In line with the strategy being implemented by the Bahrain-based leading Islamic banking group Al Baraka Banking Group BSC (ABG) to have a unified new corporate identity for the Group and its subsidiary banks, Al Baraka Bank Tunisia launched its new unified corporate identity. In accordance with new identity the name of the bank was changed from Bank Et-tamweel Al-Tunisi Al-Saudi to Al Baraka Bank Tunisia. The launch ceremony was attended by representatives of the parent company and the Ministry of Finance, Central Bank of Tunisia, Board Members, the Bank's Executive Management, all employess in addition to a number of distinguished guests.
On this occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group said that he was delighted with Al Baraka Bank Tunisia joining the new corporate identity of the ABG Group, a step that would go much further than just a change in the name or logo to include the added value provided by the Bank to its owners, shareholders, investors and the economic and social activities that the bank serves.
On his part, Mr. Abdul Elah Subahi, Chairman of Al Baraka Bank Tunisia said that the launch of the new corporate identity of Al Baraka Bank Tunisia was a fitting and timely step as it comes at a time when the bank was going through a comprehensive development exercise that included products and services, jobs and functions and human and financial resources. These development changes will further be strengthened by the launch of the new corporate identity which highlights the fact that the Bank is part of a larger Group, and as such emphasizes the strong position of the bank and its ability to expand in the domestic market.
Mr. Adnan Ahmed Yousif, member of the Board of Directors of Al Baraka Bank Tunisia and President & Chief Executive of Al Baraka Banking Group said that "We are glad to see Al Baraka Banking Group, despite the global financial and economic crisis, continue the implementation of its strategic plans since the beginning of the year. During the second quarter of this year, we launched the new corporate identity of ABG group at highly publicized unveiling ceremonies held at head office and the subsidiary units of the Group. The new corporate identity requires us to adopt a set of policies and high ethical and professional standards with regard to the offering of innovative and 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 corporate identity of the Group in being a partner bank to our customers, investors and all stakeholders. We are today celebrating the launch of the new corporate identity by Al Barak Bank Tunisia and this, God willing, will be followed by Al Baraka Bank Egypt".
Mr. Laroussi Bayoudh Vice Chairman and General Manager of Al Baraka Bank Tunisia Said that "The Bank witnessed during the past few years a major development in its performance, operations and organizational, operational and IT structure, which helped to consolidate and enhance our presence in the local market. The launch of the new corporate identity will no doubt add new strength to us as we will be seen as part of a large group, Al Baraka Banking Group, which has subsidiary banking units in 12 countries that operate through more than 300 branches".
Al Baraka Bank Tunisia commenced its operations under the name of Bank Et-tamweel Al-Tunisi Al-Saudi in 1983 as an offshore bank licenced to take deposits from residents and provide a number of Sharia-compliant services including accepting deposits and offering finance to and investment in key economic sectors such as industry, agriculture, tourism and export industries. The bank also has investments through direct participation in the capital of Tunisian companies or indirectly through investment funds. The bank currently has 8 branches in major Tunisian cities and centres.
The bank posted a net income of US$ 9.33 million in the first nine months of 2009, an increase of 26% over the net income for the same period of last year. Total assets of the Bank amounted to US$ 421.90 million and shareholders US$ 84.13 million as at the end of September 2009.
Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading international Islamic bank with Standard & Poor's long and short-term credit ratings of BBB- and A-3 respectively. Al Baraka Banking Group offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of Al Baraka Banking Group is US$1.5 billion, while total equity amounts to about US$1.6 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 3 00 branches. These banking Units are Jordan Islamic Bank, Jordan; Al Baraka Islamic Bank, Bahrain; Al Baraka Islamic Bank, Pakistan; Banque Al Baraka D'Algerie, Algeria; Al Baraka Bank Sudan, Sudan; Al Baraka Bank Limited, South Africa; Al Baraka Bank Lebanon, Lebanon; Bank Et-Tamweel Al-Tunisi Al-Saudi, Tunisia; the Egyptian Saudi Finance Bank, Egypt; Al Baraka Turk Participation Bank, Turkey; AlBaraka Bank Syria and a representative office in Indonesia.
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© Press Release 2009
