Four Units of Al Baraka Banking Group win Prestigious Islamic Finance News Awards for 2018
Manama I 18 March 2019
The Bahrain based leading Islamic Banking Group Al Baraka Banking Group B.S.C. (ABG) announced that four Units of the Group won the prestigious Islamic Finance News Awards 2018 through the annual comprehensive referendum conducted by the Islamic Finance News magazine.
Al Baraka Bank Sudan won the Best Bank in Sudan 2018 Awards. Al Baraka South Africa won yet again this year the Best Islamic Bank in South Africa 2018, following its debut 2 Tier Sukuk issuance in December 2018.
In Lebanon, Al Baraka Bank Lebanon continued its winning streak and won the award as the Best Islamic Bank in Lebanon 2018. For the third year in a row, Jordan Islamic Bank was voted Best Islamic Bank in Jordan.
Al Baraka Bank Egypt, Al Baraka Islamic Bank Bahrain and Al Baraka Turk Participation Bank, all won the second place as Runner up in their respective countries. Al Baraka Banking Group won the second place for Best Islamic Bank for Treasury Management.
On this occasion, Mr. Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group said:"We are pleased today to see our units win these awards for the sixth consecutive year, as this reflects the leading status and good reputation that Al Baraka Banking Group and its banking units enjoy in the Islamic banking sector locally, regionally and globally.
Mr. Yousif added, "The subsidiary banking units of our Group 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 Al Baraka Banking Group'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".
The voting in favor of Al Baraka units was through the annual referendum organized by "Islamic Finance News", where it invited Islamic financial companies and investors and companies from outside the banking sector and government institutions from around the world to participate in this referendum. The Islamic Finance News magazine is based in Kuala Lumpur and it is an international institution specialized in providing news for the Islamic financial sector. The Islamic Finance News Awards are considered the most transparent and competitive international awards, and are subject to strict standards when voting, where companies and banks are not allowed to vote for themselves, but are subject to the judgment of others.
Mr. Ahmed Albalooshi, Senior Vice President received the Awards on behalf of the Al Baraka wining units in the annual ceremony, which was held in the city of Dubai on Sunday 10th March 2019.
About Al Baraka
Al Baraka Banking Group B.S.C. ("ABG") is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency and BB (long term) / B (short term) by Standard & Poor's.
ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 695 branches. Al Baraka Banking Group has operations in Jordan, Egypt Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition to one branch in Iraq and two representative offices in Indonesia and Libya.