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Signing of the Construction Agreement of the New Headquarter of Al Baraka Bank Algeria

Al Baraka Bank Algeria , a subsidiary banking unit of Al Baraka Banking Group BSC (ABG), announced the signing of contracts for the establishment of the Bank's headquarters in the Algerian capital. The contracts were signed in Istanbul, Turkey in the presence of the Chairman and Members of the Board of Directors of the Bank and a number of Executive leadership and Mr. Mustafa Cihad Arsalan, Director-General of the "Aslan Turkey Company", which will construct Al Baraka Bank Algeria Tower.

Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group and Chairman of the Board of Directors of Al Baraka Bank Algeria , stated "We always look forward to achieve excellence in all markets in which we operate and meet the needs of our customers by providing superior services to them in comfortable and modern work environment. Our insisting to continue implementing this main project headquarters at this time confirms our confidence in the considerable capacities and resources of Al Baraka Bank Algeria and the Group, which should entitle them to continue the growth and consistent high profitability."

Mr. Yousif added, "This project comes within the framework of our efforts towards the provision of best banking services to our customers in Algeria, stressing the Group's determination to move forward in strengthening its presence in the Algerian market and to contribute positively to the development of the Algerian economy."

For his part, Mr. Mohammed Seddik Hafid, Board Member and the General Manager of Al Baraka Bank Algeria stated, "The new headquarter building of Al Baraka Bank Algeria was designed to meet the present and future needs of the Bank, and the selection for the location of this new headquarter comes from our belief in the importance of this zone as a financial and banking center". "The Building was designed with the latest architecture model, supporting the requirements and expectations of future success.'' he added.

The new headquarters of the Bank is located in strategic location of the business center in the Algerian capital, near the major centers, and consists of 16 floors, including four underground floors. Land area totals 17,470 square meters, and contains many of the offices that are designed in a modern style, halls for lectures, meeting rooms, as well as parking spaces, and other modern services.

Al Baraka Bank Algeria is one of the main subsidiary banking units of Al Baraka Banking Group . Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poors long term and short-term credit ratings of BBB- stable and A3 respectively. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank - Bahrain, Al Baraka Bank Pakistan Limited, Al Baraka Bank Algeria , Al Baraka Bank Sudan, Al Baraka Bank Ltd - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunis, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank, Al Baraka Bank Syria, representative offices in Indonesia and in Libya (under formation).

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© Press Release 2011