Khaleeji Bank, one of the leading Islamic Banks in Bahrain, has recently received the Best Banking Product Award in the Kingdom of Bahrain for 2025 for its “Salary Account”, as part of the prestigious annual International Business Awards presented by International Business Magazine (IBMAG), which is recognised worldwide.
Khaleeji receiving this new prestigious award for its distinguished banking product, the “Salary Account”, continues its ongoing successes and numerous regional and international awards in recent years. These accolades reflect and crown its diligent and continuous efforts in serving clients and providing the best and highest quality banking products & services that meet their aspirations.
This recognition also serves as further proof of the “Salary Account’s” excellence, which provides clients with the best comprehensive banking experience in compliance with the principles of Islamic Shari’a. The account offers exclusive benefits such as the ability to transfer a person’s monthly salary to this account, with an Expected Profit Rate of up to 4% of the salary amount without a minimum balance. Additionally, clients are also entered into monthly raffles with a chance to win one of five cash prizes totalling BD 5,000 each month. They can also obtain one of Khaleeji’s premium credit cards, either Platinum or Infinite, which offer numerous benefits including cashback, free travel miles, exclusive discounts and many other advantages.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, expressed her happiness and pride in winning this prestigious award, stating “We are very proud to win the Best Banking Product Award in the Kingdom of Bahrain for 2025 for the ‘Salary Account’ from IBMAG. Undoubtedly, our continuous collection of awards and international recognitions affirms our leadership as one of the leading Islamic Banks in Bahrain. This new award highlights our excellence and success in providing the highest quality and most innovative banking products & services to our valued clients, including the ‘Salary Account’ which features numerous exclusive benefits and offers clients a unique and rewarding banking experience. We greatly value the trust of our loyal clients, and winning this award motivates us to continue delivering excellent services, and to develop and enhance all our banking offerings to better meet their diverse needs and aspirations.”
Ms. Al Abbasi further added “The ‘Salary Account’ from Khaleeji Bank offers a range of exclusive benefits tailored to our clients’ needs. Clients can benefit from an Expected Profit Rate of up to 4% of the salary value without a minimum balance, participate in monthly raffles with a chance to win one of five prizes totalling BD 5,000 each month, and obtain one of Khaleeji’s credit cards from the Platinum or Infinite tiers, which provide benefits such as cashback, free travel miles, and exclusive discounts with over 100 commercial outlets, adding value to our clients’ banking experience. This reflects our commitment to delivering the best banking services and ensuring clients satisfaction at all times. As we share in our clients’ joy of winning this valuable award, we take this opportunity to invite all citizens and residents of the Kingdom of Bahrain to transfer their salaries to the ‘Salary Account’ with Khaleeji Bank to enjoy the many exclusive and exceptional benefits this account offers, which will add a new dimension to their banking experience, along with opportunities to earn profits and win monthly cash prizes.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain B.S.C. (Trading Code: KHALEEJI), announced its financial results for the period ended 31st March 2025. The Bank achieved a net profit attributable to shareholders of BD 3.243 million, compared to BD 3.008 million in the first quarter of 2024, an increase of 7.81%. Earnings per share for the period ended 31st March 2025 decreased to 3.00 fils, compared to 3.69 fils for the first quarter of last year. Total income increased to BD 15.056 million, compared to BD 12.902 million in the first quarter of 2024, an increase of 16.70%.
Total comprehensive income attributable to the shareholders of the parent company increased to BD 3.466 million, compared to BD 2.925 million for the period ended 31st March 2024, an increase of 18.50%. This increase is mainly attributable to an increase in income from financing contracts and a decrease in financing expenses during the first quarter of 2025. Total assets for the same period decreased slightly by 2.91% to reach BD 1.452.65 million as at 31st March 2025, compared to BD 1.496.13 million for the period ended 31st December 2024. Sukuk investments decreased by 9.01% to reach BD 456.91 million compared to BD 502.14 million as at 31st December 2024, while financing contracts increased to BD 764.54 million compared to BHD 721.17 million as of 31st December 2024. Total equity attributable to the shareholders of the parent company for the period ended 31st March 2025 decreased by 2.12% to reach BD 125.35 million, compared to BD 128.06 million as at 31st December 2024.
