Al Baraka Banking Group B.S.C, United Nations Sign Letter of Intent
Manama, 26 February 2018
A statement of intent was signed between Al Baraka Banking Group B.S.C and the United Nations last week to work jointly on areas of mutual interest, including the promotion of the Sustainable Development Goals and Agenda 2030. The partners will collaborate in coordination with other stakeholders in the implementation of activities of common interest. In attendance was Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, H.E. Mr. Amin El Sharkawi, United Nations Resident Coordinator and United Nations Development Programme Resident Representative and Dr. Ali Adnan Ibrahim the First Vice President, Head of Sustainability & Social Responsibility at Al Baraka Banking Group.
The Statement of Intent outlines a number of activities that support the Agenda for Development 2030, and the Sustainable Development Goals. In 2016, Al Baraka Banking Group launched its Social Responsibility Report for 2015, as well as the Al Baraka Goals for 2016-2020, which are linked to the Sustainable Development Goals, making Al Baraka one of the first global financial institutions to make progress towards the SDGs. Building on a relationship of common values, the United Nations will facilitate with other UN agencies to work towards mutual goals.
On this occasion, Mr. Adnan Ahmed Yousif stated that: Al Baraka Group sees deep-rooted shared values between the SDGs and Islamic finance and, through Al Baraka Goals (2016-2020), we continue to uphold our support for the SDGs. The banks and financial institutions can contribute to the SDGs significantly by appropriate allocation of the portfolio, and even without fundamentally changing the business model.
Mr. Amin El Sharkawi stressed Strong partnerships between stakeholders are vital in succeeding towards the attainment of the Sustainable Development Goals. This includes the government, private sector and international and local non-governmental organizations all working together.
Mr. El Sharkawi added that, Al Baraka Banking Group is one of the first global financial institutions to make progress and commitments towards the SDGs. The main aim of this cooperation is the joint effort of the United Nations in Bahrain and Al Baraka Banking Group to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals contained therein. This will be achieved through several joint activities. We hope to raise awareness on the objectives and targets of the SDGs, as well as the best ways to integrate them into existing programs and policies. The UN will act as a platform to engage other UN agencies on this worthy cause.
The Sustainable Development Goals are a set of 17 goals agreed upon by 193 member states of the UN as priorities for the world to tackle by 2030. These 17 Goals build on the successes of the Millennium Development Goals, while including new areas such as climate change, economic inequality, innovation, sustainable consumption, peace and justice, among other priorities
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 16 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.