Nov 09 2011
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Al Baraka expands in North Africa
The country's Islamic finance dominated sector has driven Al Baraka to consider setting up a headquarters for which it has purchased land opposite The Central Bank of Sudan. No timeline has been specified yet.
In Libya Al Baraka is getting closer to obtaining its Islamic banking license and, according to Yousif, the group has finalized the procedures to open a representative office and is in discussions with Libyan authorities to set up Islamic banking units. The group has also laid the groundwork for a new head office in Algeria where a Turkish company has been contracted for construction work on the $30m project.
In Egypt the bank's performance has been satisfactory, loan losses remain low and the bank is financing several investment projects in Egypt. Meanwhile, Al Baraka Jordan (Jordan Islamic Bank) plans to expand its current network of 60 branches to 71 by 2015.
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