In view of the recent media reports from Saudi Arabia, we wish to make the following statement:
Al Baraka Banking Group B.S.C. is a Bahraini Shareholding Company registered under the Commercial Companies Law of the Kingdom of Bahrain since 2002 and licensed as Islamic Wholesale Bank by the Central Bank of Bahrain, listed on Bahrain Bourse www.bahrainbourse.com and Nasdaq Dubai www.nasdaqdubai.com. Shaikh Saleh Abdullah Kamel is one of the shareholders and the current Chairman of the Board of Directors of Al Baraka Banking Group B.S.C.
Al Baraka Banking Group B.S.C. is regulated and supervised by the Central Bank of Bahrain, and our operations are independent of the shareholders.
All of the subsidiaries of Al Baraka Banking Group B.S.C. are corporate entities, registered and regulated in the respective countries in which they operate, with their own independent boards of directors, management and corporate governance frameworks.
Al Baraka Banking Group B.S.C. is the parent bank of all Al Baraka banks around the three continents. It is jointly rated by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited as BBB+ (long term) / A3 (short term) with a Stable Outlook and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka banks offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka Banking Group B.S.C. is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.
Al Baraka Banking Group B.S.C. has a wide geographical presence in the form of subsidiary banking units and representative offices in 15 countries, which in turn provide their services through over 700 branches 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.
For more information about Al Baraka and its banking units, you can visit the corporate website www.albaraka.com