IslamicFinance.de

Bahrain's Al Baraka Banking Group plans to expand into India, China and Indonesia as the coronavirus pandemic pushes valuations down. The pandemic, which has tipped the global economy into a recession, slated to be the deepest since the Great Depression, has dented lending. Al Baraka Banking Group plans to setup a small commercial bank in China focusing on trade financing to capitalise on growing commercial ties. In Indonesia, the lender has already explored the possibility of taking a stake in Bank Muamalat three years ago and will continue to look for further opportunities. Al Baraka currently operates in Sudan, Turkey, South Africa, Algeria, Pakistan, Syria, Tunisia, Saudi Arabia and Lebanon.