Al Baraka Banking Group

Tunisia sets up Islamic finance working group

It seems that the Tunisian government has assembled a working group that will analyze how to develop Islamic finance in the country and that will look at the country's legal framework.
The group contains representatives from the central bank, stock exchange and private sector institutions including Bahrain-based Al Baraka Banking Group.

Tunisia Eyes Sukuk Share

Tunisia's Islamist government is planning to launch the country's first Islamic bonds (sukuk) this year in order to finance its budget deficit following last year's uprising.
Adnan Ahmed Yousif, chief executive of Bahrain-based Al Baraka Banking Group, an Islamic banking conglomerate with operations across North Africa, added that the government is now in talks with banks.

Islamic banking set to triumph

Adnan Ahmed Yusuf, Chief Executive Officer of Al Baraka Banking Group and Chairman of the Union of Arab Banks, noted that the Islamic banking in the Sultanate will expand and will achieve more than 20% of the domestic banking during the next five years.
He also disclosed the interest of ABG to enter the Islamic banking sector in the Sultanate but due to factors related to the policy of the group towards the form of ownership, Al Baraka Group is currently thinkking about the possibility of managing a bank in the Sultanate or engaging in Islamic finance if the new banking laws permit so.

Al Baraka Banking Group launch Itqan Capital in Saudi Arabia

Al Baraka Banking Group will launch Itqan Capital in Saudi Arabia, through its fully-owned subsidiary Al Baraka Islamic Bank.
Mr. Khaled Al Zayani, chairman of Al Baraka Islamic Bank, stated that the firm's future center of attraction will be on four areas: asset management, principal investment, investment banking, and custodial services - all supported by centralized advisory, research and business development capabilities.

Al Baraka CEO says Syrian capital not moving to Lebanon

Adnan Yousif, Chief Executive Officer of Al Baraka Banking Group and President of the Union of Arab Banks, declined suggestions of capital flight from Syria to Lebanon.
Adnan stated that the Union calls for Arab banks to always be cautious in terms of funding and liquidity.

Al Baraka signs $20 million agreement to finance international trade operations

Al Baraka Banking Group has signed an agreement for a Murabaha facility of $20 million to finance foreign trade with the International Islamic Trade Finance.
Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group, undelines the fact that this agreement comes within the framework of the Memorandum of Understanding signed with the International Islamic Trade Finance at the beginning of the year, and this agreement is one of the fruitful results of this Memorandum.

Construction of Al Baraka Banking Group Headquarter in the Bahrain Bay Goes According to Plan

Mr. Adnan Ahmed Yousif, Chief Executive of Al Baraka Banking Group, visited together with members of the executive management of the Group the site of the Group Headquarter in Bahrain Bay. A detailed explanation of construction works was given to him.
Mr. Adnan Ahmed Yousif stated his content for what he has seen. He added his delight of the great efforts that are made for the construction of this distinctive and unique of its kind architectural edifice, which is estimated to cost about U.S. $ 100 million.

Al Baraka plans to sell $300m Islamic bonds

Al Baraka Banking Group wants to sell sukuk worth $300 million (Dh1.1 billion) in September if possible, in order to try to clear up its balance sheet. It also aims at a target of a 15 per cent jump in profit this year by attracting new customers.

Net Income of Al Baraka Banking Group Jumped by 11% to US$53.5 Million in the First Quarter of 2011

Al Baraka Banking Group announced an increase of 11% in the first quarter of 2011 compared to the net income achieved in the first quarter of 2010. Total assets increased by 3%, total financing and investments by 1%, deposits including equity of investment accountholders by 2% as at the end of March 2011 as compared with the end of December 2010.
Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, stated that the operations of banks were affected because a number of Arab countries have witnessed during the first quarter of 2011 large political and social shifts that have had temporary implications on the environment of the banking sector in those countries.

Al Bakara to proceed with Syrian expansion plans

A report by Gulf Daily News states that Al Baraka Banking Group is going to proceed with its plans to expand its Syrian operations.
The Syrian unit has plans to open two new branches in Hama and Aleppo this month.

Net Income of Al Baraka Banking Group Jumped by 15% to US$ 193 Million and Assets by 21% to US$ 16 Billion in 2010

Al Baraka Banking Group announced that it has achieved a net income of US$ 193 million in 2010, an increase of 15% on the income achieved in 2009. Similarly, balance sheet items witnessed notable increases.
The financial statements of the Group for 2010 showed that the continued expansion in business reflected positively on income, with total operating income of US$ 659 million in 2010, an increase of 4% over 2009.

World's largest Islamic bank to launch soon

With an initial public offering of $3bn, the world's biggest Islamic bank is set for official launch before the end of the year by Sheikh Saleh Kamel, chairman of Al Baraka Banking Group.
The mega bank announced last year will have an initial capital of $10bn through a number of initial public offerings and private stock options.

France in focus for Al Baraka in 2011

Al Baraka Banking Group has confirmed its plans to open in France, saying it will open up five branches in metropolitan France from 2011.
Press reports in France claim that Al Baraka Chief Executive Adnan Yousif confirmed the bank's intentions to establish a presence in the country. The news that Al Baraka Banking Group plans to set up in France follows two years of activity by the French authorities aimed at attracting Islamic banking institutions.
Al Baraka has selected Deutsche Bank and Standard Chartered as advisers.

Al Baraka planning to buy firm in Saudi push

Bahrain's Islamic lender Al Baraka yesterday said it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company there, valued at around 300 million Saudi riyals ($80m). Al Baraka did not disclose the name of the Saudi firm it planned to buy, adding it would reveal further details after gaining official approval. The Al Baraka Banking Group has a wide presence in the form of subsidiary banking units and representative offices in 12 countries, which in turn provide their services through more than 300 branches. Al Baraka had signed a share swap deal with Saudi Investment in 2007 but scrapped the deal in 2009 blaming the global financial crisis.

Albaraka puts USD 120 mn for acquisitions aside

Bahrain's Al Baraka Banking Group plans to spend up to USD 120 mn on acquisitions this year as asset valuations drop amid a global financial crisis.

Bahrain's Albaraka sees '09 profit growth at 7 %

The chairman of Bahrain-based Islamic lender Al Baraka Banking Group BARKA.BH expects a 7 % rise in profit this year.

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