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Islamic approach key to ABG success

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Points of Essence:

  • Al Baraka Group of Bahrain attributed its strong growth to the Islamic banking business despite the global economic downturn.

Bahrain-based investment bank Albaraka Banking Group (ABG) has weathered the global financial turmoil owing to its Islamic banking model, its most senior executive said yesterday.

President and Chief Executive Adnan Ahmed Yousif said, thanks to its Islamic model, the group has achieved strong growth, both in terms of operating income and the volume of its investment business.

With operations in 12 countries, Yousif, speaking on the eve of the group’s sixth annual strategic meeting here in the Kingdom today, said the bank’s global expansion continues apace.

“The Islamic banking approach also enabled the Group to continue with the implementation of its geographic expansion with great success. This, in turn, proves the soundness of our business strategies,” he said,

Albaraka boasts total equity of $1.59 billion, built upon the group’s wide geographical presence underpinned by more than 250 branches.

The bank said it will launch a new identity in early 2009.

“The new identity represents a major landmark in the Group’s new strategy which aims to continue improving the services it provides to its clients,” said Yousif.

The banking boss said the Group accomplished a strategic goal during the last few months when it commissioned its new IT system, which link the entire group with all the affiliate units and integrate their information databases.

© Bahrain Tribune 2008


Written by Suapi Shaffaii

November 5, 2008 at 9:51 pm

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