Al Baraka Bank Pakistan

Bank in Pakistan, founded 1991

Al Baraka Bank Pakistan

Company type| Unlisted public company
Industry| Islamic Banking
Founded| 1991; 33 years ago (1991)

Number of locations

| 190 branches (2023)

Key people

| Muhammad Atif Hanif (CEO)
Products|

* Retail banking
* Corporate banking
* Investment banking
* Consumer banking

Revenue|  Rs. 15.479 billion (US$54 million) (2023)

Operating income

|  Rs. 6.124 billion (US$21 million) (2023)

Net income

|  Rs. 3.104 billion (US$11 million) (2023)
Total assets|  Rs. 255.373 billion (US$880 million) (2023)
Total equity|  Rs. 18.253 billion (US$63 million) (2023)
Parent| Al Baraka Banking Group
Website| albaraka.com.pk
Footnotes / references
Financials as of 31 December 2023[update] [1]

Al Baraka (Pakistan) Limited (ABPL) (Urdu: البراکہ بینک پاکستان) is a Pakistani Islamic bank headquartered in Karachi.[2] It is a subsidiary of the Al Baraka Banking Group, a Bahrain-based Islamic banking group.[3]

It came into being as a result of the first merger in the Islamic Banking sector of Pakistan.[4] The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1st November 2010, the operations of the merged entity began.[5] The second merger took place in 2016 with Burj Bank Ltd.[6] As of September 2016, the Bank has a national presence in Pakistan with a network of 191 branches in more than 97 cities across the country.[7]

## History

[edit]

Al Baraka Bank's branch on I.I. Chundrigar Road in Karachi

Al Baraka Islamic Bank was initially established in Pakistan in 1991 as Al Baraka Islamic Bank (AIB) Bahrain, and later incorporated as a public limited company in December 2004, receiving its Islamic banking license in 2007.[3][8]

In October 2010, Al Baraka Bank (Pakistan) merged with Emirates Global Islamic Bank (Pakistan), with the latter being rebranded as Al Baraka Bank (Pakistan) Limited.[3]

## References

[edit]

* Banks portal

1. ^ "Al Baraka (Pakistan) Limited Annual Report 2023" (PDF). Retrieved 14 September 2024.
2. ^ Haider, Kamran (13 May 2024). "Al Baraka Seeks Expansion as Pakistan Embraces Islamic Banking". Bloomberg.
3. ^ a b c Ali, Meiryum (30 January 2021). "Al Baraka: the little bank that stayed little". Profit by Pakistan Today.
4. ^ "First-ever merger of Islamic banks in Pakistan". The Express Tribune. Retrieved 17 September 2013.
5. ^ "Al Baraka Bank rebranded after merger". Daily Times. Archived from the original on 2 October 2013. Retrieved 18 September 2013.
6. ^ "Al Baraka to merge with Burj Bank". Express Tribune. Reuters. 6 September 2016. Retrieved 3 January 2017.
7. ^ "Al Baraka Bank Pakistan Limited". Pakistan Banks' Association. Archived from the original on 5 August 2020. Retrieved 27 September 2013.
8. ^ "Al-Baraka converted into local bank". Dawn. Retrieved 16 September 2013.

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Banking in Pakistan

Central bank|

* State Bank of Pakistan

Big Four|

* Habib Bank
* MCB Bank
* National Bank
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Commercial banking|

| Public sector|

* Bank of AJK
* Bank of Khyber
* Bank of Punjab
* First Women Bank
* Industrial Development Bank
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* Punjab Provincial Cooperative Bank Limited
* Sindh Bank
* Zarai Taraqiati Bank Limited

|

Private sector|

* Allied Bank
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* Bank AL Habib
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* HabibMetro
* JS Bank
* Soneri Bank
* Standard Chartered Pakistan

Microfinance|

* Advans Pakistan
* Finca Pakistan
* HBL Microfinance Bank
* Khushhali Bank
* NRSP Microfinance Bank
* Telenor Microfinance Bank

Islamic banking|

* BankIslami
* Bank Makramah
* Al Baraka Bank Pakistan
* Dubai Islamic Bank Pakistan
* Faysal Bank
* MCB Islamic Bank
* Meezan Bank
* Samba Bank

House building|

* House Building Finance Company

Savings Bank|

* National Savings Organization

Foreign banks|

* Citibank Pakistan
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Defunct banks|

* BCCI
* Bank of Bahawalpur
* Burj Bank
* Federal Bank for Cooperatives
* KASB Bank
* NIB Bank
* PICIC Commercial Bank
* RBS Pakistan
* Silkbank
* Union Bank

See also|

* List of banks in Pakistan
* Pakistani bankers
* Institute of Bankers Pakistan
* KIBOR
* National Institute of Banking and Finance

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