Al Salam Bank Goes Public In Sudan

Khartoum , 26th June, 2005:

The Al Salam Bank of Sudan , declared its shares listed in Al-Khartoum Financial Market starting from 20 th June, 2005. The Islamic bank which was recently founded takes the pride in entering the stock market of Sudan .

Hussein Al Meeza, Vice Chairman says that Al-Khartoum Financial Market has approved the listing of the bank's shares in the secondary market with a capital of US$ 100 million (hundred million shares of one dollar each).He points out that, the bank intends to list its shares in other countries, such as UAE.

Banking sources estimated that the latest IPO will make Al Salam Bank the largest Islamic bank in Al Khartoum market. The bank intends to finance and develop a lot of projects in different areas, such as real estate, agriculture and industry. Likewise, the bank seeks to take part in financing and supporting the new important real estate projects in the Sudanese capital.

“This IPO will empower the bank's position as a strong public joint stock company in the Sudanese market. It will enable as many investors as possible to gain shares in Al Salam Islamic bank, and consequently avail of the great success it is achieving, and the great results it is making as the most important Islamic bank in Sudan . Share holders will have massive opportunities to make profit after the expected price rise of shares post IPO”, adds Al Meeza.

The emerging finance market in Sudan allows establishing and implementing lots of investment and projects. And according to Al Meeza, Al Salam bank will do its best to finance most of those projects.

Share registration at the end of last year was a major success and preparations have been underway ever since. With statutory approval, experience and workforce in place, the bank will provide the full gamut of Islamic financial services.

Its Islamic products include: Murabaha, Istisna'a, Ijara, Mudaraba, real estate and land purchases, sales, and leases, creation of Shariah-compliant joint ventures, and the establishment and funding of insurance vehicles and companies.