Mubasher: Bahrain-based Al Salam Bank, listed on Dubai Financial Market (DFM), signed an exclusive partnership agreement with Visa to provide advanced banking experience and varied payment methods for Visa cardholders, according to a press release.
The lender will align all of its debit, credit, and prepaid card portfolios, over which Visa has secured exclusivity including premium products, like Visa Infinite and Visa Signature.
Meanwhile, Visa will back Al Salam Bank in its post-acquisition phase to integrate its card portfolio and unlock value-adding opportunities for its clients to benefit from efficient payment methods as well as enhanced banking services.
Mohamed Buhijji, Head of Retail Banking at Al Salam Bank, commented: “This step is in line with the bank’s transformation strategy, which focuses on leveraging digitally empowered financial technologies to provide innovative solutions.”
Buhijji added: “We look forward to enhancing the banking experience and offering premium services to our clients, as part of our strategic partnership.”
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman, said: “Through our partnership, we remain committed to growing digital payments by developing innovative products and delivering customer-centric solutions to benefit cardholders.”
The partnership follows the lender’s acquisition of assets from Ithmaar Holding, including the consumer banking business of its wholly-owned subsidiary, Ithmaar Bank.
Ithmaar Holding, which is also listed on DFM, inked the agreement with Al Salam Bank in October 2021.
