Al Salam Bank-Bahrain Al Salam Bank-Bahrain announced the launch of a strategic partnership with Tadamon International Islamic Bank in the Islamic hospitality sector in a step affirming the solidarity of the Islamic banking industry and its ability to provide unique investment solutions. Both banks share the acquisition of a leasehold interest of one of the most luxurious residential and commercial towers close to the Holy Mosque in Mecca. The US$ 158.7 million (SR 600 Million) deal is considered to be the second for Al Salam Bank-Bahrain Al Salam Bank-Bahrain as it has recently announced a similar investment in the same field.

The 33 floors tower has been designed to reflect the exceptional elegance of Islamic architecture according to international standards. The 462 units are considered to be an Islamic architectural masterpiece providing highest standards of hospitality.

The tower also includes a large reception hall, along with a floor dedicated for prayers which is linked audio-visually to the Holy Mosque. Another two floors have been allocated for parking and are connected to main streets around the Holy Mosque. Additionally, the tower is strategically located near King Abdul-Aziz Gate. The level of detail of the tower is reflected through the installation of more than 12 elevators which offers the tower's residents the ease of movement within the building especially at prayer times.

Commenting on the launching of this strategic partnership, Mr Nabeel Al Tattan, Executive Vice President and Head of MENA described the Shari'a compliant investment as a new addition to the bank's portfolio especially in the Islamic hospitality sector. He stated "The partnership is true translation of the ethos of collaborative Islamic Banking especially in the presence of a strategic partner such as Al Tadamon International Islamic Bank where both parties possess the synergy and capabilities to offer unique investments with high benefits and returns of investments to their investors."

Dr. Abdulaqwi Radman Mohammed, AGM Foreign Investment at Tadhamon International Islamic Bank Tadhamon International Islamic Bank , reaffirmed that the partnership with Al Salam Bank-Bahrain Al Salam Bank-Bahrain is an important step in the Islamic Banking Industry as it reflects the strength of Islamic financial institutions and their ability to exploit their resources to offer investment opportunities with good returns, as well as to enhance the level of hospitality services offered to visitors of the Haram.

The announced deal entails the acquisition of a leasehold interest in the tower for 20 Hijri years where Al Salam Bank-Bahrain Al Salam Bank-Bahrain and Tadamon International Islamic Bank will issue Sukuk Intifaa for the tower in the near future.

- Ends - Al Salam Bank Bahrain Al Salam Bank-Bahrain Al Salam Bank-Bahrain B.S.C. was incorporated on 19 January 2006 in the Kingdom of Bahrain with a paid-up capital of US$ 318 million (BD 120 million). Al Salam Bank-Bahrain Al Salam Bank-Bahrain was licensed by the Central Bank of Bahrain to provide financial services compliant with Shari'a. The Bank's vision is to become a leading and influential power in the Islamic banking industry through the provision of Shari'a compliant banking services to a selected segment of clients.

The Bank was listed on the Bahrain Stock Exchange on 27 April 2006. The founding shareholders of Al Salam Bank-Bahrain Al Salam Bank-Bahrain hold 65 per cent of the paid-up capital. They include major local, regional and international companies and individuals such as Emaar Properties, Dubai Investment Group, Dubai Holding, Global Investment House (Global) and Dubai Islamic Insurance and Reinsurance Company (Aman).

Al Salam Bank Bahrain announced a net profit of BD22.7 million (US$60.1 million) for the nine month period ended 30 September 2008 registering increase of 30% compared to BD17.4 million (US$46.2 million) for the corresponding period in 2007. The earnings per share for the period was 18.9 fils against 14.5 fils for the corresponding period in 2007.

Al Tadamon International Islamic Bank: Al Tadamon Bank is an Islamic Financial Institute incorporated in Yemen in 1995 with a paid-up capital of US$100 million by a group of businessmen and other Arab financial institutes. Since the kick-off of the commercial operations, the bank was able to establish and develop investment banking system compliant with Shari'a and provide distinctive banking services and investments to all its shareholders and depositors taking in consideration the professional economic standards. The bank has recently established an investment company in Bahrain; Tadhamon Capital.

For further information, please contact Suhair Al-Ajjawi, Corporate Communications Manager: Office: +973 17560090 Fax: +973 17560003 Mobile:+973 9912166 E-mail: s.alajjawi@alsalambahrain.com

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