Bahrain: The Kingdom-based Islamic investment bank, Albaraka Banking Group, yesterday said it saw a 30 per cent increase in its asset base in 2009, while it was heading for a financial windfall in the current fiscal.
"All indicators point to a rich harvest this year. We will be shortly coming out with our third quarter results," the bank's president and chief executive, Adnan Ahmed Yousif told Bahrain Tribune without divulging the numbers, on the sidelines of the bank's sixth strategic meeting in the Kingdom yesterday.
He said the group with a global presence in 12 countries was able to post strong growth both in terms of operating income and volume of investment business during
the year notwithstanding the global financial crisis. "The going has been good so far."
The group's banking units include Al Baraka Islamic Bank, Bahrain, Jordan Islamic Bank, Jordan, Al Baraka Islamic Bank, Pakistan, Banque Al Baraka D'Algerie, Algeria, Al Baraka Bank Sudan, Al Baraka Bank, South Africa, Al Baraka Bank Lebanon, Bank Et-tamweel Al Tunisi Al Saudi, Tunisia, Egyptian Saudi Finance Bank, Al Baraka Turk Participation Bank, Turkey.
He said the group's Syrian foray - Al Baraka Bank Syria, which was under formation - would be completed in the first quarter of 2009 and a full-fledged presence and operations in Indonesia 'sometime later that year'. The bank already has a representative office in the South East Asian nation.
With an authorised capital of $1.5 billion and total equity amounting to about $1.59 billion and more than 250 branches, the group, he said, was also in the middle of a rehaul of is corporate identity. The process would be completed in 2009.
He said the group accomplished a strategic achievement during the last few months when it commissioned its new IT system in Bahrain, linking the entire group with all the affiliate units and information databases. The new system will be taken to South Africa, Lebanon, Pakistan and Egypt next year.
"All indicators point to a rich harvest this year. We will be shortly coming out with our third quarter results," the bank's president and chief executive, Adnan Ahmed Yousif told Bahrain Tribune without divulging the numbers, on the sidelines of the bank's sixth strategic meeting in the Kingdom yesterday.
He said the group with a global presence in 12 countries was able to post strong growth both in terms of operating income and volume of investment business during
the year notwithstanding the global financial crisis. "The going has been good so far."
The group's banking units include Al Baraka Islamic Bank, Bahrain, Jordan Islamic Bank, Jordan, Al Baraka Islamic Bank, Pakistan, Banque Al Baraka D'Algerie, Algeria, Al Baraka Bank Sudan, Al Baraka Bank, South Africa, Al Baraka Bank Lebanon, Bank Et-tamweel Al Tunisi Al Saudi, Tunisia, Egyptian Saudi Finance Bank, Al Baraka Turk Participation Bank, Turkey.
He said the group's Syrian foray - Al Baraka Bank Syria, which was under formation - would be completed in the first quarter of 2009 and a full-fledged presence and operations in Indonesia 'sometime later that year'. The bank already has a representative office in the South East Asian nation.
With an authorised capital of $1.5 billion and total equity amounting to about $1.59 billion and more than 250 branches, the group, he said, was also in the middle of a rehaul of is corporate identity. The process would be completed in 2009.
He said the group accomplished a strategic achievement during the last few months when it commissioned its new IT system in Bahrain, linking the entire group with all the affiliate units and information databases. The new system will be taken to South Africa, Lebanon, Pakistan and Egypt next year.
Source - © Bahrain Tribune [06 November 2008]
No comments:
Post a Comment