In a related context, Khaleeji Bank announced the appointment of Mr. Yousif Taqi as the new Chairman of the Board of Directors, succeeding Mr. Hisham Alrayes, who has chosen to focus on GFH Financial Group. Mr Taqi’s appointment comes following his nomination by GFH Financial Group and his extensive experience of over 35 years in Bahrain’s banking sector, during which he has held several leadership positions at leading financial institutions in the Kingdom. He holds a Bachelor’s degree in Accounting (1990) from Husson University, USA, and is a Certified Public Accountant.
On this occasion, Mr. Hisham Alrayes, Chairman of Khaleeji Bank, welcomed the appointment of Mr. Yousif Taqi as the new Chairman of the Board, praising his extensive expertise in Islamic banking and expressing full confidence in his ability to lead the bank into the next phase of implementing its new strategic growth objectives. He also emphasised that Mr Taqi’s experience, vision and strong relationships within the banking sector, both locally and regionally, will be key drivers of growth and development for the bank in the coming period.
He continued: “My decision to step down as Chairman of Khaleeji Bank aims to allow me to focus more fully on my responsibilities at GFH Financial Group and continue to drive its growth and shareholder aspirations. The five years I spent chairing Khaleeji Bank were filled with both challenges and opportunities, during which the bank achieved many important milestones, most notably the launch of its new corporate identity in 2023, as well as strengthening the bank’s foundations and developing renewed strategies aligned with the rapid changes in the banking sector and clients’ needs. We focused during this period on providing innovative and advanced banking solutions tailored for the digital era, which contributed to reinforcing the bank’s position as a leading financial institution capable of keeping pace with future developments. I extend my sincere thanks to all members of the Board and the team for their support and cooperation, which played a significant role in these successes. I wish Mr Yousif Taqi every success in leading the bank to further growth and prosperity.”
Commenting on the financial results, Mr Alrayes said: “We are delighted to announce these strong financial results for Khaleeji Bank’s operations during the first quarter of 2025, which reflect our ongoing efforts to achieve our strategic goals and deliver the best services to our valued customers. These promising results mark a positive start, reinforcing confidence in our growth and positively impacting the group’s market value.”
He added: “The positive results achieved in the first quarter provide further motivation to maintain this positive momentum and continue on an upward trajectory for further growth during the remainder of the year. Our aim is to achieve greater accomplishments to meet the aspirations of our shareholders and valued customers, and to contribute effectively to the comprehensive development journey witnessed by the Kingdom of Bahrain under the prosperous reign of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and in alignment with the diligent efforts of the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to further elevate the banking sector.”
For his part, Mr Yousif Taqi, the new Chairman of Khaleeji Bank, expressed his deep gratitude and appreciation to the former Chairman, Mr Hisham Al Rayes, for his sincere efforts during his tenure and for his trust and continuous support. He also thanked GFH Financial Group for their valued confidence, affirming his commitment to working diligently to achieve the bank’s vision and strategic objectives, adding that he looks forward to building on the past years’ achievements to continue the journey of growth and progress, strengthening the bank’s position in the sector, and emphasised his keenness to work closely with the team and Board of Directors to support Khaleeji Bank’s growth and prosperity.
Mr. Taqi added: “I am honoured and delighted to be chosen as Chairman of Khaleeji Bank at this important stage of the bank’s journey. I look forward to building on its achievements, and working with fellow Board members and the executive management to develop innovative strategies that enhance the bank’s position in the sector and meet the aspirations of our valued customers. Our goal is to achieve sustainable growth and enhance value for our shareholders, and we are confident that we can achieve this through dedicated teamwork.”
Mr Sattam Algosaibi, CEO of Khaleeji Bank, said: “We are pleased to welcome Mr Yousif Taqi in his new role as Chairman of Khaleeji Bank, given his exceptional track record in the Islamic banking sector. We are confident that his leadership will be a significant asset in supporting our ambitious growth and expansion strategies. The bank’s plans in the next phase are firmly focused on digitising services and adopting the latest banking technologies, requiring forward-looking leadership and a culture of innovation at all levels. We are certain that Mr. Taqi’s expertise will be a solid foundation supporting this vision and strengthening the bank’s leadership in this area.”
Commenting on the financial results, Mr. Algosaibi said: “The financial results for Q1 2025 demonstrate the continued success of the bank’s robust business model and effective strategy, with a focus on financial discipline, improving income, and driving sustainable growth to enhance profitability. This was reflected in the growth of net profit attributable to shareholders by 7.81% to BHD 3.243 million, compared to BHD 3.008 million in Q1 2024. We also achieved an increase in financing contracts revenue, contributing to growth in both total and comprehensive income attributable to the parent company’s shareholders. These positive results embody our commitment to delivering positive returns and profits for our esteemed shareholders.”
