Khaleeji Bank executives have recently organized a visit to the families who have been provided temporary apartments by the bank, in cooperation with the Ministry of Housing & Urban Planning, the Ministry of Social Development, and Eskan Bank, following the tragic accident that occurred in their residential building located in “Al Lawzi” area last month. The bank, in coordination with relevant partners from government agencies, has allocated 10 fully furnished and equipped residential apartments in the Capital Governorate for the affected families, including the provision of basic services to ensure them a decent life during their stay. The Khaleeji Team has also distributed gifts to the families with Eid Al Adha around the corner, in a gesture aimed at contributing to alleviating their suffering and sharing the joy on this happy occasion.
The Ministry of Housing & Urban Planning, the Ministry of Social Development, and Eskan Bank have confirmed their keenness to provide the necessary support and needs to the families until they return to their homes after completing the required procedures. They noted that all necessary steps are being taken to address the effects of the fire in the damaged apartments and common areas in the residential building, in accordance with the procedures followed in this regard.
The role played by the private sector in enhancing its social responsibility was also highlighted by launching many initiatives in cooperation with the public sector, due to their positive impact on society at various levels. The two ministries expressed their appreciation to Khaleeji for its initiative, which reflects interest in its social responsibility in the Kingdom.
Commenting on this occasion, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, said “We appreciate the sincere national efforts made by the concerned authorities, led by the Ministry of Interior, the Ministry of Housing & Urban Planning, and the Ministry of Social Development.” He further added that “this initiative comes within the bank’s social responsibility to serve the Kingdom of Bahrain and its citizens.”
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has recently announced that it has signed a Memorandum of Understanding (MoU) with the Durrat Al Bahrain Company. As a result, those wishing to own one of the luxurious residential units in Durrat Al Bahrain will benefit from obtaining financing solutions with exceptional and convenient benefits. The agreement was signed by Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji, and Eng. Moaath Al Hassan, Executive Manager of Operations at Durrat Al Bahrain.
This MoU coincides with Durrat Al Bahrain’s launch of its modern residential project “Jawharat Al Marjan” which is the fourth phase of the project. During this phase, “Al Marjan 5” Island will be in development, which will include 200 unique villas overlooking the blue waters of the Arabian Gulf. The latest villas are distinguished by their inclusion of recreational amenities in a comprehensive and lively family atmosphere, surrounded by unique designs and modern facilities. The new island will be an important haven for sustainable living, as it will include various playgrounds, health clubs, mosques, beach & marine life facilities, as well as other vital amenities.
Those wishing to own one of the residential units in Durrat Al Bahrain will be able to obtain Real Estate Financing with exclusive benefits from Khaleeji. The agreement ensures that they will benefit from a range of offers and facilities that will allow them to own their dream home.
In this regard, Ms. Al Abbasi stated “This initiative comes from our keenness to provide Real Estate Financing solutions for various modern projects in Bahrain, as Durrat Al Bahrain is considered one of the national projects that we are proud of in the Kingdom, which has left a clear imprint on its real estate horizon. This agreement will contribute to enabling those wishing to own their dream home in Durrat Al Bahrain without facing any obstacles. Our specialised teams are ready to answer any inquiries and provide any information about how to benefit from the financing scheme.”
Ms. Al Abbasi has also invited those wishing to benefit from this offer to contact Khaleeji through one of its available channels in order to submit their application and complete all related procedures.
On his part, Eng. Al Hassan said “We are delighted at Durrat Al Bahrain to sign this MoU with Khaleeji, in order to provide distinguished banking facilitation to those wishing to join the Durrat Al Bahrain community through ownership in the new project Jawharat Al Murjan, which has been opened for reservations on Saturday 8th June.”
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 a new campaign for its credit cardholders, offering them the chance to win 100% Cashback during the months of June, July, and August of this year. This exciting offer ensures a rewarding and enjoyable summer vacation for all participants.
The campaign extends to all Khaleeji Bank credit cardholders, including primary and supplementary cards. By spending BD 200 or more on travel-related expenses, cardholders will be automatically entered into a monthly raffle for a chance to win 100% Cashback on their travel purchases. This includes flight bookings, hotel reservations, and taxi fares during the campaign’s period.
In addition to this exceptional offer, clients who transfer their existing credit card balances to Khaleeji will enjoy a range of exclusive benefits. These include a six-month Grace Period, Cashback of up to 3%, reduced Repayment Rates, Cash Withdrawal facilities of up to 35% of their credit limit, and much more.
