Forming part of a broader group optimization strategy to focus on its core markets and expand banking operations, Al Salam Bank (Bahrain Bourse trading code “SALAM”, Dubai Financial Market trading code “SALAM_BAH”) announced the sale of its 20.94% stake in Gulf African Bank, the largest Islamic Bank in Kenya. ASB Capital, the Group’s asset and wealth management arm with AUM of USD 8.8 billion, was appointed by Al Salam Bank as sell-side advisor to provide structuring and execution support.
Licensed by the Dubai Financial Services Authority (DFSA) in 2024, ASB Capital is strategically positioned to connect investors to multi-market opportunities and deliver tailored investment banking and advisory solutions supported by a growing portfolio of executed transactions across key sectors and markets. These include advising Al Salam Bank on the sale of its 15.6% stake in Seef Properties and multiple Joint Lead Manager and Bookrunner roles in landmark debt capital market transactions including Bapco Energies’ USD 1 billion Sukuk issuance, KFH’s USD 850 million AT1 Sukuk issuance, Alinma Bank’s USD 500 million Sukuk issuance, and Kuwait International Bank’s USD 300 million Tier 2 Capital issuance.
Rafik Nayed, Group CEO of Al Salam Bank commented: “We are proud of the remarkable journey that Gulf African Bank has undertaken to cement its position as the largest Islamic bank in Kenya. The exit is part of Al Salam Bank’s group-wide focus on optimizing holdings and expanding operations in our core strategic markets. Our partnership with ASB Capital to execute this transaction has proven to be an important milestone in delivering maximum value for all parties involved.”
Hichem Djouhri, SEO of ASB Capital added: “We are pleased to have successfully completed this mandate. The engagement underscores ASB Capital’s proven capabilities and expertise in investment banking and transaction advisory, leveraging its deep knowledge of the space, market dynamics, and strong network. As we continue to grow our AUM, we remain dedicated to building a brand of excellence in asset and wealth management, while delivering innovative investment solutions to meet the evolving needs of our clients.”
Al Salam Bank reported record profitability for the fiscal year ending 31 December 2025, with net profit attributable to shareholders increasing by 30.2%, reaching USD 203.8 million, up from USD 156.5 million in 2024. As the largest domestic bank in Bahrain, Al Salam Bank’s total assets grew by 14.0%, reaching USD 21.36 billion in 2025, up from USD 18.73 billion in 2024, driven by the successful execution of key growth initiatives.
