Al Baraka Banking Group B.S.C (ABG) participated by a high level delegation led by Mr. Adnan Ahmed Yousif, President and Chief Executive at the SDG Business Forum held on the sidelines of the High Level Political Forum on Sustainable Development in New York recently.
During the forum, the P&CE of Al Baraka Banking Group signed a Memorandum of Understanding (MoU) with the United Nations Development Program (UNDP) to develop a framework to facilitate cooperation between the two parties in the areas where the UNDP supports Al Baraka in developing sustainability standards related to its funding, also the projects it launches and awareness activities related to the objectives of sustainable development as well as the readiness of the UNDP to provide the same services to all the units of the Group deployed in 16 countries through its offices in these countries.
Mr. Adnan Ahmed Yousif also participated in the SDG Business Forum, where he presented the experience of Al Baraka Banking Group in linking Al Baraka Program for Sustainability and Social Responsibility with the objectives of sustainable development of the United Nations and the achievements made by the Group in this field, where the Group committed itself to provide support and funding of more than US$ 600 million for Al Baraka sustainable development goals for the years 2016-2020.
On this occasion, Mr. Adnan Ahmed Yousif said: "The participation of Al Baraka Banking Group in the SDG Business Forum was a complement to the highly successful and distinguished participation of the high level national delegation of the Kingdom of Bahrain, who participated in the UN High Level Forum on Sustainable Development last month and presented the excellent achievements of the Kingdom in this field. The presentation of Al Baraka Banking Group's experience in the area of sustainability and social responsibility and the successes it has achieved in attaching its objectives to sustainable development goals in the forum in this prestigious forum is a pride for all of us."
Mr. Adnan added: "We also thank the United Nations Development Program (UNDP) and the officials in the Kingdom of Bahrain for the support provided to the Group in this field. The cooperation and coordination with them reached an advanced stage leading to the signing of the Memorandum of Understanding, which will open the door for more cooperation in future.”
About
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 Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated A+ (bh) (long term) / A2 (bh) (short term) on the national scale by Islamic International Rating Agency and by Standard & Poor's at BB (long term) / B (short term).
Al Baraka offers 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 16 countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Saudi Arabia and Morocco, in addition to one branch in Iraq and two representative offices in Indonesia and Libya.
The United Nations General Assembly unanimously adopted 17 Global Goals for Sustainable Development (SDGs) on 25th of Sep 2015. Al Baraka pledged its support for the SDGs on the 3rd of November 2015. And, on 19th of May 2016, the Group launched Al Baraka Goals 2016-2020, which are linked with the 7 SDGs. Al Baraka Goals (2016-2020) focus on:
(1) Creating 50,000 new jobs
(2) Investing in and supporting education (pledging US$ 191 million), and
(3) Investing in and supporting healthcare (pledging US$ 434 million). Ever since the launch of Al Baraka Goals (2016-2020), Al Baraka has been exceeding its annual targets.
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