ABG Concludes 21st GSM Meeting in Amman, Jordan

As part of its strategic drives aimed at fostering its pioneering regional and global status in Islamic banking, and in view of the dedicated efforts of its units in implementing these ambitious derives, Al Baraka Banking Group (ABG), a leading Bahrain – based global Islamic banking icon, held its 21st Group Strategic Meeting (GSM) during the period 25th-26th July 2016 in Amman, the capital of Jordan. On this occasion, Chairman of Al Baraka Banking Group, His Excellency Shaikh Saleh Abdullah Kamil expressed pride in the successes achieved by Al Baraka Banking Group (ABG) as an outcome of the dedicated work, good organization and careful planning of those in charge of its management. He stressed that the Group maintains a very strong position, as certified by global rating agencies, due to the Group’s distinguished geographical diversity in revenue resources, in addition to the Group’s benefit from its capital strength and deep roots in regional and global markets. He expressed hope that ABG business would witness growing impetus which would positively contribute to fostering the economic growth of the countries in which ABG units operate, relying on the business module based on Musharaka processes and a growth strategy based on full knowledge of markets, while maintaining the quality of financing portfolio in the meantime. Commenting on this occasion, the President and Chief Executive of Al Baraka Banking Group Mr. Adnan Ahmed Yousif said: “this significant meeting comes at a time when the Group is fully geared to pursue its dedicated mission which spans over 40 years of success and accomplishment, despite the prevailing tough conditions ensuing from the transformations in the regulatory environments and the geopolitical changes”. “Consequently, the timing of our meeting is convenient for us to reveal the distinguished identity of our ABG network throughout 15 countries which operates over 700 branches. This is a clear message to our clients all over the globe, our investors and shareholders that the Group is geared to move a head during the coming period with stronger determination to achieve the main objective of its unified strategy represented in increasing the value of its shareholders rights and maximizing the yields generated for stakeholders under the Group’s logo, based on the principle of Musharaka”, he continued.   “We have succeeded during 2015 and the first half of 2016 in adopting a set of measures and existing plans aimed at taking advantage from the Group’s vast diversity of the geographical presence and the long expertise in markets, the matter which has enabled us to exceed targeted figures in most key indicators”, he explained. “Total assets are US $ 25 billion, financing and investment are US $ 19 billion, and deposits are US$ 20 billion approximately. This is a clear reflection of our clients’ growing trust and commitment to our Group, as is the case with our valued shareholders, whose rights have exceeded the ceiling of US $ 2 billion”, he said. “The 21st Group Strategy Meeting (GSM) hosted by the Kingdom of Jordan, and attended by the Chief Executives and General Managers of Al Baraka Banking Group (ABG) in over 15 countries aimed to evaluate the financial and banking performance of the Group during the first half of 2016, as part of the strategies of unified work and coordination between the leaders of ABG units”, he added. “The meeting, which was held within the same pattern followed by leading banking entities similar to our Group, reviewed in depth a number of recent issues of interest to the Group such as the products of Islamic integration and the systems of new global risk ratings”, he continued. Meanwhile, we continue the plan of dedicating a full year in managing the affairs of our Group towards constructing a brighter future for the Group based on consultation and dialogue between us in all matters of major interest, and then we crystalize generated ideas into objectives agreed upon between us”, Mr. Adnan Yousif concluded. 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 fifteen 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 and Saudi Arabia, including two representative offices in Indonesia and Libya.