The Tigers currently sit second in the Championship, seven points adrift of runaway leaders Cardiff City, but two points clear of third-placed Watford with eight games to play.
A large portion of their success so far this season can be attributed to Bruce's signings, with the likes of Stephen Quinn, David Meyler, George Boyd and Egyptian loan duo Gedo and Ahmed Elmohamady all having made significant impacts.
All those deals have been financed by Allam, who has already invested heavily in the club since taking over in December 2010 but insisted he has no reservations about handing Bruce funds.
"We trust Steve," the Egyptian-born businessman told the Hull Daily Mail. "Steve Bruce is someone whose judgement and management we trust.
"I don't think any of us here in August had imagined or dreamed of talking about automatic promotion.
"Our dream was to be in the play-offs. Now we have been in the top two for a while, which is very good. It looks promising and we can only do our best, and in Steve Bruce we are lucky to have a very good manager.
"We couldn't have dreamt of a better man. We have a good squad and very good, committed players and, with only eight matches left, I believe five wins will get us to the Premier League."
Allam will have invested a total of around £66million into Hull by the end of the season and, so far, he does not regret a penny of it.
"If we were promoted to the Premier League it would be one of the proudest moments of my life," he added.
"But getting Hull City back into the Premier League is not about personal satisfaction or personal achievement, it is about the community, and giving this region a Premier League football club again. That would be one of my proudest moments.
"Of course, it would be worth every penny, but you can't really put a money value on this."