March 23rd set for AGM

Khartoum, March 19th, 2008: Under the auspices of Sudanese President, Omar Al-Bashir, the new premises of the Al-Salam Bank of Sudan will be inaugurated on Sunday, March 23, 2008 with a big fanfare.

The bank's new headquarters, which is located downtown the Sudanese capital, Khartoum, has been built in a state-of-the-art architectural design and furnished with the latest equipment and technologies, making the new building a masterpiece and a major landmark in downtown Khartoum.

All offices in the eight-storey building, built according to international banking standards, have been equipped with the latest types of computers, using the latest computer programmes to match the banks' ambitious plan of providing outstanding services to customers in a fast and efficient way.

The bank has announced that it will hold on the same inauguration day at 1:00 pm its ordinary general assembly meeting at the Nile ballroom of the Al-Salam Rotana Hotel. The general assembly will look into proposals by the bank's board for distribution of dividend to shareholders.

The general assembly will also brief the shareholders about a number of reports, including the bank's financial activities report, issued by the bank's board, for the fiscal year ending 31/12/2007, the report issued by the Fatwa and Sharia monitoring Authority regarding the bank's operation and review the report of the bank's auditors, the profit and loss accounts and will discuss and approve the general budget and the profit and loss account for the fiscal year ending on December 31, 2007.

 The general assembly will also clear the board members and the auditors for their activities during the fiscal year ending December 31, 2007.

The general assembly, which will appoint auditors for the fiscal year 2008 and decide their pay, has given approval to those who are to attend the meeting but who cannot do so due to some reasons beyond their control, to be represented by those they choose to do so but who should not be sitting board members. The representations shall be made by virtue of a written note but the representative shall not, under this status, be holding more than 5% of the bank's capital.

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About Al-Salam Bank - Sudan:
Al-Salam Bank - Sudan was established on May 25, 2005 as a result of a fruitful cooperation between the UAE and other Gulf States and Sudan.

The bank was set up with an initial capital of US$100 million with the objective of providing modern Islamic banking services to meet the various development aspects and face the future challenges on the local, regional and international markets by depending on the highest quality standards in performance while focusing on achieving the highest dividend possible for clients and shareholders.

Al-Salam Bank - Sudan, which is one of the biggest banks on the Khartoum stock market, is striving to be one of the biggest banks on the Sudanese banking market through the provision of innovative banking services.

The bank is operating according to a clearly defined strategy that meet the economic development demands of all Sudan's vitals sectors by providing modern Islamic banking services that are fully Sharia compliant.

Al-Salam Bank - Sudan has succeeded in achieving great results in meeting the demands of Sudan's Central Bank for the last quarter of 2007 in accordance with the CAEL indices which ranked the bank under the "Strong" category.

The Bank moved on August 11, 2007 to its headquarters from where it conducts its operations. The building has been renovated and refurbished with the state-of-the-art equipment and architectural design, making it an architectural masterpiece and a major landmark in downtown Sudanese capital, Khartoum.

As part of its plans to rapidly spread its wings in major Sudanese towns, the bank has conducted studies for the opening of four branches by the end of this year. They include a branch on the Africa Street in Khartoum. A license had already been acquired from the Sudan Central Bank for the opening of this branch which is now being refurbished for operation. This branch is scheduled to be opened soon. Other branches are located in the towns of Umm Durman, Khartoum Al-Bahri and Port Sudan.

The affairs of the bank are being managed by Al Salam Bank Board Chairman, H.E Mohammed Ali Al-Abbar, assisted by his Deputy Board Chairman and Managing Director, Mr. Hussein Mohammed Al-Meeza, two iconic personalities behind the idea of establishing the bank.

Also behind the establishment of the bank are some notable institutions, including Emaar Real Estate PJSC, The Investment Office, Amlaak Finance, Lebanon-Canada Bank and the National Social Insurance Fund.

© Press Release 2008