Mar 31 2010
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Al Baraka Bank Egypt Launches its New Identity
The launch ceremony was attended by senior Egyptian officials, businessmen, banking officials, chairman and members of the Board of Directors of Al Baraka Bank Egypt , senior members of the executive management and a host of guests as well as the press and the media.
Al Baraka Bank Egypt E.S.C is one of the subsidiary banking units of the Bahrain-based leading Islamic banking institution Al Baraka Banking Group BSC. Al Baraka Bank Egypt was established in 1980 and currently has 20 branches in the governorates and major cities in Egypt, in addition to four foreign currency bureaus in Greater Cairo and Hurghada City. There are also four branches under construction that will be opened in succession beginning from April this year, to make a total of 24 branches by the end of the year, not including the foreign currency bureaus.
Mr. Adnan added that the new identity of the Group requires us to adopt a set of policies and high ethical and professional standards with regard to the offering of innovative and highly efficient Sharia-compliant services and products. To achieve this, we put in place a number of programs and plans which are currently being implemented to embody the theme of the new identity of the Group in being a partner bank to our customers, investors, and all our stakeholders".
The Chairman of Al Baraka Bank Egypt "The Egyptian economy in turn is witnessing an ongoing series of economic and financial reforms which were well-received and praised by concerned international institutions, resulting in economic growth of 4.7% through to June 2009, This, in turn generated numerous financing and investment opportunities. Al Baraka Bank Egypt was successful in benefiting from many of these opportunities during year 2009, and as a result, total assets increased by 10% to US$ 2.12 billion, investments by 16% to US$ 1.00 billion and financing by 4% to US$ 815.60 million, while deposits, including unrestricted investment accounts, increased by 13% to reach US$ 1.87 billion and shareholders equity by 11% to US$ 139.46 million. As a result of these increases, net profit jumped by 224% to reach US$ 13.56 million in 2009".
On his part, Mr. Ashraf Al Ghamrawi, Chief Executive Officer and Managing Director of the Bank, said "We are very proud to launch our new unified identity that confirms and enhances the depth of our belonging to Al Baraka Banking Group. We are determined to embody the values and principles of the new identity in our operations by strengthening our partnership with our customers and providing them with the best products and services".
Al Ghamrawy added that " Al Baraka Bank Egypt was able to assert itself as a leading Islamic bank in the banking market in Egypt, thanks to the range and quality of its highly developed services, the many savings and investment products that suit the needs of all groups and segments of the community and innovative and unprecedented financing programs designed to meet the needs of different sectors and segments of the Egyptian market, all in strict compliance with the principles of the Sharia. We are also currently updating the IT infrastructure of the Bank by employing the latest international technological systems".
Mr. Al Ghamrawi added that "As an Islamic banking institution, the Bank is committed to playing a strong social role through the Zakat Fund which established three medical units that provide treatment free of charge to the poor and needy (Al-Qasr Al-Aini, Ain Shams University Hospitals, Al Mansoura University Hospitals). Furthermore, the Bank contributes to the social solidarity project in Ramadan throughout the country by donating EGP 1 million to the Egyptian Zakat Foundation, in addition to organizing annual competitions for the recitation of the Holy Quran and giving prizes to the participants from age groups from all parts of the Arab Republic of Egypt since more than ten years".
Al Baraka Bank Egypt is one of the main banking units of the Bahrain-based Al Baraka Banking Group, Al Baraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain Stock Exchange and Dubai Nasdaq Exchange. It is a leading international Islamic bank with Standard and Poors long term and short term credit ratings of BBB- and A3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.7 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 300 branches. These banking Units are Jordan Islamic Bank, Jordan; Al Baraka Islamic Bank, Bahrain; Al Baraka IslamicBank, Pakistan;Banque Al Baraka D'Algerie, Algeria; Al Baraka Bank Sudan, Sudan; Al Baraka Bank Ltd, South Africa; Al Baraka Bank Lebanon, Lebanon; Al Baraka Bank Tunisia, Tunisia; Al baraka Bank Egypt, Egypt; Al Baraka Turk Participation Bank, Turkey; Al Baraka Bank Syria and a representative office in Indonesia.
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© Press Release 2010
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