Al Salam Bank Board meeting in Sudan

Khartoum, April 11th 2005:

The Board of Al Salam Bank, the Islamic bank that aims to be one of the biggest and most reputed in Sudan , established by a group of Arab investors, attended a meeting today, Monday, April 11, 2005, in Khartoum to announce key appointments for the management of the Bank. These appointments include a group of investors those of the Chief Executive Officer, Financial Controller, Chief Technology Officer, Marketing Director amongst others.

Al Salam Bank was founded by a consortium of UAE and Sudanese investors. Its Board Members include
H.E. Mohamed Ali Alabbar, Hussein Mohammed Al Miza, Salem Rashid Al Muhannadi and Mohammed Omeir Bin Yousef and was attended by them this afternoon.

H.E. Mohamed Ali Alabbar has been elected as the Chairman of the board, whereas the other board members elected are: H.E. Mohamed Ali Alabbar, Hussein Mohammed Salem Al Miza, Salem Rashed Al Muhannadi and Mohammed Omeir Bin Yousef and Omar Mahmoud Al Qouqah, Abdullah Abdul Karim Shoeitar, Faisal Mansour Aloun, Kamal Hamza Al Hassan and Mohammed Ibrahim Hamdoun.

Commenting on the impending appointments, Hussein Mohammed Al Miza, said, “Our focus is to get on board well respected senior executives who understand the Sudan market and its potential for growth. They are leaders in their respective disciplines, be it financial management or marketing or technology. We look forward to the appointees growing with the bank for years to come.”

The economic and political situation in Sudan is encouraging a fresh wave of investments. The Sudanese economy is booming and is one of the fastest growing in the region buoyed by increasing oil production. Sudan has become a magnet for investors, businesses and financiers since the signing of a peace treaty between the north and south of the country.

Financial stability has been ensured by the intervention of the International Monitory Fund, lowering the investment risks. Al Salam Bank expects to be a building block of the Sudanese financial system.

Al Salam Bank will provide the latest Islamic financial services to the Sudanese market, focusing on the quality of its service to customers. It will begin operations this year and plans to quickly expand out of its Khartoum headquarters and create a network of branches throughout the country. All its operations, services and products will be fully Shariah compliant