Al Baraka Banking Group (B.S.C.) has joined the United Nations Global Compact on August 18, 2016
30 August 2016
The United Nations Global Compact is built on the premise that companies have an important role to play in improving our world first and foremost by doing business responsibly and then by pursuing the exciting opportunities to provide solutions to our greatest global challenges.
The United Nations Global Compact has become the largest global network of sustainable companies with 8,800 businesses in 165 countries committed to uphold the United Nations values and principles in how they operate. The initiative's activities are anchored in Local Networks based in more than 80 countries.
Mr. Adnan Ahmed Yousif, President and Chief Executive of the Al Baraka Banking Group (B.S.C.), remarked that we are very proud of our deep commitment to social responsibility and sustainability, which are at the core of our business strategy. Not only our social responsibility program is one of the leading examples in the world, our Al Baraka Goals 2016-2020 now seek to support the United Nations Sustainable Development Goals. He added, Islamic finance is best positioned to achieve the UN SDGs and therefore it is quite natural for us to join the United Nations Global Compact.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (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 is at about US$ 2.1 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 over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.