He added: “These positive results achieved by Khaleeji Bank in the first quarter, most notably the increase in net profit, coincide with the ongoing launch of many innovative banking initiatives, services, and products to enhance the customer experience. Among the most important of these is the launch of the new edition of the ‘Al Waffer Account’, with total prizes this year exceeding USD 4 million, and the introduction of a new category, ‘Ajyal Al Waffer’, dedicated to young depositors under 21. We also continued to offer more exclusive real estate financing offers, most recently the launch of the new ‘Tashil+’ programme as part of the Ministry of Housing and Urban Planning and Eskan Bank’s plan to expand financing options and housing solutions for citizens. We have ensured to provide unique, exclusive financing offers as part of our ongoing support for all initiatives aimed at providing innovative, accessible housing solutions for citizens. This is alongside the continued launch of many innovative promotional campaigns, from the Ramadan purchases campaign to, most recently, Khaleeji Bank’s interactive platform at City Centre Bahrain, which enjoyed great success and turnout.”
The full financial results and press release are available on Bahrain Bourse website www.bahrainbourse.com.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has launched a special promotional stand at City Center Bahrain between 24th – 28th 2025, to showcase the many benefits of its “Al Waffer” Account and Khaleeji Credit Cards.
This initiative builds on Khaleeji’s interactive campaigns designed to introduce clients and visitors to its latest innovative banking services, with particular focus on the advantages of the “Al Waffer” Account and Credit Cards.
The event coincides with the announcement of the 2025 edition of the “Al Waffer” Account, the largest and most generous since the account’s inception. This edition features cash prizes totalling over USD 4 million, including 11 Grand Prizes for account holders, the largest being USD 1 million to be raffled in December.
Moreover, the promotional stand at City Center Bahrain offers visitors the chance to learn about “Ajyal Al Waffer”, launched under the 2025 edition. For the first time this year, Khaleeji is awarding unique prizes to young savers under the age of 21, in a bid to foster a saving culture and encourage financial literacy from an early age.
During this five‑day event, visitors and clients may open a new “Al Waffer” Account or top up their existing accounts and may also open an “Ajyal Al Waffer” Account for their children. All participants will have the chance to claim instant cash prizes of up to BD 1,000, alongside a host of other valuable gifts and rewards that will be presented throughout the campaign. “Everyone’s a Winner” with Khaleeji Bank!
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented “We are delighted to launch Khaleeji’s first promotional stand of the year at City Center Bahrain. This platform presents an excellent opportunity to engage directly with our valued clients and visitors, and to introduce them to the exclusive benefits of the ‘Al Waffer’ Account and our Credit Cards.”
She continued “This campaign underlines our ongoing commitment to strengthening direct communication with our clients and to offer the very best in innovative banking services. We look forward to welcoming our clients at the stand, providing them with exclusive information and showcasing our latest products & services.”
Ms. Al Abbasi added “We are pleased to enrich our clients’ banking experience by rewarding them with immediate cash prizes of up to BD 1,000, alongside many other valuable gifts. We hope this initiative will encourage everyone to save and to embed sound financial principles across Bahraini society. We therefore urge both new and existing clients to seize this opportunity and open an ‘Al Waffer’ account or increase their savings quickly and easily by visiting our stand at City Center Bahrain. This will enhance their chances of winning grand prizes in this year’s raffles. We wish all participants the best of luck.”
Khaleeji Bank is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, a leading Islamic bank in the Kingdom of Bahrain, has announced the launch of its Visa+ service, enabling users to send money to Visa cardholders in the GCC using only the recipient’s phone number. This initiative positions Khaleeji Bank among the first banks globally to offer Visa+, a milestone underscoring the market’s readiness to embrace next-generation financial solutions to enhance digital experiences.
Visa+ allows Khaleeji Bank customers to transfer funds to Visa debit and prepaid cardholders in other GCC countries using just a phone number. This innovation eliminates the need to exchange sensitive information such as the 16-digit card number or International Bank Account Number (IBAN), making transactions more secure and convenient.
Ms. Ameera Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented on the launch: “Given our constant endeavour to be at the forefront of innovative banks, we are excited to introduce the Visa+ service, which represents a significant advancement in the field of money transfers. At Khaleeji Bank, we are committed to providing modern and secure banking solutions that align with our customers’ aspirations and evolving needs.”
