Al Baraka Banking Group

Al Baraka Group
Company type	Public
Traded as	BHSE:BARKA
Industry	Finance
Founded	1978; 46 years ago
Headquarters	Al Baraka Headquarters Bahrain Bay P O Box 1882 Manama, Kingdom of Bahrain
Number of locations	Jordan, Egypt, Tunisia, Sudan, Bahrain, Turkey, South Africa, Algeria, Lebanon, Syria, Pakistan, Libya, and Iraq
Area served	Worldwide over 600 Branches
Key people	Mr. Abdullah Saleh Kamel, Chairman; Mr. Mohamed Ebrahim Alshroogi, Vice Chairman
Revenue	1.04 Billion USD (2022)
Number of employees	10,663 Employees Worldwide (2022)
Parent	Dallah Al Baraka Group
Website	www.albaraka.com

Al Baraka Group B.S.C. ("ABG" / the “Group”) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain and is listed on Bahrain Bourse. It is a leading ^[1] international Islamic financial group providing financial services through its banking subsidiaries in 15 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a.

The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Syria and Germany, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG’s network serves a population totaling around one billion customers. The authorized capital of ABG is US$2.5 billion

History[edit]

In 2013, Al Baraka Turk, the Turkish subsidiary of Al Baraka Bank, announced the initiation of a $250 million syndicated loan. This sharia-compliant facility is structured as a two-part deal and will be utilized for the bank's financing activities.^[2]

In 2017, Al Baraka Banking Group and Flat6labs entered into a Memorandum of Understanding to collaborate on various activities aimed at fostering the startup and entrepreneurship ecosystem. The MOU included initiatives such as knowledge and expertise sharing, and mentoring fintech startups. The signing ceremony took place at the Al Baraka Headquarters in Bahrain Bay.^[3]

Al Baraka Bank signed a Memorandum of Understanding with the Libyan Foreign Bank, a leading Arab bank in Africa. The signing ceremony took place at the headquarters of Al Baraka Türk Participation Bank. The primary objective is to establish a collaborative framework that enables joint initiatives and banking activities between ABG and LFB.

The MoU also aims to facilitate future technical cooperation programs. Key provisions of the MoU include knowledge exchange, with ABG offering expertise in Islamic banking to benefit LFB. The agreement also focuses on enhancing cooperation in correspondent banking, commercial finance operations, liquidity management, investments, information sharing, and idea exchange.^[4]

In 2018, Al Baraka Bank Lebanon, a subsidiary of the Al Baraka Banking Group, initiated a core banking system conversion. The bank had previously signed an agreement in the previous year to implement the iMAL core banking system, provided by Path Solutions, in four of its 15 international subsidiaries. Prior to the conversion, all four subsidiaries had been utilizing Misys' Equation core system, which has since been rebranded as Finastra.^[5]

Global Presence[edit]

The global network of Al Baraka Group is present in 14 countries, as well under the Al Baraka and other brand names.^[6]

Country	Name	Former Name	Branches
Jordan	Jordan Islamic Bank		108
Egypt	Al Baraka Bank Egypt	Al Ahram Bank (also formerly known as Egyptian Saudi Finance Bank)	32
Tunisia	Al Baraka Bank Tunisia	Saudi Tunisian Finance Bank	37
Sudan	Al Baraka Bank Sudan		29
Bahrain	Al Baraka Islamic Bank (AIB)	Al Baraka Islamic Investment Bank B.S.C. (E.C.).	6
Turkey	Al Baraka Türk Participation Bank	Albaraka Türk Özel Finans Kurumu A.Ş.	230
South Africa	Al Baraka Bank Limited		11
Algeria	Banque Al Baraka D'Algerie		31
Lebanon	Al Baraka Bank Lebanon		6
Syria	Al Baraka Bank Syria		13
Pakistan	Al Baraka Bank Pakistan		188
Libya	Al Baraka Bank Representation		1 Representative Office
Iraq	Al Baraka Bank Türk		2