Commenting on this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji, stated: “At Khaleeji Bank, we are committed to providing our clients with an exceptional banking experience. We have designed this campaign to give our credit cardholders the opportunity to enjoy a wonderful summer vacation while earning 100% Cashback.”
She added “We are constantly striving to offer innovative solutions and exclusive privileges to Khaleeji credit cardholders. Therefore, I encourage all our valued clients to take advantage of this limited-time offer and make the most of their summer vacation expenses.”
Khaleeji Bank is a distinguished Islamic Bank that strives to meet the ambitions of its clients through an Islamic Banking model that offers a comprehensive range of high-quality banking services for individuals, corporations, and investment opportunities compliant with Islamic Shari’a principles.
Visit Khaleeji Bank’s website at www.khaleeji.bank and follow the bank’s social media accounts on Instagram, Facebook, LinkedIn, YouTube, and X platforms to stay updated on the latest news and offers. You can also explore a variety of exclusive offers through the following link: https://offers.khaleeji.bank/
Terms and conditions apply.
Khaleeji (Trading Code: KHALEEJI) has announced its financial results for the period ended 31st March 2024, reporting a net profit of BD 3.008 million attributable to the shareholders of the bank, compared to BD 3.752 million for the same period of the previous year, which is a decrease of 19.83%. The earnings per share for the period ended 31st March 2024 reached 3.69 Fils, compared to 4.69 Fils for the same period of the previous year. The bank reported a decrease in total income by 1.68%, reaching BD 12.902 million at the end of the first quarter of this year, compared to BD 13.122 million in the first quarter of last year.
Total Owners’ Equity for the period ended 31 March 2024 decreased by 23.94%, reaching BD119.72 million, compared to BD 157.39 million for the year ended 31st December 2023. Total assets for the same period decreased by 4.90% to reach BD 1,428.75 million for the period ended 31st March 2024, compared to BD 1,502.42 million for the year ended 31st December 2023. Total deposits also decreased by 3.03%, reaching BD 1,025.81 million on the period ended 31st March 2024, compared to BD 1,057.83 million for the year ended 31st December 2023.
Commenting on the occasion, Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, stated “The first quarter financial results reflect our strategic focus on improving income and cost efficiency to drive sustainable growth, as well as our commitment to enhancing profitability for shareholders through intensifying innovative promotional campaigns. Among them was the credit card campaign during the Bahrain Grand Prix race, the Ramadan campaign for purchases throughout the holy month, and the Khaleeji platform at Bahrain City Center which saw remarkable turnout. The bank will continue organizing additional promotional initiatives in line with a carefully strategized plan to stay ahead of the market’s many challenges.”
Mr. Algosaibi concluded “Maintaining earnings per share at 3.69 Fils confirms our commitment to providing stable financial performance, despite continuing challenges amid market uncertainty. We look forward with optimism to the future and our ability to pass the coming period effectively and achieve better financial results during the year 2024. The entry of the Royal Humanitarian Foundation (RHF) as a new shareholder alongside the GFH Financial Group will undoubtedly contribute to the growth of the bank.”
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.
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 announced the inauguration of a new promotional campaign to showcase its banking solutions & products to clients. The campaign will focus on the “Al Waffer” Account and special offers for the bank’s Credit Cards, all through a special stand set up at Bahrain City Centre from 30th April to 4th May 2024, where clients are offered various benefits and the opportunity to win cash prizes worth up to BD 1,000.
Through this initiative, Khaleeji aims to provide information about the “Al Waffer” Account and present exceptional offers for Credit Cards, as it allows visitors to explore exclusive benefits in the event of transferring their credit card balances to Khaleeji, including a Grace Period of six months and a Cashback offer of up to 3%. Cardholders will also have access to benefits such as access to more than 1,100 VIP Lounges at airports worldwide, Cash Withdrawals of up to 35% of their card limit, free Travel Insurance, and Airmiles on the national carrier “Gulf Air”, among other offers from over 100 retail stores.
In addition to the Credit Cards offers, clients can also open a new “Al Wafer” Account or increase their savings in one at Khaleeji’s stand to be eligible to win instant cash prizes. It is worth noting that the 2024 edition of the “Al Waffer” Account includes 9 Grand Prizes and 35 monthly prizes totalling to more than USD 3 million to be raffled throughout the year, which includes a Grand Prize worth USD one million to be raffled in December 2024, 8 cash prizes worth USD 250,000 each, and 35 cash prizes worth USD 10,000 each.
