Al Baraka launches its Sustainability and Social Responsibility Report 2016 and First-Year Progress on Al Baraka SDG Goals (2016-2020)
16 October 2017
Al Baraka Banking Group B.S.C. is pleased to launch its Sustainability and Social Responsibility Report 2016. The Report includes Al Barakas progress during 2016 regarding its various programs and activities. The report includes country-wide global overview of achievements, and a global overview of all social responsibility programs. The Report also includes impact assessment of various Al Baraka social responsibility programs and the first year assessment of the Al Baraka SDG Goals (2016- 2020).
At this occasion Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group B.S.C. said: â€œThis year we have added impact assessment of our sustainability and social responsibility programs in the Report. We have also provided details of our progress towards our five-year pledge of Al Baraka SDG Goals (2016-2020). We are proud to support the Global Goals for Sustainable Development, as we believe that the Global Goals are based on inherent shared values. We are continuously working to internalize the Global Goals within our business processes to allow greater precision in our business philosophy.
Mr. Adnan Ahmed Yousif added: Achieving the Global Goals requires financing at different levels and, therefore, the banking and financial services sector has a key role to play. The investment opportunity to finance the Global Goals is unprecedented and we should all work together to bridge the SDG financing gap.
Last year, Al Baraka announced the Al Baraka SDG Goals (2016-2020) with a pledge of over $635 million to finance and fund Al Baraka SDG Goals. Al Baraka SDG Goals (2016-2020) focus on (Job Creation, Education, and Healthcare), and are linked with seven (7) of the Sustainable Development Goals 2030.
The Al Baraka SDG Goals (2016-2020) seek to:
1. Create over 51,000 jobs.
2. Finance and support over $ 434 million in healthcare projects.
3. Finance and support over $191 million for educational projects.
During 2016, Al Baraka:
1. Helped create 14,535 jobs which was 142% of the 2016 target of 10,207 jobs. This was 28% of its 5 years target.
2. Helped achieve $41,596,059 of education funding / financing which was 108% of the 2016 target of $38,173,398. This was 21% of its 5 years target.
3. Helped achieve $96,826,507 of healthcare funding/financing which was 111% of the 2016 target of $86,700,977. This was 22% of its 5 years target.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$ 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, Saudi Arabia and Morocco, including two representative offices in Indonesia and Libya.
For more information about Al Baraka Social Responsibility Report 2016, please visit our website: Al Baraka Social Responsibility Report 2016 (New)