Manama I December 28, 2020
Al Baraka Banking Group (ABG), the leading global Islamic banking multinational, headquartered in the Kingdom of Bahrain, held its Second Annual Forum for the Shari’a departments of the Group’s units around the world, on Wednesday, December 23, 2020, virtually.
The opening session of the forum was chaired by Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, and was attended by each of the executive departments of the Group and the CEO of Al Baraka Islamic Bank Bahrain, Mr. Hamad Al-Oqab, in addition to the heads of the internal Shari’a audit departments.
The meeting discussed a number of issues that touch the Shari’a aspect of implementing financing operations, ways to ensure the highest levels of Shari’a compliance, and the role of information technology in strengthening Shari’a control. In addition, the meeting discussed the most prominent challenges facing the Group's units, and those they faced at the beginning of the Corona pandemic, and the extent of the Shari’a supervisory bodies' response to address these Shari’a risks.
In his opening speech at the forum, Mr. Adnan Ahmed Yousif affirmed that these meetings come within the strategic vision of Al Baraka Banking Group in promoting and strengthening Shari’a compliance frameworks, starting with the formation of bodies and then establishing Shari’a control and audit bodies while maintaining the highest professional standards.
Mr. Yousif also added, “Perhaps a keen observer of the Group’s march from its establishment to the present day, will notice that, thanks to God, it has achieved many of its goals and objectives, more specifically in terms of Shari’a compliance. This is evidenced by the internal Shari’a audit reports that we received periodically, as they have been not only continuously reflecting steady improvement but also tangible progress in the work of our Shari’a system, which resulted in praise and obtaining the highest Shari’a classification for our actions.”
Ends
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 totalling 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.
The opening session of the forum was chaired by Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, and was attended by each of the executive departments of the Group and the CEO of Al Baraka Islamic Bank Bahrain, Mr. Hamad Al-Oqab, in addition to the heads of the internal Shari’a audit departments.
The meeting discussed a number of issues that touch the Shari’a aspect of implementing financing operations, ways to ensure the highest levels of Shari’a compliance, and the role of information technology in strengthening Shari’a control. In addition, the meeting discussed the most prominent challenges facing the Group's units, and those they faced at the beginning of the Corona pandemic, and the extent of the Shari’a supervisory bodies' response to address these Shari’a risks.
In his opening speech at the forum, Mr. Adnan Ahmed Yousif affirmed that these meetings come within the strategic vision of Al Baraka Banking Group in promoting and strengthening Shari’a compliance frameworks, starting with the formation of bodies and then establishing Shari’a control and audit bodies while maintaining the highest professional standards.
Mr. Yousif also added, “Perhaps a keen observer of the Group’s march from its establishment to the present day, will notice that, thanks to God, it has achieved many of its goals and objectives, more specifically in terms of Shari’a compliance. This is evidenced by the internal Shari’a audit reports that we received periodically, as they have been not only continuously reflecting steady improvement but also tangible progress in the work of our Shari’a system, which resulted in praise and obtaining the highest Shari’a classification for our actions.”
Ends
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 totalling 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.