Al Baraka Banking Group

Al Baraka Group

Type	Public
Industry	Finance
Founded	1978; 46 years ago (1978)
Headquarters	Al Baraka Headquarters Bahrain Bay P O Box 1882 Manama, Kingdom of Bahrain
Number of locations	Jordan, Egypt, Tunisia, Sudan, Bahrain, Turkey, South Africa , Algeria, Lebanon, Syria, Pakistan , Libya, and Iraq
Area served	Worldwide over 600 Branches
Key people	Mr. Abdullah Saleh Kamel, Chairman Mr. Mohamed Ebrahim Alshroogi, Vice Chairman
Revenue	1.04 Billion USD (2022)
Number of employees	10,663 Employees Worldwide (2022)
Parent	Dallah Al Baraka Group
Website	www.albaraka.com

Al Baraka Group B.S.C. ("ABG" / the “Group”) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain and is listed on Bahrain Bourse. It is a leading^{[citation needed]} international Islamic financial group providing financial services through its banking subsidiaries in 15 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a.

The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa , Algeria, Pakistan , Lebanon, Syria and Germany , in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG’s network serves a population totaling around one billion customers. The authorized capital of ABG is US$2.5 billion

History

In 2013, Al Baraka Turk, the Turkish subsidiary of Al Baraka Bank, announced the initiation of a $250 million syndicated loan. This sharia-compliant facility is structured as a two-part deal and will be utilized for the bank's financing activities.^[1]

In 2017, Al Baraka Banking Group and Flat6labs entered into a Memorandum of Understanding to collaborate on various activities aimed at fostering the startup and entrepreneurship ecosystem. The MOU included initiatives such as knowledge and expertise sharing, and mentoring fintech startups. The signing ceremony took place at the Al Baraka Headquarters in Bahrain Bay.^[2]

Al Baraka Bank signed a Memorandum of Understanding with the Libyan Foreign Bank, a leading Arab bank in Africa. The signing ceremony took place at the headquarters of Al Baraka Türk Participation Bank. The primary objective is to establish a collaborative framework that enables joint initiatives and banking activities between ABG and LFB.

The MoU also aims to facilitate future technical cooperation programs. Key provisions of the MoU include knowledge exchange, with ABG offering expertise in Islamic banking to benefit LFB. The agreement also focuses on enhancing cooperation in correspondent banking, commercial finance operations, liquidity management, investments, information sharing, and idea exchange.^[3]

In 2018, Al Baraka Bank Lebanon, a subsidiary of the Al Baraka Banking Group, initiated a core banking system conversion. The bank had previously signed an agreement in the previous year to implement the iMAL core banking system, provided by Path Solutions, in four of its 15 international subsidiaries. Prior to the conversion, all four subsidiaries had been utilizing Misys' Equation core system, which has since been rebranded as Finastra.^[4]

Global Presence

The global network of Al Baraka Group is present in 14 countries, as well under the Al Baraka and other brand names.^[5]

References

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