Opens office in Jakarta to tap Islamic market
Albaraka Banking Group (ABG), a Bahrain-based leading Islamic bank, announced the opening up its doors for business in Indonesian market.
The president and chief executive of the bank, Adnan Yousif, announced the launch of the first Indonesian office in Jakarta yesterday and said it would have a new dimension to the business of the bank.
He announced plans to expand its investments and operations in Islamic markets of Southeast Asian region, and especially in the Indonesian market, which is considered as the biggest market in the region.
Adnan A. Yousif inaugurated ABG's representative office in Jakarta after having received the official approvals from Bank Indonesia, the Central Bank of Indonesia. The opening ceremony was attended by Indonesian bankers and businessmen, in addition to members of the Board of Directors of ABG and top officials of the bank.
Shaikh Saleh Abdulla Kamel, chairman of Albaraka, said: "Indonesia is the largest Muslim country in terms of population as it is the home of 220 million people and its commercial and economic links with the Arab and Islamic world are growing whilst it witnesses significant economic and financial changes that reflect improving investment environment. All these factors encourage major Islamic financial institutions to open offices in Indonesia to serve the Muslim people there and participate in financing and facilitating trade and investment between Indonesia and the Arab countries".
Adnan Ahmed Yousif said that over the years ABG has been progressing steadily to build its regional and international presence in accordance with a clear strategic vision, as well as expanding the banking products and services that it offers, thus benefiting from its vast financial resources and the highly profitable assets of the Group.
He added that the Southeast Asian Islamic countries are considered as centre for technology, trade and labour, while the Gulf States are centre of finance and energy in the Islamic world, stating that it is necessary to rely on ingredients from all parts of the Islamic world in order to achieve the hopes and aspirations of peoples and Islamic societies.
He stressed that increasing the share of ABG in the Islamic markets contributed to the development of these markets and enhanced their effectiveness and the development of Islamic societies on one hand and achieving the aspirations and strategies for the group to diversify sources of income and maximising shareholder value through expanding both geographically and vertically, on the other.
Adnan added: "We now look forward to continuing our achievements in 2008, carrying on the significant strides made since the inception of the Group in building a strong banking group that will provide value-added services to the large community in Indonesia and the World."
ABG is a Bahrain joint stock company listed on Bahrain and Dubai Stock Exchanges. 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 $1.5 billion, while total equity amounts to about $1.57 billion.
By Mahmood Rafique
© Bahrain Tribune 2008
