Image credit: GIUSEPPE CACACE/ Getty ImagesBahrain’s Al Salam Bank has acquired a majority stake in Al Salam Bank Algeria increasing its shareholding from 37.43 per cent to 53.13 per cent. Al Salam Bank plans to further support its Algerian business to accelerate its growth and capture new pockets of opportunities within the country and the wider region. Al Salam Bank Algeria is a highly promising growth story with an annualised return on equity close to 20 per cent in Q1 2023. “Al Salam Bank has completed several landmark transactions over the last decade that have cemented our position as one of the region’s leading Islamic financial institutions. Al Salam Bank said the transaction supports its growth trajectory and its efforts to grow and diversify its business lines.

Source: The North Africa Journal June 23, 2023 16:25 UTC