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Al Salam Bank to acquire KFH’s Bahraini unit

Architecture, Building, Office Building KFH-Bahrain
The acquisition of KFH-Bahrain by Al Salam Bank is subject to regulatory approvals

Al Salam Bank, a sharia-compliant lender in Bahrain, has signed definitive agreements to acquire the entire stake in Kuwait Finance House’s (KFH) subsidiary in the kingdom.

The transaction is subject to regulatory approvals, the bank said in a statement to the Bahrain Bourse.

No details were given on the deal.

In November 2023, Al Salam Bank announced the start of discussions to acquire KFH-Bahrain in collaboration with potential investors. However, the bank terminated the talks in January this year after failing to reach mutually agreeable terms.

In February, the Islamic lender announced an agreement to buy KFH-Bahrain.

KFH-Bahrain was established in 2002 as a wholly owned subsidiary of Kuwait Finance House, which reported a net profit of KD584.5 million ($1.9 billion) for 2023, up 63.4 percent year on year.

KFH banking network covers seven regions worldwide, with 430 branches and more than 790 ATMs, according to its website.

Last month experts told AGBI that Islamic banking could open new markets for GCC players.

Refinitiv forecasts the value of the global Islamic finance industry could reach $6 trillion by 2026.

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