Al Baraka عربي

Al Baraka Banking Group meets sustainable financing targets one year ahead: Publishes its Sustainability & Social Responsibility Report for 2019

Manama | November 25, 2020

Al Baraka Banking Group B.S.C. has published its Sustainability & Social Responsibility Report for the year of 2019, covering important progress made by the Group during the year on its various programs and activities including an impact assessment of its sustainable financing targets, which the Group effectively reached one year ahead of plan as set out in the Al Baraka Goals (2016-2020), which are linked with seven of the United Nations Sustainable Development Goals (SDGs) 2030. The Al Baraka Goals focus on Job Creation, Education, Healthcare and Sustainable Energy and the Group is currently working on the Al Baraka Goals for 2021-2025.
The Report provided a detailed account of the Group’s success in continuing to enhance its efforts to make all its business measurably sustainable and socially responsible. Based on the existing measurement tools, the Group’s overall sustainability and social responsibility program contributed US$3.4 billion in 2019 to the communities where it operates (primarily with its financing operations).
The Report reflects Al Baraka Banking Group's commitment in following a business model that helps the organization to be socially responsible and impactful. In 2015, Al Baraka announced the Al Baraka Goals (2016-2020), and subsequently pledged providing financing of over US$822 million towards Al Baraka Goals.
Specifically, the report outlined the goals and achievements in 2019 against the current plan. The Al Baraka Goals (2016-2020) seek to:
  1. Help Create over 51,000 jobs.
  2. Finance over US$434 million for healthcare projects.
  3. Finance over US$191 million for educational projects.
  4. Finance over US$197 million for sustainable energy projects during (2019-2020).
During 2019, Al Baraka successfully exceeded all targets:
1. Helping to create 10,570 jobs, which was 104% of the 2019 target of 10,207 jobs.
2. Providing US$27,782,000 to fund/finance education, which was 73% of the 2019 target of US$38,200,000.
3. Providing US$125,079,000 to fund/finance healthcare, which was 144% of the 2019 target of US$86,800,000.
4. Providing US$195,762,000 to finance sustainable energy, which was 231% of the 2019 target of US$ 84,851,000.
On this occasion, Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group B.S.C. stated, "We are proud to support the UN Global Goals for Sustainable Development, which we believe are based on our inherent shared values.  We are continuously working to internalize the Global Goals within our business strategy and processes to allow greater impact across our operations".
Mr. Yousif added, "Achieving the Global Goals requires financing at different levels and, therefore, the banking and financial services sector has a key role to play.  The investment opportunity to finance the Global Goals is unprecedented, and we should all work together to bridge the SDG financing gap."
Dr. Ali Adnan Ibrahim, Head of Sustainability and Social Responsibility, said: “Al Baraka's pledge to achieve the previously mentioned SDGs is a reflection of the organization practicing impactful corporate citizenship and building a consciousness throughout the Group, in all aspects, including economic, social, and environmental.”
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 Nasdaq Dubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one 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 around 700 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 two branches in Iraq and representative offices in Indonesia and Libya.
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.
S&P Global Ratings has updated the long-term rating on Al Baraka Banking Group B.S.C. to 'BB-' with a 'Stable' Outlook, while affirming the 'B' short-term rating of the bank. ABG has also been rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.
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