For the Seventh Successive Year: Al Baraka Banking Group and Three Subsidiary Banking Units Receive Global Finance Awards for World’s Best Islamic Financial Institutions 2019.

 20 October 2019

The Bahrain headquartered, leading Islamic banking group Al Baraka Banking Group B.S.C. (ABG) and three of its subsidiary banking units received  the "World's Best Islamic Financial Institution" Award for 2019, in various categories, for the seventh successive year. The Awards were announced at the Annual Awards function that the Global Finance magazine customarily holds for international banks and financial institutions.

Al Baraka Banking Group was announced as the winner of the "Best Islamic Financial Institution in South Africa Award" in the regional winners' category. Banque Al Baraka D'Algerie S.P.A., Al Baraka Bank Lebanon and Jordan Islamic Bank, which are ABG subsidiary banking units, were announced as winners in  the "World's Best Islamic Financial Institution 2019" - Country category, in Algeria, Lebanon and Jordan, respectively.

The winning of these awards by ABG and its three banking units for the seventh successive year was announced in a final statement by the magazine's Award Committee, which included in its membership, a number of economists and editors of Global Finance, international financial advisors and a number of bank managers and experts in the field of banking. ABG and its three banking units received these awards for their prominent role and contribution in the development of the Islamic banking sector, for their ability to achieve consistent growth and meeting professional standards in terms of the quality of products and services offered to clients, as well as for their originality and innovation in services and customer care, continued development and innovation in banking operations and other important criteria such as strategic relationships, geographic reach, profitability and robustness of financial position.

Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group received the awards at the Annual Awards Ceremony held during the IMF World Bank annual meetings in Washington DC on 19th October 2019.

On this occasion, Board Member and President & Chief Executive of Al Baraka Banking Group Mr. Adnan Ahmed Yousif stated, “We are very delighted with the achievement of ABG and our three subsidiary banking units in winning this prestigious international award for the seventh successive year. This reflects the ability of the Group and the Units to maintain their leadership and distinguished financial and operational status over these past years on one hand,  and on the other hand, the excellent banking position that the Group and the Units occupy in their respective countries, their effective contributions in providing innovative saving and investment products, in addition to their excellent performance and services, and good reputation in the Islamic banking sector locally and regionally."

Mr. Adnan Ahmed Yousif concluded his statement by expressing his thanks and appreciation to the executive managements and all employees of ABG and particularly the three banking units for their continuing efforts in raising the status of their units and the Group as a whole at the local, regional and international levels.

Notes for Media

Al Baraka Banking Group B.S.C. ("ABG") is a licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.

ABG is rated BB (long term) / B (short term) by Standard & Poor's and BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.


















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