Al Baraka Banking Group (ABG) yesterday signed a memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), the investment arm of the Islamic Development Bank, to assist private sector companies and institutions in the Organisation of Islamic Conference (IOC) countries and enhance mutual cooperation.
The MoU was signed by Adnan Ahmed Yousif, President and Chief Executive of ABG and Khaled Al Aboodi, Chief Executive Officer of ICD on the sidelines of the ABG's 31st Symposium on Islamic Economics in the presence of a number of economists and Sharia scholars.
Adnan Yousif, President and Chief Executive of Al Baraka Banking Group, said that the MoU sets aframework for cooperation between ABG and ICD.
"ABG is a leading institution in the Islamic world in terms of offering Sharia-compliant products and services and its large network of subsidiary units have achieved excellent growth in recent times," said Al Aboodi.
"The MoU includes clauses that facilitate entering into arrangements to finance a number of projects in cooperation with ABG or the issuance of sukuks for certain projects by ABG's subsidiary units," he added.
Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain Stock Exchange and Nasdaq Dubai. It is a leading international Islamic bank with Standard and Poor's long-term and short-term credit ratings of BBB- and A-3 respectively.
ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia.
The authorised capital of ABG is $1.5 billion, while total equity amounts to about $1.7 billion.
By Mahmood Rafique
© Bahrain Tribune 2010