She continued: “This service simplifies the process of sending money to Visa cardholders in the GCC, requiring only a phone number, thereby eliminating the need to share sensitive card or account information, offering a streamlined and secure transfer experience. We encourage all our customers to explore this unique feature that combines convenience, security, and speed, embodying the future of digital banking transactions.”
Visa+ enhances the money transfer experience for financial institutions while enhancing privacy protections for both senders and recipients. It serves a variety of applications, including direct person-to-person (P2P) payments, financing disbursements, and cross-border money transfers.
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, a leading Islamic bank in the Kingdom of Bahrain, has announced the launch of a promotional stand for its innovative “Ajyal” Account, designed for children and youth under 21 years of age. The stand will take place at Al Liwan in Hamala during the Eid Al Fitr holiday, from March 31 to April 4, 2025.
Khaleeji Bank aims to introduce visitors to the benefits of the “Ajyal” Account, which encompasses three key offerings: the “Ajyal” Savings Account, The “Ajyal” Deposit Account, and the “Ajyal Al Waffer” Account. To encourage participation, the bank will also provide valuable prizes for those who open an “Ajyal” account tailored to their needs.
The “Ajyal” Account is a vital part of Khaleeji Bank’s strategy to promote financial literacy among children and youth. This initiative seeks to instil the importance of saving and cultivate sound financial habits, equipping young people with the skills to manage their money wisely and prepare for future financial challenges. The promotional stand reaffirms the bank’s commitment to raising awareness among the new generation about making informed financial decisions.
The “Ajyal” Savings Account offers an anticipated profit rate of up to 3.025%, with incentives including a minimum monthly deposit of BD 10 and five monthly withdrawals using an ATM card. The “Ajyal” Deposit Account operates on the principle of “Mudharaba” and offers a profit rate of up to 5% for a 12-month tenor. Meanwhile, the “Ajyal Al Wafer” Account provides youth the chance to participate in raffles for valuable cash prizes. This year, the bank has allocated 60 prizes, including a special draw in March for 15 prizes worth BD 1,000 each, along with a monthly draw for five prizes in the subsequent months, giving “Ajyal Al Waffer” customers a fantastic winning opportunity.
On this occasion, Ms Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated: “We are delighted to launch the promotional stand for the “Ajyal” Account at Al Liwan during the Eid Al Fitr holiday. This initiative aims to promote financial literacy, the values of saving, and financial responsibility among the younger generation.”
She added: “The “Ajyal” Account offers children and youth an engaging way to learn about savings. We believe that investing in the mindsets of younger generations is an investment in their future, and we are eager to inspire them to adopt healthy financial habits that can enhance their lives.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, held its Annual Ordinary and Extraordinary General Meetings on Monday 17th March 2025 with a quorum of 86.59%.
The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Chairman of the Board, and attended by Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, and several members of the Executive Management team, along with shareholders, representatives of the Shari’a Supervisory Board, external auditors, and regulatory authorities.
The meeting commenced with the approval of the Minutes from the previous Ordinary General Meeting held on 25th March 2024. This was followed by discussions on the Board of Directors’ Report regarding the bank’s activities for the financial year ended 31st December 2024, which was subsequently approved. The Board also reviewed the Shari’a Supervisory Board’s Report regarding the bank’s operations, as well as the External Auditors’ report on the bank’s financial statements for the same period.
After thorough discussions, the attendees approved the Financial Statements for the year ending 31st December 2024. The recommendations from the Board were endorsed to allocate BD 1,050,288 to the Statutory Reserve, BD 3,210,735 to Retained Earnings, and BD 827,593 for the Zakah Fund.
Additionally, the proposal to distribute Cash Dividends at a rate of 5% of the nominal value per share—equivalent to 5 Fils per share, totalling BD 5,414,264—was also approved. Consequently, the last trading day for entitlement to the dividends will be 18th March 2025, with non-entitlement trading resuming on 19th March 2025. Shareholders whose names are registered as of 20th March 2025 will be eligible for the dividends, which will be distributed on 3rd April 2025.
Furthermore, the meeting approved a proposal for a total remuneration of BD 114,050 to Board Members for the financial year ended 31st December 2024, following regulatory approval. The meeting has also ratified and approved all transactions with related parties conducted during the financial year ending 31st December 2024, as detailed in Financial Statement disclosure number (30) of the Consolidated Financial Statements, in accordance with Article (189) of the Bahrain Commercial Companies Law.
