Al Salam Bank - Sudan wins ''Global Finance Award'' as best bank in Sudan



Al Khartoum, Saturday 8th of October 2011:

Award is testament to bank’s growth in financial assets and its strategic business relationships

Al Salam Bank – Sudan has been awarded the Global Finance Award for 2010 by Global Finance Magazine, the world-renowned American publication specialized in finance.

The Bank was recognized for its continuous achievements, quality banking services offered to the Sudanese market, growth in assets and profits, strategic relationships, competitive pricing, and innovation in products and services.

Mr. Othman Ahmed, General Manager, Al Salam Bank, received the award at a special ceremony held in Washington on the sideline of the International Monetary Fund and the World Bank meetings.

“We are very proud to receive this award, given our constant efforts to offer excellence in service delivery,” said Hussain Al Meeza, Vice President, Al Salam Bank. “This award, being given to us for the second time in two years, will be a catalyst for further achievements. It strengthens our commitment to provide our customers with the best services according to the highest international standards.”

“This award helps position Al Salam - Sudan as a leading Islamic finance provider in the republic of Sudan and the region. The bank’s prominent inclusion in Global Financial Magazine’s list of top 25 banks in Africa cements our standing among the world’s financial institutions,” he added.

Al Salam Bank recorded a net profit of SDG 36.2 million (about USD 12.9 million) by the end of the 2010 fiscal year, compared to SDG 22.6 million (about USD 8 million) by the end of fiscal year 2009 – a record 60 percent growth in profits. The bank was able to achieve excellent financial results at the end of 2010 despite global and local economic challenges, and has maintained excellence in service delivery while also occupying a rank on the list of top ten banks in Sudan according to key financial indicators.

The bank's assets grew by 23%, reaching SDG 1.337 billion (about USD 477 million), by the end of 2010, compared to SDG 1.86 billion by the end of 2009. The bank also succeeded in raising the value of customer deposits to SDG 924 million recording a growth of 25%, compared to SDG 741 million by the end of 2009.

The financing portfolio of the bank rose by 22%, reaching SDG 1.8 billion by end of 2010, compared to SDG 882 million the year before. 70% of bank’s financing portfolio was allocated to key sectors, such as industry, agriculture, export and finance as per the guidance and regulations of the Central Bank of Sudan.

Al Salam Bank’s revenues hit SDG 97 million by the end of 2010, compared to SDG 92 million by the end of 2009 - a growth rate of 5%. The bank’s management has succeeded in maintaining operational efficiency by 31%, where the standard percentage generally accepted in the banking industry estimated at 55%.

The bank also won the Global Finance Award in 2008 for its continuous achievements, the quality of the Islamic banking services it offered to Sudan’s financial markets and the advanced banking technologies it used.

Al Salam Bank-Sudan started operations in May 2005 and it is considered one of the largest banks in the Al Khartoum Stock Exchange. In July 2008, the bank was also listed in the Dubai Stock Exchange, where it has achieved excellent financial results over the past three years.