Africa & Middle East
|Industry:||Banking and PRB|
|Date joined:||1 January, 2021|
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 Nasdaq Dubai. 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 Sharia. 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.
Summary of Sustainability Strategy
The Al Baraka SDG Goals (2016-2020) seek to:
- Help create over 51,000 jobs
- Finance over US$191 million for Educational projects
- Finance over US$434 million for Healthcare projects
- Finance over US$197 million for Sustainable Energy Projects (during 2019-2020).
During 2016-2019, ABG:
- Helped in 40,188 jobs, which is 79% of the target of 51,000 jobs
- Provided US$209,357,000 in Education funding/financing, which is 110% of the target of US$191 million
- Provided US$521,578,000 in Healthcare funding/financing, which is 120% of the target of US$434 million
- Provided US$195,694,000 in Sustainable Energy Financing (renewable projects & energy efficiency), which is 99% of the target of US$197 million