Al Baraka Islamic Bank Begins Using International Bank Account Number (IBAN) as of 1st September
Al Baraka Islamic Bank BSC (c) announces that it will start using the ISO International Bank Account Number (IBAN) Standard for the numbering of bank customer accounts, from 1st September 2011, as per the Directive issued by the Central Bank of Bahrain (CBB).
On this occasion, Mr. Mohammed Isa Al Mutaweh, Chief Executive Officer of Al Baraka Islamic Bank, said that the Bank's initiative to use the IBAN account numbering system comes in line with its objectives in providing the latest banking services to its customers. The adoption of IBAN will help increase the efficiency of electronic payments in the Kingdom of Bahrain, while further strengthening Bahrain's status as a regional and international financial and banking service centre.
IBAN is not a new account number, but simply creating an IBAN for the existing account number of customers using the ISO standard format. IBAN will enable customers to make or receive electronic payments or remittances from within the Kingdom of Bahrain or outside it. It is compulsory for the customers of Al Baraka Islamic Bank to use IBAN in local and international electronic payments as from 1st September 2011.
Customers are required to communicate their IBAN and the Bank's SWIFT Code that are indicated on their bank account statements to parties from whom they receive or expect to receive electronic payments, both in the Kingdom of Bahrain and abroad. There is a requirement to advise such parties well in advance of the need to quote their IBAN numbers in electronic payments as from 31st September 2011.
Should you require any further information or clarification, please do contact us on: 13 300 400.
Al Baraka Islamic Bank is one the subsidiary banking units of Al Baraka Banking Group. Al Baraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain Bours and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term) with a Negative Outlook. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of ABG is US$1.5 billion, while total shareholders' equity amounts to about US$1.8 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank, Al Baraka Bank Pakistan Limited; Banque Al Baraka D'Algerie, Al Baraka Bank Sudan; Al Baraka Bank Limited, South Africa; Al Baraka Bank Lebanon; Al Baraka Bank Tunisia; Al Baraka Bank Egypt; AlBaraka Turk Participation Bank, Al Baraka Bank Syria and representative offices in Indonesia and Libya (under formation).