to reach $50 billion, while growth rate is predicted at 5.8 per cent.

'We have launched an initiative to establish Al Salam Bank in Algeria to cater for the development needs in all economic fields.

'We strive to offer modern banking services that are based on our values and principles which form the basis of our business movements and concepts.

'We are seeking to provide our customers with high quality services and products which are designed to complement the market's, customers' and investors' requirements and to meet the highest internationally recognised standards.

'We place the highest priority on innovative and modern solutions, efficient decision making and prompt implementation so that we can maintain our status as the first choice for customers who look for progress and prosperity in Algeria.'

Al Meeza said Al Salam Bank will act as a world commercial bank adopting an Islamic banking system that is based on inferential benefits and mutual ambitions.

With an excellent and experienced team, the bank will promote modernisation and change, and will constantly work to bolster its leading position in the banking sector.

The bank also uses state-of-the-art technology to guarantee easy and effective services and to continue with its drive to support the banking sector in Algeria.

Al Meeza said that Al Salam Bank's performance is based on innovative banking solutions, conclusive decisions, prompt implementation and accurate delivery.

These aspects, he added, are effective in creating strong ties with customers and ensuring customers' instant loyalty to keep the bank as their first choice.

The Bank's priorities, according to Al Meeza, will focus on the human resource efficiencies, coordination and ability to create innovative ideas and fruitful programmes and banking solutions that complement the needs of both customers and markets and lead to prosperity and progress.

Al Meeza expressed his appreciation for the efforts paid by all segments of Algerian society to support this bank that will play a premier role in realising the future generations.

He also thanked all contributors and customers for the confidence they have placed in the bank. The bank is offering a wide range of services including: safe deposit boxes, Automatic Teller Machines (ATM), telephone banking, mobile banking (SMS), online banking and customer call centres.

Other services on offer include: saving accounts; investment deposits, which offer the chance to invest in remunerative businesses, with profits awarded at the end of the deposit term according to the investments' performance; and real estate financing to help a customer own a new house through Murabaha, Ijara and Istisna'a that cover up to 80 per cent of the value of the property over a maximum period of 20 years.'

Services offered at Al Salam Bank also include vehicle financing (Murabaha) covering up to 80 per cent of the vehicle value for a maximum period of five years.

Consumer financing is also available to cater to customers' needs of furniture and home appliances through Al Murabahah that covers up to 100 per cent of the purchase value over a maximum period of five years.

The bank also issues investment certificates that are entitled to earn profits at the end of their terms as per the performance of the executed investments.

In addition, the bank allows premature redemption of deposits, secure investment of money, financing against treasury bonds mortgage, as well as other services that will be announced in the future.'

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Publication:UMCI News (Potomac Falls, VA)
Date:Oct 23, 2008
Words:828
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