Manama | June 8, 2020
The Board of Directors of Al Baraka Banking Group BSC (BSC), the leading Islamic banking group based in Bahrain, has announced the appointment of Mr. Abdullah Saleh Kamel as Chairman of the Board, to succeed the late Sheikh Saleh Abdullah Kamel, the Founder of the Group who passed away last month. The Central Bank of Bahrain has approved this appointment.
Mr. Abdullah Saleh Kamel is considered to be one of the first personalities to have been part of the establishment of the Group, and he served as Vice Chairman of the Board and Chairman of the Executive Committee for several years, and has been amongst those who have actively contributed to the development of the Group's diversification and expansion strategies and supervised their implementation throughout these past years. Mr. Abdullah Saleh Kamel is credited with many of the Group's achievements alongside his father, the Group's Founder, may God have mercy on him.
Additionally, Mr. Abdullah Saleh Kamel is the Chairman of Aseer Company, Chairman of Amlak Real Estate Development and Finance, Chairman of Okaz Press and Publishing Corporation and Vice-Chairman of King Abdullah Economic City Emaar. He has previously held various executive positions at Dallah Al Baraka Group, culminating in the position of Vice President for Business Sector until 1999. He has over 30 years' experience in key business, investment and banking positions.
On this occasion, Mr. Abdullah Saleh Kamel said, "I extend my thanks and appreciation to my brothers in the Group's Board of Directors, who have honored me to Chair the Group's Board of Directors, the position in which I believe I have a great challenge, because I succeed the Founder and Captain of the Group and the leader of its march, our father and the father of all, Sheikh Saleh Abdullah Kamel, may God have mercy on him, who was known to all as the pioneer of modern Islamic banking and the founder of its renaissance in many Islamic countries. We have pledged ourselves to stick to his principles, approach, and follow the noble values in continuing the successes and excellence of the Group. We also express our thanks and appreciation to all official and regulatory authorities in the Kingdom of Bahrain and the countries where our units operate, and to all our partners and employees, who, thanks to their cooperation, we will continue to march, God willing. "
On his part, Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, said, "While we feel the enormity of our loss with the departure of the Group's Founder, Sheikh Saleh Abdullah Kamel, may God have mercy on him, we would like to express our gratitude for the acceptance of Mr. Abdullah Saleh Kamel to assume the Chairmanship of the Group's Board of Directors, with the blessing of the board of directors and the supervisory authorities in the Kingdom of Bahrain. This acceptance provides a sure guarantee that the Group will continue with the same approach its late Founder chose for it. Mr. Abdullah is also one of the founders of the Group, which he has led with all dedication and sincerity in its path throughout these years, and we are expressing our full confidence in his wisdom in leading the Group that will continue to pioneer the Islamic banking industry regionally and internationally. "
About Al Baraka
Al Baraka Banking Group B.S.C. (ABG) is 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 to 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.
S&P Global Ratings has updated the long-term rating on Al Baraka Banking Group B.S.C. to 'BB-' with a 'Stable' Outlook, while affirming the 'B' short-term rating of the bank.
ABG has also been rated 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.