BMIO rebranded as Al Salam- Seychelles
Manama: The Central Bank of Seychelles (CBS) has approved the rebranding of BMI Offshore Bank Seychelles (BMIO) as Al Salam Bank-Seychelles (ASBS), announced Al Salam Bank-Bahrain (ASBB) in a statement.
The bank has also resumed its regular operations after being placed under administration by the CBS in November 2014. BMIO is acquired by a new joint venture between ASBB and Seychelles Pension Fund (SPF) and has been successfully handed over to shareholders.
Furthermore, ASBS shareholders and Board of Directors has approved the appointment of Hussein Mohammed Al Meeza as Chairman of the
Bank.
Looking ahead, ASBS said it is planning to launch a unique Shari’a-compliant full-service commercial banking by offering world-class financial solutions. The bank will initially commence its operation as an offshore financial institution and would later expand by introducing domestic banking services.
ASBS also announced it would aim to expand by penetrating the banking sector of neighboring countries and create a bridge between the Gulf Cooperation Council countries and the Indian Ocean Rim countries.
ASBB is a leading full serviced commercial bank offering Shari’a-compliant products headquartered in the Kingdom of Bahrain. The Bahrain-based bank was established in 2006 with a paid up capital of US$318 million (SCR4.2 billion).
SPF is a statutory body established in January 2006 and is a full-fledged Pension Fund administering the national pension system of Seychelles. SPF has total assets of US$172 million (SCR2.3 billion) which has grown by 3 folds since inception.
Related Posts