F.P. Report
KARACHI: Al Baraka Banking Group B.S.C. (ABG) and four of its subsidiary banking units received the Best Islamic Financial Institution Award of 2017, as part of the annual awards of the Global Finance magazine.
Al Baraka Banking Group received the Best Islamic Financial Institution in Middle East / North Africa Award, Al Baraka Islamic Bank Bahrain received the Best Islamic Financial Institution in Bahrain Award, Jordan Islamic Bank received the Best Islamic Financial Institution in Jordan Award, Al Baraka Bank Algeria received the Best Islamic Financial Institution in Algeria, and Al Baraka Bank South Africa received the Best Islamic Financial Institution in South Africa Award.
The winning of these awards by ABG and its four subsidiary banking units for the fifth successive year was announced in a final result statement by the Magazine’s Award Committee. The Committee comprised of seasoned economists along with editors of Global Finance Magazine, international financial advisors and experts in the field of banking. ABG and its four banking units received these awards for their prominent role in the Islamic banking sector, their ability to achieve consistent growth in the future and meeting professional standards in terms of the quality of products and services offered to clients.
The award also signifies originality and innovation in services, continued development and innovation in banking operations and other important factors such as strategic relationships, geographic reach, profitability and robustness of financial position.
The President and Chief Executive of Al Baraka Banking Group Mr. Adnan Ahmed Yousif received the awards on behalf of the Group at the annual awards ceremony held during the IMF World Bank annual meetings in Washington D. C. lately.
Al Baraka Pakistan is part of Al Baraka Banking Group (B.S.C), licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 16 countries, which in turn provide their services through over 700 branches.
Al Baraka currently has a strong presence in Pakistan, Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, South Africa, Lebanon, Syria, Iraq, Saudi Arabia and Morocco, including two representative offices in Indonesia and Libya.
