Al Baraka Banking Group

Islamic bank Al Baraka eyes $300 mln Tier 1 #sukuk issue in Q1 2017 -CEO

Al Baraka Banking Group is targeting the sale of capital-boosting sukuk worth $300 million in the first quarter of 2017. The announcement was made on the sidelines of an Islamic banking conference by the group's CEO Adnan Ahmed Yousef. He also added that the issue would enhance the bank's core Tier 1 capital. Al Baraka had a total capital adequacy ratio of 15.15 percent as of June 30, according to a regulatory disclosure on its website.

Islamic bank Al Baraka Banking Group to expand network in #Pakistan

Bahrain-based Al Baraka Banking Group plans to expand its network in Pakistan following its merger with Burj Bank. CEO Adnan Ahmad Youssef said the Group's strategy in the Pakistani market was built on expansion in all Pakistani cities. Burj Bank’s 74 branches will be added to those of Al Baraka Bank (Pakistan) to form a network of 224 branches. Al Baraka Bank (Pakistan) aims to increase the number to 300 branches in the next four years. The merger is expected to take effect from the last quarter of this year, and the Bahraini bank will be the major shareholder in the merged institution. Al Baraka Banking Group is also setting up in Morocco after the North African nation introduced legislation allowing Islamic banks into the domestic market. With this entry the Group completes its network in almost all Arab Maghreb countries.

Turkey could become interest-free financial hub, Al Baraka Banking CEO says

Adnan Ahmed Yousif, the head of Al Baraka Banking Group, said Turkey, and especially Istanbul, had the potential to become a hub for financial services. Yousif, who is the president and CEO of the Bahrain-based group, said Turkish economic administrators were aiming to broaden the services offered to customers, with special focus on participation banks. He also said Turkey's huge potential might facilitate the interest of investors from the Gulf countries as well as create new opportunities for the recently expanding sukuk market in Turkey.Turkey and especially Istanbul, is very close to participation banking markets, such as the GCC and Europe.

Al Baraka Banking Group Net Profits Raise by 4% to US$ 286 million in 2015, Total Operating Income Reached US$ 1 billion for the First Time and Total Assets Reached US$ 25 billion

Bahrain-based Al Baraka Banking Group B.S.C (ABG) announced that its total operating income reached one billion dollars in 2015 for the first time since the start of the Group activities 12 years ago due to continued growth in income-generated business at all the Group units, while the net income for the year reached US$ 286 million in 2015, an increase of 4% on the net income achieved in 2014. Similarly, balance sheet items witnessed moderate increases as total assets increased by 5%, total finance and investments by 4%, customer accounts by 2% while total equity increased by 1% as at the end of December 2015 in comparison with the end of December 2014.

Albaraka Turk gets feedback in 10 % area for capital-boosting sukuk -sources

Turkish Islamic bank Albaraka Turk has received initial pricing feedback in the 10 % area for a potential U.S. dollar-denominated sukuk issue which would bolster its supplementary or Tier 2 capital, sources familiar with the matter told Reuters on Thursday.
The lender has received indications of interest totalling over $250 million, including those from joint lead managers, for the ten-year non-call five sukuk, the sources said. A potential deal is expected early next week subject to market conditions, they said.
Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue.

Al Baraka Pledges Targets for United Nations' Global Goals for Sustainable Development

Corresponding with the launch of its Social Responsibility Report for 2013 and 2014, Al Baraka Banking Group (B.S.C.) has also announced its 2016--2020 Social Responsibility Priorities.
With this announcement Al Baraka has become one of the first global financial institutions to pledge its targets for supporting the Global Goals for Sustainable Development, which were adopted by the United Nation's General Assembly on September 25, 2015.
At this occasion, Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group noted that "we are very proud to continuously demonstrate our keen commitment to contributing to the communities that we serve and operate in. Being one of the pioneers of Islamic banking, we believe that we have a greater responsibility to keep our core business model socially responsible and relevant to the growth and development of our customers and their communities".
1. Adding 50,000 jobs across the countries we operate in as a result of financing new and existing customers operations. We will prefer working with customers that are adding and retaining jobs and offer equal opportunities for men and women.

