The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C announced that it won “Best Regional Retail Bank – Middle East” Award at the prestigious eight “Annual Islamic Business & Finance Awards” ceremony for 2013, which was organized by the Islamic Business and Finance Magazine recently in Dubai and the reward was received by the board member of ABG Mr. Ebrahim Fayez Al Shammsi on behalf of the Group.
Held at Emirates Towers Hotel in Dubai, the Awards ceremony celebrated achievement among top Islamic bankers, financiers and Islamic banking and finance institutions, which were selected from a list of hundreds institutions according to high standards specified by the organizers. Once again this year, Gulf-based institutions were able to compete head-to-head with their international peers, taking home more two thirds of the awards. Other winners were drawn from the Africa, Asia, Europe and Middle East.
Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group said that “Winning this award for the second time in 3 years motivates us to continue work on the implementation of our strategies with a view to serving the development needs of the countries in which we operate, in addition to providing innovative Islamic banking services and products in line with the evolving needs of our customers and these countries through our banking units or representative offices.
He added “Winning this award makes us feel proud of our belonging to Al Baraka Banking Group. It is also an international recognition of the outstanding achievements of the Group as well as our continued contribution to development of Islamic banking industry”.
The Islamic Business & Finance Awards, running for its eight year, gained a prestigious reputation around the world as most distinguished and important awards presented in the financial industry and it is considered to be one of the most prominent events in the finance industry throughout the Gulf region.
The annual ceremony was designed to highlight, encourage and reward the exceptional performance and growth of the Islamic business and finance community. These awards are now widely considered as a benchmark of excellence in the industry.
Al Baraka Banking Group is a Bahrain Joint Stock Company licensed as an Islamic wholesale bank by 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 totaling 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 the Islamic Shari’a. The authorised capital of Al Baraka is US$ 1.5 billion, while total equity is at about $1.9bn.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 450 branches. Al Baraka currently has a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.