Attendees have also discussed and approved the Corporate Governance Report for the financial year ending 31st December 2024, confirming the bank’s compliance with the requirements of the Central Bank of Bahrain “CBB”. Furthermore, the Board Members were discharged from any liability regarding their actions during the same financial year.
The reappointment of external auditors for the year 2025 was also approved, along with authorisation for the Board to determine their remuneration, following the CBB’s approval of the same.
In light of the CBB approval dated 11th December 2024, attendees have approved the following appointments:
- Dawood Mohammed Al Ghul as a member of the bank’s Board of Directors per paragraph (a) of Article (179) of the Bahrain Commercial Companies Law, with his term complementing that of his predecessor.
- Salah Abdullah Sharif as a member of the bank’s Board of Directors according to Article (175) of the Bahrain Commercial Companies Law, with his term lasting throughout the current session of the board.
Additionally, participants have endorsed the appointment of a liquidity provider at Bahrain Bourse “BHB” following the necessary regulatory approvals, allowing the Board to determine said provider and the duration of their contract, along with other relevant details.
Afterwards, the Extraordinary General Meeting convened, where the Minutes from the previous meeting held on 4th March 2024 were approved. The attendees have then agreed to the issuance of Tier 1 financial instruments (including, but not limited to, the Mudaraba Structure) and/or Sukuk (Additional Tier 1 Capital) totalling to a value not exceeding BD 100 million or its equivalent in other currencies, through one or multiple issues to enhance the bank’s capital ratios in line with financial and strategic requirements, while delegating the Board of Directors to handle all necessary formalities regarding this issuance.
On this occasion, Mr. Hisham Ahmed Al Rayes, Khaleeji’s Chairman of the Board of Directors, stated “We take pride in the bank’s achievements during 2024, attaining positive results across all dimensions of our operations. This performance underlines our commitment to a sustainable profitability strategy that ensures the growth of our banking operations and provides greater returns to our esteemed shareholders and investors.”
He further added “The General Assembly’s approval of a 5% cash dividend is a clear testament to our financial stability and capital efficiency. We look forward to continuing this positive trend in the future, achieving further milestones and successes.”
For his part, Mr. Sattam Sulaiman Algosaibi, Khaleeji’s Chief Executive Officer, stated “The year 2024 has been exceptional for the bank as we continued our diligent efforts to build on our accomplishments, particularly the launch of our new identity which reflects our commitment to creativity and innovation. We have developed a new strategy that aligns with the evolving market needs, enabling us to serve our partners and clients more effectively while enhancing our competitiveness and growth capacity, thus fully harnessing our capabilities to remain a key driver of sustainable economic development in the Kingdom of Bahrain.”
Elaborating further, Mr. Algosaibi said “We are diligently working to expand the scope of our activities and enhance our role in commercial and investment flows, while consolidating our presence in the Bahraini market. We aim to achieve significant accomplishments that align with our strategic priorities, build on the successes we have achieved, and offer more high-quality and distinctive services and solutions that satisfy our clients and serve the interests of our partners and shareholders.”
He concluded saying “We remain focused on building a future-ready bank that adheres to the highest standards of practice and realises sustainable value for our shareholders over the long term. We seek to capitalise on new opportunities to serve our shareholders, clients, and employees, reinforcing Khaleeji Bank’s position as a leading financial institution that supports our ambitious aspirations.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, is celebrating the advent of the Holy Month of Ramadan with its valued clients by launching exclusive and distinctive offers for Khaleeji Credit Card holders, offering the chance to receive a full 100% Cashback for 100 lucky winners, in addition to many other benefits.
This unique Ramadan offer enables the bank’s Credit Card holders to enjoy 100% Cashback on purchases made during the Holy Month using their Khaleeji Credit Cards at supermarkets, restaurants, cafés, and through mobile applications. This includes both the primary Credit Card and any supplementary cards issued. The campaign will run throughout Ramadan, reflecting Khaleeji’s commitment to sharing the joy of various national and Islamic occasions with its clients, particularly during Ramadan which is considered an ideal opportunity to encourage generosity and sharing.
Commenting on this initiative, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated “We are delighted to share the joy of the Holy Month with our valued clients by launching this rewarding campaign, which embodies Khaleeji’s dedication to providing exceptional banking services that meet our clients’ expectations and offer financial solutions during this blessed month.”