ABG, Venture Capital top key Islamic banks list

Bahrain’s Al Baraka Banking Group (ABG) and Venture Capital Bank lead the GCC Islamic Financial Disclosure Index Rankings, it has emerged. The conveners of the 22nd annual World Islamic Banking Conference (WIBC) revealed the ranking of the top five GCC Islamic banks rated according to their financial disclosure, subsequent to the announcement of the launch of the WIBC Leaderboard. As per the rankings, the banks, both based in Bahrain are positioned at the top of the Islamic financial institutions in the GCC with a score of 69 and 68 respectively. The index ranges from zero to 100, with higher values indicating more disclosure.

Dagong and IIRA Reaffirm the Ratings of Al Baraka Banking Group

Dagong Global Credit Rating Company Limited (Dagong) and Islamic International Rating Agency (IIRA) have jointly reaffirmed the international scale credit rating of Al Baraka Banking Group (ABG) at 'BBB+/A3' (Triple B Plus / A Three). In addition, IIRA has reaffirmed ABG 's national scale rating at 'A+(bh)/A2(bh)' (Single A Plus / A Two). Outlook on the assigned ratings is 'Stable'. IIRA has also reassessed the group's overall fiduciary score in the range of '76-80', which indicates strong fiduciary standards and a well developed governance structure. Ratings assigned to ABG derive strength from the group's relatively strong wealth creation ability given increasing demand for Islamic banking services and ABG 's prominent position in the global Islamic banking segment.

Al Baraka Banking Group confirms expansion plans

Chief Executive of Al Baraka Banking Group Adnan Ahmed Yousif has revealed that the bank has completed the procedures for obtaining the necessary licenses to operate in the Moroccan market. It already has operations in Libya, Tunisia and Algeria. He added that the bank has also obtained the necessary approvals for the opening of 20 new branches, and plans to open 25 branches by 2020. Al Baraka is also planning to establish a software company in partnership with European investors and Indians with capital of $15 million under the name Al Baraka Banking Software. The Islamic bank also plans to expand into India and Indonesia. It already has a representative office in Indonesia but sold out of an investment company in India.

ABG becomes women empowerment partner for Islamic banking

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

ABG becomes women empowerment partner for Islamic banking

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

Al Baraka Banking Group raises its net income by 5 per cent for H1 of 2015

Bahrain-based Al Baraka Banking Group B.S.C (ABG) announced a net profit of US$ 150 million for the first half of 2015, reporting an increase of 5% over the net profit of the same period of last year, while the net income of the second quarter of 2015 reached US$ 82 million, increasing by 19% over the net income of the first quarter of 2015. The balance sheet items achieved moderate increases, as total assets increased by 2%, total financing and investments by 2% and customer accounts by 1% at the end of June 2015 compared to the end December 2014. During the first half of 2015, the premier rating agency in the world Standard & Poors’ (S&P) had re-affirmed ABG’s rating of BB+ (long term) and B (Short term), upgrading the Outlook to Stable.

BMCE et Al Baraka Bank lanceront une banque "halal" en Maroc en 2016

La Banque marocaine du commerce extérieur (BMCE) et le groupe bahreïni Al Baraka Banking Group projettent d’ouvrir une banque islamique au Maroc dans les prochains mois. Le PDG du groupe bancaire bahreïni, Adnan Ahmed Yousif, a déclaré que la future banque sera détenue à parts égales par la Banque marocaine du commerce extérieur (BMCE) et Al Baraka. L'institution ouvrira ses portes durant le premier trimestre 2016. Il a également ajouté que la nouvelle banque couvrira un réseau de 20 branches au cours de ses cinq premières années d’activité. Rappelons que le parlement marocain a adopté en novembre 2014 la loi n° 103.12 qui autorise les institutions bancaires locales et étrangères à créer des banques participatives (islamiques) au Maroc.

Al Baraka to open Morocco bank in 2016

Bahrain-based Al Baraka Banking Group plans to launch an Islamic bank in Morocco early next year after receiving approval from the country's central bank, and is looking to expand into East Africa, chief executive Adnan Ahmed Yousif said. The new bank will be equally owned by Al Baraka and Banque marocaine du commerce extérieur (BMCE), and will start operations in the first quarter of 2016. He said the new bank would open 20 branches in its first five years of business. The chief executive also said the group is considering expanding into East Africa because the banking system there is similar to that of the Gulf region, and was currently exploring opportunities in Kenya. Besides, the bank also plans to grow its operations in Egypt.

