Al Baraka Banking Group Wins First Prize of the Corporate Governance Award
The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C announced that it won First Prize of Hawkamah-Union of Arab Banks 2010 Bank Corporate Governance Award. Three prizes were awarded at the Growth of Corporate Governance in the Region Conference which was held in Muscat, Sultanate of Oman, during the period from 31st October to 1st November, 2010. Thirty five banks from the Middle East and North Africa competed for the Award which included three prizes for the first three winning banks. Al Baraka Banking Group won the first prize for its implementation of and compliance with corporate governance principles both at its Head Office and subsidiary banks.
The judging panel of the Award which was responsible for selecting the best three banks included three eminent international corporate governance experts from PricewaterhouseCoopers, Global Governance Services Ltd and one of the renown authors and worldwide authorities on corporate governance.
Al Baraka Banking Group won the first prize for its commitment to the best international standards and practices in the area of corporate governance in the banking sector in the Middle East and North Africa, its effective contribution to the development of Islamic banking and its outstanding achievements in the area of Islamic finance as well as for its regional and global standing. Winning the prize also reflects the appreciation and recognition by the banking industry of Al Baraka Banking Group achievements and its high regional and international standing. ABG is now a symbol of Islamic banking and a model that many Islamic financial institutions follow.
Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group said that "winning this award prompts us and motivates us to continue work on the implementation of our strategies which aim to strengthen corporate governance principles and maintain a high level of compliance, with a view to serving the development needs of the countries in which we operate, in addition to providing innovative Islamic banking services and products in line with the evolving needs of our customers and the countries in which we operate or have business relationships with through our banking units or representative offices.
We thank Allah for helping us in our efforts that led to winning this prize which makes us feel proud of our belonging to Al Baraka Banking Group. It is also an international recognition of the outstanding achievements of the Group and of its high international status and its contributions towards the implementation of corporate governance systems which no doubt will contribute to the further development of Islamic banking".
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 twelve countries, which in turn provide their services through more than 400. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank â€“ Bahrain, Al Baraka Bank Pakistan Limited, Banque Al Baraka D'Algerie, Al Baraka Bank Sudan, Al Baraka Bank Limited - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunisia, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria and a Group representative office in Indonesia and Libya (under formation).