Al Baraka Banking Group Hold its 14th Group Strategy Meeting in the Kingdom of Bahrain with the Attendance of 60 Leaders and Presidents of its World- Wide Units
The Bahrain based Al Baraka Banking Group has started this morning its 14th Group Strategy Meeting in Manama the capital of Kingdom of Bahrain, which is held on 21 and 22 November 2012. Member of the Board of Directors and President & Chief Executive of Al Baraka Banking Group, Mr. Adnan Ahmed Yousif has chaired the meeting which are attended by the Presidents and Chief Executive Officers and General Managers of the Group's Units around the world.
The meeting will discuss very important topics notably review and evaluate the results of Group's banks for the year 2012, and business plans for 2013 and coordination among them, as well as many vital topics such as strengthening the role of the Group in the financing of micro, small and medium enterprises, the latest developments of the American Foreign Accounts Tax Compliance Act, as well as latest developments in information technology and Sharia supervision and the implications of all these on the business and plans of the Group and its subsidiary banks.
The meeting also saw this year for the first time the announcement of the winner of the prize of Al Baraka Banking Group for the best 2011 annual report among the Group's banks. Al Baraka Bank South Africa won the first place, while Al Baraka Bank Lebanon came in the second place and Al Baraka Bank Sudan in the third place.
The meeting also included a short film about the progress made in the construction of the new main building of Al Baraka Banking Group in Bahrain Bay, where construction continues according to set schedules. The building is designed according to the latest architectural designs with the construction cost of US$ 100 million.
The meeting will be concluded by announcing the recommendations and decisions agreed upon, and which are expected to be an action guide for the next phase of the Group's banks regarding activating their role in their communities by launching more products and services while improving quality, and further developments of IT and operational infrastructure.
The meeting was opened by welcome speech by Mr. Adnan Ahmed Yousif, where he expressed his deep happiness by holding the 14th Group Strategy Meeting in the Kingdom of Bahrain, which is considered the most experienced and long history financial center in the Middle East and North Africa.
Mr. Adnan added "The holding of the meeting at a time of an acute financial and economic crises that had serious impact upon major international financial institutions can, no doubt, be considered as a big success for the Group. The Group, thanks to Allah and the Islamic approach it follows in its banking and financial dealings, as well as valuable facilities provided by the Government of Bahrain and the CBB to support the financial institutions, which enable the Group to continue achieving strong growth both in terms of operating income and volume of financing and investment business as well as to continue implementing its geographic expansion with a great success. This, in turn, proves the soundness of the business strategies adopted by the Group".
Mr Adnan said that the "Group will endeavor in the next few years to continue build upon our outstanding successes by achieving excellent profits and continuing the persistent and planned efforts to implement our ambitious planned to expand our operations and activates in our exciting market and the markets that we plan to enter, bases on strong confidence we gain from all our stakeholders including our shareholders, investors, depositors, customers and employees a leading and strong regional and international banking Group".
It is worth mentioning that more than 60 leaders of the Group's banks located in 15 countries: Bahrain, Jordan, Sudan, Algeria, Lebanon, Tunisia, Egypt, Syria, South Africa, Turkey, Pakistan, and Indonesia, Libya, SA, and Iraq attend this meeting.
Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poor's investment grade long term counterparty credit rating of BBB- / A-3 (Short Term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$1.5 billion, while total equity amounts to about US$ 1.9 billion.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 400 branches. Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.