Banking, Finance & Takaful

ABG units win major Islamic finance awards

Bpic2Bahrain-based Al Baraka Banking Group (ABG) and five of its subsidiary banking units received the ‘Best Islamic Financial Institution’ Award of 2014, as part of the annual awards from the Global Finance magazine.

The group received the ‘Best Islamic Financial Institution in Middle East/North Africa’ Award, Al Baraka Bank Lebanon received the ‘Best Islamic Financial Institution in Lebanon’ Award, Jordan Islamic Bank received the ‘Best Islamic Financial Institution in Jordan’ Award as well as ‘Best Islamic Retail Bank in Jordan’ Award, Al Baraka Bank Limited received the ‘Best Islamic Financial Institution in South Africa’ Award, Al Baraka Islamic Bank Bahrain received the ‘Best Islamic Financial Institution in Bahrain’ Award and Banque Al Baraka D’Algerie received the ‘Best Islamic Financial Institution in Algeria’ Award.

ABG and its five banking units received these awards for their prominent role in the Islamic banking sector, their ability to achieve consistent growth in the future and meeting professional standards in terms of the quality of products and services offered to clients, as well as for their originality and innovation in services and customer service, continued development and innovation in banking operations and other important criteria such as strategic relationships, geographic reach, profitability and robustness of financial position.

The awards were received by ABG president and chief executive Adnan Ahmed Yousif on behalf of the winning units at a ceremony held in Washington during the annual meetings of the International Monetary Fund and World Bank which was attended by regional and international officials and banking leaders.

‘We are very happy with the achievement of ABG and five of our banking units in winning this international award, which reflects the leading status that ABG enjoys after successful career filled with achievements over the last 10 years from one side and the excellent banking position that these units occupy in their countries, their distinguished performance and services, and good reputation in the Islamic banking sector locally, regionally and globally from the other side,’ Mr Yousif said.

‘The subsidiary banking units of our group, through their long history in countries where they operate, have come to be amongst the leading financial institutions in servicing their communities and are most established in terms of their expertise and knowledge of the local markets, which reflect the success of ABG’s vision and strategy which are based on enhancing the positions of subsidiary units, strengthening their capital resources and creating strong business relationships between the units, as well as coordinating the business policies and the management of risks and operations and other factors, which create strong and consolidated group.’’Œ

Mr Yousif thanked the executive managements and all employees of ABG and the five banking units for their continuing efforts in raising the status of their units and the group as a whole at the local, regional and international levels.

ABG is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.

It is a leading international Islamic banking group providing its unique services in countries with a population totalling around one billion and is rated by Standard & Poor’s at BB+ long term/B short term. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Sharia. The authorised capital of Al Baraka is $1.5 billion, while total equity is at about $2bn.

The group has a wide geographical presence in the form of subsidiary banking units and representative offices in 15 countries.

Source: Gulf Daily News

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