Commenting on this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking, expressed her delight for the launch of this initiative, emphasising that it stems from the bank’s constant commitment to innovating products and enhancing services for clients.
In this context, Ms. Al Abbasi stated “We are delighted to introduce our new promotional campaign to our valued clients, showcasing the benefits of the ‘Al Waffer’ Account and the exceptional offers for our Credit Cards. Clients now have the option to transfer their credit card debt to Khaleeji’s Credit Card and receive a complimentary Grace Period of six months, along with a Cashback of up to 3%. This initiative reflects the bank’s commitment to delivering innovative products & services that cater to the evolving needs and financial ambitions of our clients.”
She further mentioned: “We invite you to visit our platform at Bahrain City Centre from 30th April to 4th May 2024 to enjoy exclusive benefits and instant cash prizes worth up to BD 1,000 for our valued clients.”
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 & investment opportunities to individuals and companies.
Visit Khaleeji’s official website at www.khaleeji.bank and connect with the bank on its social media accounts to stay up-to-date on the latest news & offers. Khaleeji can be found on Instagram, Facebook, LinkedIn, YouTube, and X. Terms & Conditions apply.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has celebrated in an innovative and exceptional manner the winner of the “Al Waffer” Account’s prize for the month of March, which is worth a quarter of a million US dollars. The bank held a distinguished celebration in Bahrain City Center to announce the name of the lucky winner, Ms. Hafeidha Abdulla Mohamed Al Balooshi.
Hosting this celebration comes as part of the bank’s great interest and care in making the announcement of grand prize winners from its loyal client base a memorable event, as this moment constitutes a milestone that will have a great impact on their lives.
On this occasion, Ms. Ameera Ahmed Alabbasi, Head of Retail Banking at Khaleeji Bank, congratulated the lucky winner, saying “We are proud to hold this distinguished celebration for one of our loyal clients, who we appreciate and respect greatly as well as expend all efforts towards ensuring they have an exceptional and high-quality banking experience, one that meets their growing needs and unique lifestyle.”
She further added “The trust we have received from our clients has always inspired us to provide our best in making their banking journey with Khaleeji exceptional and unique. This is our way of expressing gratitude to them for their trust and loyalty. I would like to take this opportunity to invite our dear clients to invest in the “Al Waffer” Account and enjoy endless benefits with the possibility of winning rewarding cash prizes.”
For her part, Ms. Hafeidha Al Balooshi said “I am grateful for my experience with Khaleeji, and this prize is the culmination of my trust in the bank. Khaleeji has always been the first destination for all my banking transactions, and I’m happy that this has led to me winning this year’s “Al Waffer” Account’s prize for the month of March.”
It is worth noting that the 2024 edition of the “Al Waffer” account includes 9 Grand Prizes and 35 Monthly Prizes worth more than USD 3 million, which are raffled throughout the year. This edition also includes more cash prizes, including a USD 1 million prize for one winner in December, as well as seven cash prizes worth USD 250,000 in May, July, and September, while the other four prizes will be in December all at once.
Furthermore, in continuation of its approach to rewarding its clients by offering valuable and exclusive cash prizes, Khaleeji has also revealed more raffles for “Al Waffer Club”, including five monthly prizes worth USD 10,000 each for club members, totaling to 35 prizes throughout the year. This enhances Khaleeji clients’ banking experience in saving and investment, as well as underscores the bank’s dedication to providing exceptional opportunities for its clients.
It is worth noting that the “Al Waffer” Account is a Shari’a-compliant investment account based on the principles of “Absolute Mudarabah”. The account can be opened with a minimum amount of BD 50, while entry points into raffles will be calculated for every BD 25 in the account. Clients can benefit from the “Double Points System” during raffles if their account balance is maintained or increased without conducting any withdrawals for more than 90 days before the raffle’s date.
For more information about the “Al Waffer” Account, please visit the account’s webpage at www.khaleeji.bank or contact the Khaleeji Bank Call Center on 17540054.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has recently announced the launch of a new Electronic Platform & Mobile Application for its corporate clients, contributing to enhancing their banking experience on a broader scale. “Hafeez” is considered one of the most advanced banking platforms in the Kingdom of Bahrain, as it aligns with the bank’s commitment to providing many innovative products & services. This new platform embodies Khaleeji’s ongoing efforts to lead in the digital transformation of banking services in the Kingdom of Bahrain and the GCC region.