Al Baraka boost as key outlook revised to stable

Standard & Poor's Ratings Services has revised its outlook on Bahrain-based Al Baraka Banking Group (ABG) to stable from negative. At the same time, it affirmed the 'BB+' long-term and 'B' short-term counterparty credit ratings on the bank. The outlook revision reflects the agency's expectations that ABG's capitalisation will improve in the next quarters, which would allow it to maintain a Standard & Poor's risk-adjusted capital (RAC) ratio above five per cent. It also reflects the lower pressure in the operating environments - namely Egypt and Jordan - of some of ABG's major subsidiaries. S&P views funding as average and liquidity as adequate. Although ABG has no access to its central bank's funding mechanisms, all subsidiaries are self-funded and would have access to funding mechanisms provided by their domestic authorities in case of need.

Al Baraka Bank plans subordinated sukuk in Jordan

Bahrain-based Al Baraka Banking Group is planning on issuing its first sukuk for its Jordanian unit later this year, chief executive Adnan Ahmed Yousif said. Jordan Islamic Bank is planning a 10-year local currency sukuk by year-end, said Yousif, without giving a size for the transaction. This would mirror deals by Al Baraka units in Pakistan and Turkey which have allowed them to boost regulatory capital as Basel III global banking standards are being phased in around the globe. In December, Jordan Islamic amended its articles of association to allow it to both issue and buy sukuk, as well as to establish special purpose vehicles for such transactions. Al Baraka is also planning a sukuk for its South African unit this year, said Yousif.

Capital Adequacy: Al Baraka Bank complies with Basel III requirement

The General Council for Islamic Banks and Financial Institutions (CIBAFI) held an In-focus session on Basel III and Islamic banks during the 21st World Islamic Banking Conference (WIBC) in Bahrain. The three prominent Islamic banks, Islamic International Arab Bank, Al Baraka Banking Group, and Bank of Khartoum, showed that they currently have sufficient levels of capital, far beyond what is required under Basel III. Al Baraka Banking Group's recent issuance of Tier-1 Basel III-compliant Sukuk in Pakistan reflects the Group's desire to adapt positively to the dynamic nature of regulatory regimes in the years ahead rather than any shortage of capital.

INTERVIEW-Bahrain's Al Baraka to open Islamic bank in Morocco

Bahrain-based Al Baraka Banking Group plans to set up an Islamic bank in Morocco next year with a capital of USD 50 million, CEO Adnan Ahmed Yousif said. Last month, Morocco's parliament gave final approval to an Islamic finance bill that allows foreign banks and local lenders to set up Islamic banks in the North African country. Yousif declined to name the potential partners, but said the new bank would be established in 2015 with a plan to open 10 branches in the first year of operations. He said Al Baraka expected to record growth of 12% in assets, of 11% in deposits and of 10% in income during 2015.

BMCE Bank to Create New Subsidiary Specializing in Islamic Finance

BMCE bank is reportedly planning to create a new subsidiary specializing in Islamic finance. The group owned by the Othman Benjelloun, Morocco’s richest man, will embark on a joint venture with Saudi Arabia’s Al Baraka Banking Group to create a new subsidiary specializing in Islamic finance. Al Baraka Banking Group will reportedly hold 51% of the new subsidiary while the Moroccan bank BMCE will hold the remaining 49%. Several BMCE executives have received training on Islamic finance in Jordan and Turkey. The step follows the adoption of the law authorizing the creation of participatory banking by the parliament.

Al Baraka Bank issues first subordinated sukuk

The Pakistani unit of Bahrain's Al Baraka Banking Group has raised 2 billion rupees ($19.5 million) via the country's first issuance of subordinated sukuk, or Islamic bonds. The seven-year private placement is the first to be issued by an Islamic bank in Pakistan, according to Abdullah Ghaffar, head of investment banking at Al Baraka Bank Pakistan.

Due to the phasing in of Basel III global banking standards around the globe, several Islamic banks have issued subordinated instruments in order to raise capital, including those in Turkey, Malaysia, Saudi Arabia and the United Arab Emirates.

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