Al Baraka Banking Group and the Libyan Foreign Bank sign a memorandum of understanding to enhance their banking relations in all fields
26 July 2017
Al Baraka Banking Group, B.S.C (ABG), the leading Bahrain-based banking group, has signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB), the leading Arab bank in Africa, to collaborate in all banking areas.
The MoU was signed by Mr. Adnan Ahmed Yousif, President & Chief Executive of ABG and Chairman of Al Baraka Turk Participation Bank on behalf of Al Baraka Banking Group and Mr. Mohamed Mohamed A. Ben Yousef, General Manager of LFB on behalf of the Libyan Foreign Bank.
The signing ceremony was held at the headquarters of Al Baraka Turk Participation Bank at the attendance of a number of officials in the two institutions led by Mr. Meliksah Utku the General Manager of Al Baraka Turk Participation Bank.
The MoU aims to establish a close cooperation framework through which the two parties can activate joint initiatives and banking activities, as well as prepare technical cooperation programs in the future. It also includes the exchange of knowledge by Al Baraka Banking Group, which will benefit the Libyan Foreign Bank in the field of Islamic banking, enhance cooperation in correspondent banking and commercial finance operations between the two banks as preferred trading partners, and further cooperation in liquidity management, investments, exchanging information and ideas and making use of the network of resources available to each Party.
On the occasion, Mr. Adnan Ahmed Yousif said, Al Baraka has historical and strong relations with the Libyan banks and the Libyan market, especially the Libyan Foreign Bank, which plays a leading role in Libya, Africa, Asia, Europe and America and owns main participations in 40 banking and financial institutions in all these countries. Al Baraka Banking Group, which has a good presence in the Libyan market through its representative office, has a strong presence around the world and has 703 branches through its banking units in 15 Arab, Asian and African countries. The Group will soon open its banking unit in Morocco and have well-planned programs to expand in Africa and Asia, based on long-standing Islamic banking experience, deep knowledge of the markets in which its units are located, with a strong network of relationships, wide financial and human resources and a rich record of excellent financial performance. Therefore, it is natural to look forward to working with the Libyan Foreign Bank to integrate our large resources and potentials in all forms and fields of banking to achieve mutual benefit and to improve the integrated work models among the Arab banking institutions.
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 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.