This platform offers innovative features, with a focus on streamlined registration for entrepreneurs, including both individual and multi-partner businesses. Khaleeji has prioritised the development of the platform’s login page to ensure seamless account access, incorporating options for registration and password recovery. The comprehensive interface also provides users with a detailed summary of their bank account, including financial analysis and transaction history, offering valuable insights into account activity and transactions. Multiple options have also been included for transferring funds electronically, including local & international transfer and bulk payment, in addition to the ease of transferring monthly salaries with a preloading service, which is supported by new security technologies before allowing the process to be completed and is also linked to the Wage Protection System.
Additionally, the new updates come with the option to provide a detailed view of account balances, transaction history, and organization-specific information. Khaleeji has also enhanced this new platform with improved audit and transaction records.
Commenting on this occasion, Mr. Osama Ali Nasr, Chief Technology Officer, said “We are delighted to announce the launch of “Hafeez” for corporate clients, aimed at enhancing the high-quality services offered by the bank to this segment of our client base. By incorporating cutting-edge A.I. technologies, this platform delivers optimal efficiency and convenience for corporate users, streamlining processes and providing valuable insights into their banking transactions. This results in an enhanced user experience and reinforces the bank’s position as a frontrunner in digital innovation within the banking industry, both locally and regionally. Additional features will be introduced in the upcoming months, and we are confident that this new platform will fortify our relationship with corporate clientele and support their continued growth and success.”
On his part, Mr. Ahmed Mohamed Burashid, Head of Corporate Banking & Debt Capital Markets, invited Khaleeji’s corporate clientele to proactively register to this platform and leverage the comprehensive suite of services it offers, emphasising their pivotal role in delivering a myriad of features. He also highlighted that the platform’s launch is a direct response to the requirements of this market segment, tailored to fulfil their desire for a premium and convenient banking experience.
Commenting further, Mr. Burashid added “We are delighted to introduce our cutting-edge corporate banking platform, which embodies our dedication to enhancing and broadening our services to deliver the optimal user experience for our valued clients. “Hafeez” marks a significant milestone in the way businesses manage their financial affairs, offering a streamlined banking experience with sophisticated features tailored to address their unique requirements. This reiterates Khaleeji’s ongoing commitment to surpass client expectations by continuously enhancing our offerings and introducing innovative solutions to meet their needs.”
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 & investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, held its Annual General Meeting (AGM) on Monday (25th March 2024), with a quorum of 90.87%.
The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Board Chairman, in the presence of Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, several members of the Executive Management Team, and with the participation of shareholders, representatives of the Shariah Supervisory Board (SSB), external auditors and regulatory authorities.
The AGM commenced with the approval of minutes from the previous meeting held on March 22, 2023. The Board of Directors’ report on the Bank’s business activities for the financial year ended 31st December 2023 was reviewed and approved. Additionally, reports from the SSB and external auditor were presented, and financial statements for the year ending 31st December 2023 were deliberated and approved.
The attendees approved the Board of Directors’ recommendations to transfer BD 900,316 to the statutory reserve, allocate BD 768,429 for the Zakat Fund, and transfer BD 7,334,418 to retained earnings. Additionally, attendees approved the proposal of distributing Board Remuneration of BD 143,000 for the financial year ended 31st December 2023, subject to obtaining the required regulatory approvals.
The meeting authorized, ratified and approved any related party transaction which was conducted during the financial year ended 31st December 2023. The meeting also discussed and approved the Corporate Governance Report for the year ended 31st December 2023, and Bank’s compliance with the requirements of Central Bank of Bahrain (CBB).
Moreover, Board members were discharged of any liability in lieu of their actions for the year ended 31st December 2023, while the attendees approved the appointment or reappointment of external auditors for the year 2024 and authorized the Board to fix their remuneration, subject to obtaining the CBB’s approval.
In addition, the AGM also approved the proposed amendments to the remuneration framework of the bank, in terms of variable remuneration policy and share incentive scheme, and authorized the Board to make the necessary amendments to it from time to time, as necessary, subject to the CBB’s approval.
