Al Baraka Bank

Al Baraka Group B.S.C. (c) ("ABG" / the “Group”) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading https://www.ide.go.jp/English/Data/Africa_file/Company/sudan03.html international Islamic financial group providing financial services through its banking subsidiaries in 13 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 and Syria, 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

Founded on 27 June 2002, Al Baraka Group B.S.C. (c) is engaged in various investment activities across the Middle East, Europe, and Africa, and is regulated by the Central Bank of Bahrain (CBB) under its Rule Book Volume 4 - Investment Business. The Group's first financial year began in 2003, during which it consolidated the financial results of all subsidiary banks according to AAOIFI accounting standards, and it issued its first consolidated report as of December 31, 2003, in USD.

In 2006, the Group launched an IPO, raising over US$630 million and becoming publicly listed on Bahrain Bourse and Nasdaq Dubai. The authorized capital became USD2.5 Billion.
Trading on both markets commenced in September 2006, with founders retaining a 55% stake while 45% was floated on the markets. In 2017, ABG successfully issued US$400 million in Tier-1 Islamic Sukuk, which was listed on the Irish Stock Exchange.

In 2022, the Group transitioned from a “Wholesale Bank” to an “Investment Business Firm – Category 1 (Islamic Principles)” under the regulation of the CBB.

In recent developments, on 20 July 2023, Dallah Al Baraka Holding Company B.S.C. (c), which currently holds 63.15% of ABG, announced a potential conditional exit offer to other shareholders not connected to Dallah. This move was part of a strategic restructuring aimed at enhancing the Group's operational efficiency. Following this, on 14 November 2023, an extraordinary general assembly meeting approved significant changes, including the delisting of ABG’s shares from the Bahrain Bourse and the conversion of the company from a public to a closed shareholding entity.

The shares were officially delisted from the Bahrain Bourse on 3 July 2024, marking a significant transition in the Group's operational structure. This strategic shift is expected to streamline decision-making processes and enhance the Group's focus on its core Islamic banking activities.

Despite these changes, ABG continues to serve its customers through its extensive network of banks, providing trusted financial services tailored to meet their needs. The Group emphasizes a disciplined corporate governance and risk management culture as essential for effective management, aiming to achieve strong yet sustainable financial returns and build consistent shareholder value.

Global Presence

The global network of Al Baraka Group is present in 13 countries, as well under the Al Baraka and other brand names.

References

1978 establishments in Bahrain
Banks established in 1978
Banks of Bahrain
Companies based in Manama
Investment companies
Investment

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