She added: “We encourage all our valued clients to seize this unique opportunity during the Holy Month and apply for their Credit Cards today, using them for their purchases at supermarkets, restaurants, cafés, and through mobile applications to stand a chance of being among 100 lucky winners of a full 100% Cashback, as well as enjoying many exclusive benefits that include discounts at over 100 commercial outlets in the Kingdom of Bahrain during Ramadan.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has announced the launch of a prize campaign for “Al Waffer” Account holders in celebration of the holy month of Ramadan. The campaign features daily raffles for BD 1,000 each, culminating in a total of BD 30,000 awarded to thirty winners throughout the month. This initiative reflects Khaleeji’s commitment to providing added value to its clients and enhancing their banking experience during Ramadan this year.
On this occasion, Ms. Ameera Al Abbasi, Head of Retail Banking, stated “We are pleased to extend our warmest congratulations to the leadership, government, and people of the Kingdom of Bahrain, as well as to all our partners, shareholders, and valued clients, on the occasion of Ramadan, praying to Allah the Almighty to accept your fasting and prayers. Through this innovative campaign, which is the first of its kind, we aim to foster the spirit of giving and sharing during this month of goodness.”
Commenting on the campaign, she added “The campaign includes special daily raffles that provide clients with wonderful opportunities to win, with a cash prize of BD 1,000 for one winner every day. The winner’s name will be announced on Bahrain TV just before the call to Maghrib Prayer. Additionally, participants will be able to enter the regular ‘Al Waffer’ Account prize raffles announced previously. Therefore, we invite all clients to seize this opportunity and participate to be among the winners.”
It is noteworthy that Khaleeji has allocated 11 Grand Prizes for “Al Waffer” Account holders this year with a total value of 4 million US Dollars, including 10 Grand Prizes worth USD 250,000 and a Grand Prize worth one million US Dollars. As part of its effort to reward distinguished clients under the “Al Waffer Club” program, Khaleeji has allocated 30 additional Cash Prizes worth USD 10,000 each, with five winners to be raffled in each of the months of February, April, May, July, September, and November. Also, for the first time since the launch of the “Al Waffer” Account, this year’s program includes prizes dedicated to young clients in the “Ajyal Al Waffer” category, where 60 Cash Prizes worth USD 1,000 each have been allocated, with a special raffle for 15 prizes in March and a monthly raffle for 5 prizes in the following months.
Khaleeji Bank B.S.C has achieved Net Profit Attributable to the Shareholders worth BD 3.469 million in the final quarter of 2024, compared to a loss of BD 402,000 for the same period in 2023, an increase of 963.29%.
Earnings per Share reached 3.20 Fils during the final quarter of 2024, compared to -4.25 Fils during the last quarter of 2023. The Total Comprehensive Income Attributable to Owners of the Parent Company for the final quarter of 2024 amounted to BD 3.594 million compared to BD 1.013 million recorded for the same period last year, an increase of 254.79%. Total Income amounted to BD 13.816 million during the final quarter of 2024, compared to BD 10.692 million for the same period in 2023, an increase of 29.22%.
The financial results also indicated that Khaleeji has achieved a Net Profit Attributable to the Bank’s Shareholders amounting to BD 10.503 million for the fiscal year ended 31st December 2024, compared to BD 9.003 million for the fiscal year ended 31st December 2023, an increase of 16.66%. In this context, Khaleeji’s Board of Directors have recommended distributing Dividends to shareholders after the results of the fiscal year ending 31st December 2024 on all ordinary shares, excluding treasury shares, at a rate of 5% of the nominal value of the share, equivalent to 5 Fils per share, totalling BD 5,414,264.
Earnings per share amounted to 10.330 Fils compared to 3.753 Fils in 2023. The Total Comprehensive Income Attributable to Shareholders of the Parent Company during 2024 amounted to BD 11.852 million, compared to BD 7.672 million in 2023, an increase of 54.48%. Khaleeji has reported an increase in Total Income reaching BD 49.960 million during 2024 compared to BD 47.116 million in 2023, an increase of 6.04%. This increase is mainly attributed to a rise in financing contract revenues as well as revenue from deposits with financial institutions.
Equity Attributable to Shareholders of the Parent Company reached BD 128.65 million in 2024 compared to BD 157.39 million in 2023, a decrease of 18.26%.