Furthermore, the AGM concluded its proceedings by approving the appointment of 7 members representing major shareholders in accordance with the provisions of Article 175 of the Bahraini Commercial Companies Law of 2001 and the Bank’s Articles of Association. This approval is subject to receiving the Central Bank of Bahrain’s consent. The appointed members are as follows:
- Mr. Hisham Ahmed Al Rayes
- Mr. Ali Murad Ali Murad
- Mr. Yusuf Abdullah Taqi
- His Excellency Mr. Ayman Tawfiq Almoayed
- Mr. Mazen Ibrahim Abdulkareem
- Dr. Hisham Abdulrahman Al Bin Ali
- Shaikh Fahad bin Ibrahim Al Khalifa
Additionally, the following individuals were endorsed as independent members of the Board of Directors for the upcoming three-year term:
- Shaikh Ahmed bin Isa Al Khalifa
- Mr. Riyadh Eid Al Ya’qoub
- Shaikh Isa bin Khalid Al Khalifa.
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, one of the leading Islamic Banks in the Kingdom of Bahrain, has announced a new strategic partnership with Eskan Bank to provide Shari’a-compliant Home Financing solutions to citizens.
As part of the new partnership, Khaleeji will be working to finalise all available financing options with Eskan Bank, reflecting its strong commitment to providing the best financial solutions that meet the needs and aspirations of its clients.
Under this agreement, Khaleeji and Eskan Bank will collaborate in the “Joint Guarantee” Program to offer financing services to their clients. This partnership includes jointly financing citizens, with both banks guaranteeing the same property based on their respective shares in it. This will pave the way for Khaleeji clients to benefit from its financing services in addition to Home Financing services provided by Eskan Bank they are or already eligible for, expanding both their capabilities and Home Financing options & solutions within the framework of Islamic Shari’a principles.
This cooperation embodies Khaleeji’s objectives of providing a diverse range of banking products & services that meet all the needs and aspirations of its clients. Through this collaboration with Eskan Bank, all shared goals of promoting economic growth and driving sustainable development will be achieved.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji, has emphasised the importance of this partnership with Eskan Bank, stating “We are delighted to announce this collaboration with Eskan Bank, which reflects our commitment to providing integrated and innovative banking services and solutions. This partnership embodies our steadfast commitment to providing diverse financial products that meet the needs and ambitions of citizen clients.”
Ms. Al Abbasi continued, saying “It also reflects our firm commitment to supporting government initiatives, contributing to the achievement of Bahrain Economic Vision 2030, and continuing to support the strategic development of the Kingdom of Bahrain. This affirms our leading role in the Islamic Banking sector.”
For his part, Dr. Khalid Abdulla, Chief Executive Officer of Eskan Bank, expressed his satisfaction with the announcement of this strategic partnership with Khaleeji to provide Shari’a-compliant Home Financing solutions to citizens, which aligns with Eskan Bank’s efforts to expand fruitful partnerships and provide exceptional services to its clients.
Dr. Khalid also added: “Through consolidating efforts with Khaleeji, we will leverage our expertise and resources to support citizens benefiting from Home Financing services and contribute to the achievement of Bahrain’s economic vision. We are confident that this cooperation will yield positive results, and we look forward to working closely with Khaleeji to provide innovative financial solutions that meet the diverse needs of citizens.”
It is worth mentioning that Khaleeji Bank is a distinguished Islamic Bank that seeks to fulfill clients’ ambitions through an Islamic banking model that offers a comprehensive range of high-quality banking services for individuals and companies, as well as Shari’a-compliant investment opportunities.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, is celebrating the arrival of the holy month of Ramadan by launching exclusive offers for its Credit Card Holders, which includes getting up to 10% Cashback on Ramadan groceries. Moreover, this Ramadan offer includes 1% Cashback on all purchases throughout the holy month, in addition to 9% cashback on Ramadan supplies. Cardholders can also earn Air Miles with Gulf Air and enjoy many other exclusive offers.
Additionally, the campaign covers purchases made using Khaleeji’s Credit Cards at any supermarket or on mobile applications. The maximum Cashback limit on total purchases during the holy month is set at BD 100, including the Primary Credit Card and any Supplementary Cards if applicable. This campaign will run from 11th March until 9th April 2024.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking, stated “We are delighted to share the joy of the holy month’s arrival with our valued clients through the launch of this exceptional campaign, which offers unique benefits to Credit Card Holders. Through this campaign, we aim to enhance our valued clients’ experience by rewarding them for shopping at any supermarket or on mobile applications using our cards, which are known for their ease of use and security.”
Ms. Al Abbasi added “We are pleased to invite all our valued clients to seize this opportunity by using their Credit Cards during while shopping for Ramadan groceries and supplies in order to get rewarding Cashback, as well as Air Miles and exclusive discounts at select stores.”