IslamicFinance.de

Bahrain-based Al Baraka Bank wants its new five-year global expansion strategy to put more emphasis on Africa, particularly North Africa. The bank already has ventures in the Middle East, Asia and Africa. Its goal is to grow group assets and income almost twofold in the next five years. This five-year expansion plan will certainly include investments in Libya and Morocco. The bank could splurge up to $100 million this year in Libya. In Morocco, the financial services firm will launch a separate operation with a $100 million initial capital outlay within 12 months. Moreover, the group is thinking about having an Al Baraka Bank Africa brand presence.