On the other hand, the bank’s Total Assets has decreased slightly by 0.42% to reach BD 1,496.13 million compared to BD 1,502.42 million at the end of 2023, while Sukuk Investments have decreased to reach BD 502.14 million in 2024 compared to BD 522.75 million in 2023, a decrease of 3.94%. The financial results also recorded an increase in Total Deposits by 4.11% reaching BD 1,101.35 million compared to BD 1,057.83 million at the end of 2023.
Commenting on the financial results, Mr. Hisham Ahmed Alrayes, Chairman of Khaleeji Bank, has stated “The positive financial results achieved by the bank in 2024 reflect our firm commitment to promoting sustainable growth and adding value to our shareholders. We believe that our effective strategies and advanced approaches to flexible risk management have contributed to strengthening the bank’s financial position, achieving a strong performance despite the challenges markets are facing today. The increase in revenues and net profit also embodies the quality of our financial services and excellence in providing integrated banking solutions to our clients, which makes us more optimistic about the future. In this context, the Board of Directors has submitted a recommendation to shareholders to distribute profits, subject to the approval of the bank’s shareholders at the next General Assembly Meeting.”
Mr. Alrayes added “We anticipate 2025 with more positivity, as we intend to enhance our plans and explore new opportunities for growth. We will continue to invest in innovation and enhancing our customer experience, with a focus on developing strategic partnerships, raising the level of diverse banking services, and expanding technological innovation. We are fully confident that this approach will consolidate our position in the market, leading to better financial results in the future, which will benefit all shareholders.”
For his part, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, has stated “We are pleased to announce these positive results which embody the wise vision of the Board of Directors, reflecting the dedicated efforts of the team in implementing the bank’s plans and strategies. We understand that ‘innovation’ is the key word that distinguishes us in the banking sector, as we have worked to develop our services in line with client aspirations and the requirements of the digital age.”
Mr. Algosaibi continued “We launched several initiatives with the aim of meeting the needs of companies and individuals in an accelerated and effective manner. This step embodies a comprehensive vision that improves the financial performance of our corporate clients, reflecting our clear strategy of investing in technology and digitising our services. This strategy is based on strengthening the relationship with our clients by providing flexible and integrated banking solutions. We have also worked on developing the ‘Al Waffer’ Account and expanding its prizes by a larger margin, which reflects our constant keenness to encourage a culture of saving. We look forward to further improving our customer experience by providing additional benefits and services specifically designed to meet their needs and ambitions.”
Mr. Algosaibi also added “Our role at Khaleeji is not limited to meeting the needs of clients; we also seek to fulfil our social responsibilities, as we are committed to positively interacting with the community through a range of initiatives that support education and sports, while also enhancing environmental sustainability. Through our active participation in local events and community programs, we emphasise our role as partners in community development, and we continuously work to achieve a positive impact that reflects on all stakeholders. Promoting these social values is an integral part of the bank’s identity and falls in line with our future strategies to achieve sustainable growth, reflecting our commitment to making a positive impact in the communities within which we operate. We are confident in our ability to progress and develop in order to achieve the highest levels of success and excellence. We hold an optimistic outlook and seek to spread the culture of innovation and leadership in all areas of our work, which enhances our chances of scoring new and impactful achievements.”
Notable Achievements of 2024:
Khaleeji Bank had remarkable achievements in the fields of banking innovation and customer service during the year 2024, reflecting its commitment to meeting the changing needs of clients and enhancing its leadership in the banking sector. Among the most prominent of these achievements was the launch of the “Hafeez” platform, an innovative digital banking platform designed to meet the needs of companies, which was updated by adding new services that facilitate procedures and enhance efficiency. The application won the “Top Corporate Banking App GCC 2024” award from the prestigious International Business Magazine, which embodies the bank’s commitment to providing modern banking solutions that suit a wide segment of clients from retail to corporate.
Khaleeji has continued to develop the “Al Waffer” Account by announcing 9 Grand Prizes and 35 monthly cash prizes with a total value exceeding USD 3 million, of which USD 2 million were raffled for five depositors last December. The bank has also launched promotional stands in shopping malls, which included interactive activities with the public to introduce the advantages of the “Al Waffer” Account and the bank’s credit cards, in addition to instant cash prizes, contributing to enhancing awareness of its banking offers.
In its relentless pursuit to complete this success, Khaleeji has concluded several strategic partnerships, including cooperation with “Opportunity Network” to provide global business opportunities to its clients, in addition to partnering with several companies, including Arcapita Group Holding to obtain financing facilities worth USD 50 million, in addition to Al Areen Holding Company and Durrat Al Bahrain to provide flexible and distinctive financing solutions to its clients.
