Memorandum of Understanding between Al Baraka Banking Group and Islamic Corporation for the Development of the Private Sector
Al Baraka Banking Group (ABG) signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), the investment arm of the Islamic Development Bank whose goal is to assist private sector companies and institutions in the Organisation of Islamic Conference countries and enhance cooperation between them.
The Memorandum of Understating was signed by Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group and Mr. Khaled Al Aboodi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector on the sidelines of the Al Baraka Banking Group's 31st Symposium on Islamic Economics in the presence of a number of economists and Islamic Sharia scholars.
Mr. Adnan Yousif, President & Chief Executive of Al Baraka Banking Group said that the MoU agreement sets a framework for cooperation between Al Baraka Banking Group and ICD.
Mr. Al Aboodi said "There is no doubt that Al Baraka Banking Group is an Islamic world leading institution in terms of offering Sharia-compliant products and services and its large network of subsidiary units that achieved continued successes and excellent growth in recent times. By this MoU, Al Baraka Banking Group seeks to forge a partnership with ICD for the benefit of private sector companies and institutions in the member states of the Organization of Islamic Conference". He further elaborated that the MoU includes clauses that facilitate entering into arrangements to finance a number of projects in cooperation with ABG or the issuance of Sukuks for certain projects by ABG subsidiary units.
Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain stock exchange and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poors long term and short term credit ratings of BBB- and A-3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.7 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 300 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank, Bahrain; Al Baraka Islamic Bank, Pakistan; Al Baraka Bank Algeria, Algeria; Al Baraka Bank Sudan, Sudan; Al Baraka Bank Ltd, South Africa; Al Baraka Bank Lebanon, Al Baraka Bank Tunis, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria and a representative office in each of Indonesia and Libya (under formation).