MANAMA, BAHRAIN: Al Salam Bank recently received the respected J.P Morgan Elite Quality Recognition Award for the second year in a row, recognizing the Bank for its unparalleled efficiency and demonstrated success in achieving the utmost level of optimized effectivity in USD payments.
The award was presented to Al Salam Bank’s Chief Operating Officer, Abdulkarim Turki by the Executive Director of Financial Institutions Group at J.P. Morgan, Mr. Mohammed Al Banna.
With stringent Straight Through Processing (STP) efficiency standards, designated by a SWIFT message type that includes two award tiers, Quality Recognition and Elite Quality Recognition, which acknowledge establishments with a confirmed track record of distinctive efficiency and effectivity optimization.
Less than 1% of its total correspondent banking clients certified for the Quality Recognition Award in 2021.
Following an excellent year, Al Salam Bank received this accolade from J.P. Morgan in acknowledgement of the Bank’s success in receiving an distinctive STP rate, achieving a rate above 99% for the MT103 message type and above 99.7% for the MT202 message type respectively.
This milestone achievement additional solidifies the Bank’s standing as a rising monetary establishment and solid industry participant on each native and regional levels.
Commenting on the recognition, Mr. Abdulkarim Turki, Chief Operating Officer of Al Salam Bank, said, “We are extremely proud to have received the J.P. Morgan Elite Quality Recognition Award for the second consecutive year, particularly within the wake of the collective challenges introduced on by the pandemic confronted by monetary establishments throughout the globe. This award is a testomony to Al Salam Bank’s robust monetary efficiency and demonstrated success in enriching our clients’ expertise by offering facilitated and seamless banking transactions. Going forward, we aim to proceed to surpass the expectations of our clients’, service suppliers and partner banks; rising because the Bank of choice within the Kingdom of Bahrain.”