On the technical level, Khaleeji has launched its enhanced open banking services, which allow clients to manage accounts from multiple banks through a single platform, providing them with great flexibility. On a related note, the bank has obtained the ISO 22301:2019 certificate for Business Continuity Management, demonstrating its commitment to the highest international quality standards in the sector.
Last year, Khaleeji has won the “Best Rebranded Bank Bahrain 2024” award from the prestigious International Business Magazine, in addition to other awards at the Bahrain Digital Content Awards 2023, besides being included among the Top 50 Most Powerful Bahraini Companies list. All these achievements show the bank’s transformation into an integrated hub for innovation and financial services, as part of its continuous efforts to enhance its customer experience and adapt to rapid changes in the market.
Social Responsibility:
Khaleeji has also strengthened its commitment to social responsibility during the past year through various activities, as it has sponsored the Nasser bin Hamad Football Championship for schools in cooperation with the Ministry of Education. The bank has also participated in the National Tree Planting Initiative with the Southern Municipality to enhance green spaces. Additionally, Khaleeji has participated in the Ring the Bell for Gender Equality 2024 campaign in cooperation with Bahrain Bourse, reflecting its support for the principle of equal opportunities. In addition, the bank has organised a field trip for young participants of the “Lame’a Junior” Program at Youth City 2030 to introduce them to banking. Lastly, Khaleeji has provided support to families affected by the fire incident at Al Lawzi by providing them with residential apartments. As a result of these efforts, Khaleeji Bank has received the Al Bilad Shield for Corporate Social Responsibility 2024 in honour of its prominent role in promoting economic excellence.
The press release and the full audited financial statements are available on Bahrain Bourse website on www.bahrainbourse.com.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has recently announced the launch of the “Al Waffer” Account’s 2025 edition, featuring remarkable cash prizes that exceed a total value of $4 million, making this edition the largest and most distinctive since the account’s inception.
Clients will have the opportunity to win one of 11 Grand Prizes, including a prize worth $1 million, which will be raffled in December. Raffles for prizes worth $250,000 each will take place in March, June, August, October, and December. This year, the account’s schedule commences powerfully with three grand prizes worth $250,000 to be raffled in March. Additionally, it will conclude with a special raffle for the $1 million prize and four other prizes worth $250,000 each in December, along with several other surprises throughout the year.
As part of rewarding distinguished members of the “Al Waffer Club” program, Khaleeji has allocated 30 additional cash prizes worth $10,000 each, with raffles for five winners taking place in February, April, May, July, September, and November.
For the first time since the launch of the account, this year’s program includes prizes allocated specifically for young clients through the “Ajyal Al Waffer”. A total of 60 prizes worth $1,000 each have been allocated, with a special raffle for 15 prizes to take place in March and monthly raffles for five prizes for the remaining months.
Commenting on the new edition of “Al Waffer”, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated “We are delighted to announce the launch of the 2025 edition of the ‘Al Waffer’ Account, which is not just a savings program, but also a genuine opportunity to transform our clients’’ lives. Through prizes exceeding a total value of $4 million, we aim to support a culture of saving and encourage our clients to invest. To that end, this year will also see the launch of the ‘Ajyal Al Waffer’ Account, targeting children and youths under the age of 21, representing the bank’s commitment to playing an active role in enhancing Financial Literacy, particularly among young people, and providing young depositors with the chance to enter exclusive raffles for cash prizes.”
Al Abbasi added “We are delighted to invite all our valued clients to participate in the new edition of the ‘Al Waffer’ Account for the year 2025, which presents an exceptional opportunity to win significant cash prizes, enabling them to realize their ambitions. We also encourage everyone to join the exclusive ‘Al Waffer Club’, which offers unique opportunities to win one of the 30 cash prizes of $10,000 each, raffled at various times throughout the year. We are always striving to enhance our offerings to meet our clients’ aspirations, as we serve as their partner in ambition. We wish all depositors the best of luck.”
It is worth noting that “Al Waffer” Account is a savings account compliant with the provisions & principles of Islamic Shari’a, where funds are invested on the principles of Unrestricted Mudarabah. The account can be opened with a minimum deposit of BHD 50, and points are calculated for every BHD 25 in the account. Clients can increase their chances of winning by benefiting from the Double Points System, which requires account holders to maintain or increase their balance without making withdrawals for more than 90 days prior to the raffle’s date.