Al Baraka Group B.S.C. ("ABG"/"Group") Has Been Granted A Category 1 (Islamic Principles) Investment Business Company License By The Central Bank Of Bahrain And Is Listed On The Bahrain Stock Exchange. It Is A Leading, International Islamic Finance Group That Provides Financial Services Through Its Banking Subsidiaries In 15 Countries, Offering Retail, Corporate, Treasury And Investment Banking Services, Strictly Adhering To The Principles Of Sharia Law.
The Group Has Operations In Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Syria, Israel And Germany, In Addition To Two Branches In Iraq, A Representative Office In Libya, And Provides Services In More Than 600 Branches. ABG's Network Serves Approximately 1 Billion Clients In Total. ABG Has A Registered Capital Of $2.50 Billion
History
In 2013, Al Baraka Turk, The Turkish Subsidiary Of Al Baraka Bank, Announced The Launch Of A Syndicated Loan Of $250 Million. The Sharia-compliant Loan Is Structured As A Two-part Transaction And Will Be Used For The Bank's Financing Activities.
In 2017, Al Baraka Banking Group And Flat6labs Signed A Memorandum Of Understanding To Collaborate On Various Activities Aimed At Promoting Entrepreneurship And The Startup Ecosystem. The Memorandum Of Understanding Includes Initiatives Such As Knowledge And Expertise Sharing And Mentoring Fintech Startups. The Signing Ceremony Was Held At The Al Baraka Headquarters In Al Baraka Bay.
Bank Baraka Signed A Memorandum Of Understanding With The Libyan Foreign Bank, A Leading Arab Bank In Africa. The Signing Ceremony Was Held At The Headquarters Of The Participating Banks In Al Baraka Türk. The Main Objective Was To Establish A Cooperation Framework That Would Enable 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 Providing Expertise In Islamic Banking Operations To Benefit The LFB. The Agreement Also Focuses On Strengthening Cooperation In Correspondent Banking, Commercial Finance Operations, Liquidity Management, Investments, Information Sharing And Exchange Of Ideas.
In 2018, Al Baraka Bank Lebanon, A Subsidiary Of The Al Baraka Banking Group, Launched A Core Banking System Transformation. The Bank Had Previously Signed An Agreement 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 Using Misys' Equation Core System, Which Has Now Been Renamed Finastra.
Global Reach
Al Baraka Group's Global Network Spans 14 Countries And Is Named After Al Baraka And Other Brands.
Country Name Former Name Branch Jordan Islamic Bank 108 Egypt Al Baraka Bank Egypt Al Ahram Bank (also Known As Egypt Saudi Financial Bank) 32 Tunisia Al Baraka Bank Tunisia Saudi Arabia Tunisian Financial Bank 37 Sudan Al Baraka Bank Sudan 29 Bahrain Al Baraka Islamic Bank (AIB) Al Baraka Islamic Investment Bank B.S.C. (E.C.). 6 Turkey Al Baraka Türk Participating Bank Albaraka Türk Özel Finans Kurumu A.S.230 South Africa Al Baraka Bank Limited 11 Algeria Banque Al Baraka D'Algerie (Baraka Bank, Algeria) 31 Lebanon Al Baraka Bank Lebanon 6 Syria Al Baraka Bank Syria 13 Pakistan Al Baraka Bank Pakistan 188 Libya Al Baraka Bank Representative 1 Iraq Al Baraka Bank Türk2
