Al Baraka Banking Group Announces the Appointment of a new CEO of Al Baraka Bank Pakistan
1 March 2018
The Board of Directors of Al Baraka Bank (Pakistan) Limited and Al Baraka Banking Group B.S.C (ABG), the leading Islamic Bahrain-based banking group, have approved the appointment of Mr. Ahmed Shuja Kidwai as the new CEO of Al Baraka Bank (Pakistan) Limited, succeeding Mr. Shafqaat Ahmed, as from 1st March 2018.
On this occasion, Mr. Khalid Rashid Al Zayani, Chairman of Al Baraka Islamic Bank - Bahrain, which Al Baraka Bank Pakistan is considered its banking unit, thanked Mr. Shafqaat for his leadership contributions and services and wise vision during all his presidency period, which lasted 25 years. During this period, he has been a true pioneer of Islamic Banking in Pakistan and has played pivotal for growing the Bank at both businesses and branch network levels, where he transformed the bank from one branch bank to a bank with a network of 200 branches in over 100 cities. He was credited with taking the bank to the lead position in the Pakistani market.
Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group and Chairman of Al Baraka Bank Pakistan Limited said, While thanking Mr. Shafqaat and wishing him well in his future life, I am delighted to welcome Mr. Ahmed Shuja Kidwai as the new Chief Executive Officer of the Bank. Mr. Kidwai has been associated with Al Baraka Bank Pakistan since January 16th, 1996. He has played instrumental role in establishing and consolidating the Banks positioning in south especially Karachi. He has got four decades of diversified International banking experience with proven track record of his business acumen, customer focused and employee centric style of Management. We are confident that he will continue his predecessor's career in expanding the bank and strengthening its position in the Pakistani market.
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.