The Board of Directors of Al Baraka Bank Egypt held its regular meeting in the Bank’s new headquarters at the Fifth Complex in Cairo last Wednesday, during which it was decided to elect Mr. Ebrahim Al Shamsi as the new Chairman of the Bank. Mr. Shamsi succeeds Mr. Adnan Ahmed Yousif who took the Chairmanship position since 2008. The change comes in accordance with the new governance rules followed by the Al Baraka Banking Group and its banking units.
Mr. Ashraf Al-Ghamrawi, Chief Executive and Deputy Chairman of Al Baraka Bank Egypt said: "We fully appreciate Mr. Adnan’s wise leadership of the Bank over the past ten years, and his contribution with the executive management of the Bank towards correcting the Bank's march and help the Unit come out of the problems that it faced during the past periods, especially since the Egyptian economy was also suffering from the recession at the time. Today, the bank enjoys continued growth in both profits and operations, and a strong and advanced financial position among the banks operating in Egypt and is rightly considered to be the pioneer of Islamic banking and the fastest growing in the Egyptian market. "
Mr. Ebrahim Al Shamsi, the new Chairman of the Bank, is a distinguished UAE banker with more than 45 years experience in banking and financial services. The Board of Directors of the Bank is comprised of a selection of well-known bankers locally, regionally and internationally. Under its new leadership, the Bank will continue to achieving successes as a major and successful banking unit of Al Baraka Banking Group.
Al Baraka Bank Egypt was established in March 1980. The total assets of the Bank reached LE 62.5 billion by the end of 2018, with an average annual growth rate of 54%. Total customer deposits reached LE 54.50 billion with an average annual growth rate of 53%. The total value of investments and investments reached LE 55 billion, with an average annual growth rate of 53%. The Bank has 32 branches, while the share price of the Bank is currently trading in the Egyptian Bourse at twice its nominal value.
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency and BB (long term) / B (short term) by Standard & Poor's.
ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 695 branches. Al Baraka Banking Group has operations in Jordan, Egypt Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition to one branch in Iraq and two representative offices in Indonesia and Libya.
© Press Release 2019