Al Baraka Group B.S.C. (c) ("ABG" / the “Group”) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading [1] international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a.
 | |
| Company type | Private |
|---|---|
| Industry | Finance |
| Founded | 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 | 0.79 Billion USD (Q3 2024) |
Number of employees | Over 10 K Employees Worldwide (2024) |
| Parent | Dallah Al Baraka Group |
| Website | www.albaraka.com |
The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, 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
editIn 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.[2]
In 2017, Al Baraka 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.[3]
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.[4]
Global Presence
editThe global network of Al Baraka Group is present in 13 countries, as well under the Al Baraka and other brand names.[5]
| Country | Name | Former Name |
|---|---|---|
| Jordan | Jordan Islamic Bank | |
| Egypt | Al Baraka Bank Egypt | Al Ahram Bank (also formerly known as Egyptian Saudi Finance Bank) |
| Tunisia | Al Baraka Bank Tunisia | Saudi Tunisian Finance Bank |
| Sudan | Al Baraka Bank Sudan | |
| Bahrain | Al Baraka Islamic Bank (AIB) | Al Baraka Islamic Investment Bank B.S.C. (E.C.). |
| Turkey | Al Baraka Türk Participation Bank | Albaraka Türk Özel Finans Kurumu A.Ş. |
| South Africa | Al Baraka Bank Limited | |
| Algeria | Banque Al Baraka D'Algerie | |
| Lebanon | Al Baraka Bank Lebanon | |
| Syria | Al Baraka Bank Syria | |
| Pakistan | Al Baraka Bank Pakistan | |
| Libya | Al Baraka Group (representative office) | |
| Iraq | Al Baraka Bank Türk |
References
edit
- ^ https://www.ide.go.jp/English/Data/Africa_file/Company/sudan03.html
- ^ "AlBaraka Turk launches $250m financing". www.tradearabia.com. Retrieved 15 December 2023.
- ^ "Flat6labs and Al Baraka Banking Group to support entrepreneurs". Wamda. Retrieved 15 December 2023.
- ^ ex_admin (26 July 2017). "The Libyan Foreign Bank and Al Baraka Group sign MoU to enhance their financial services". Libyan Express. Retrieved 15 December 2023.
- ^ "Al Baraka". Al Baraka. Archived from the original on 11 May 2015. Retrieved 22 April 2013.
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