Latest news with #AbdullahSalehKamel
Daily Tribune
an hour ago
- Business
- Daily Tribune
Al Baraka posts strong quarterly turnaround
TDT | Manama Al Baraka Group has reported a strong financial turnaround in the first quarter of 2025, reversing last year's losses and delivering a 19% rise in net income attributable to shareholders. The Group registered USD 34 million in total comprehensive income during the quarter, a sharp contrast to a USD 60 million loss in the same period of 2024. Earnings rebound The Group's net income attributable to the parent company's shareholders rose to USD 46 million in Q1 2025, up from USD 39 million last year. Total net income also saw a 19% increase, reaching USD 91 million. Executives credited the gains to rising financing volumes, expanded activity in key markets including Turkey, Jordan, and Egypt, and lower foreign currency translation losses. Basic earnings per share improved to 3.84 US cents, compared to 3.23 US cents in Q1 2024. Strengthening capital Al Baraka's total equity attributable to shareholders and sukuk holders rose 2% to reach USD 1.28 billion, while total equity grew to USD 2.03 billion by the end of March. The Group also recorded a 4% increase in total assets, which stood at USD 27.24 billion, driven by stronger customer deposits and business growth in core markets. Chairman Sheikh Abdullah Saleh Kamel said the Group's performance was anchored in its commitment to strategic expansion, disciplined risk oversight, and continued support for the communities it serves. Innovation focus Group CEO Houssem Ben Haj Amor highlighted the Group's resilience in the face of global uncertainty, citing its focus on long-term financial sustainability, investment returns, and digital banking innovations. Recent initiatives such as the 'Trade Finance Platform' and 'Borderless Banking' are part of the Group's drive to enhance competitiveness across its international network. With operations in 13 countries and over 600 branches, Al Baraka continues to position itself as a key Islamic financial player committed to growth and innovation in a changing global environment.
Ammon
7 hours ago
- Business
- Ammon
World Leaders, Experts Convene in Istanbul for Global Islamic Economy Summit
Ammon News - The Second Global Islamic Economy Summit, organized by the Al Baraka Forum for Islamic Economy, commenced, on Friday, in Istanbul. The three-day event, running until Sunday, has drawn the participation of Turkish President Recep Tayyip Erdoğan, alongside a distinguished gathering of policymakers, economic leaders, and prominent intellectuals from around the world. In his opening address, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum, highlighted the significant development taking place across key Arab and Islamic capitals. He noted that this progress reflects institutional maturity and a sincere commitment to contributing to the future of the global economy through a model that integrates core values with operational efficiency. Kamel emphasized that the economic transformations unfolding in many Arab countries signal a readiness to adopt a modern economic approach grounded in well-established principles. He affirmed that the Islamic economy is not a theoretical alternative, but a comprehensive financial system that has demonstrated its effectiveness through instruments such as endowments, zakat, takaful, and sukuk—tools that can thrive within responsible and modern regulatory environments. He also stressed that the Islamic world possesses the human resources, natural wealth, and intellectual foundations needed to build a competitive economic model. He called for broader partnerships among nations, institutions, and societies, with a focus on transforming successful experiences into scalable, internationally viable systems. Abdullah Saleh Kamel's remarks reflected a strategic vision for leading a values-based economic movement that remains relevant to contemporary realities, positioning the Islamic world as an active contributor to the global economic order. The Al Baraka Forum for Islamic Economy is an independent, non-profit intellectual platform. Its first seminar was held in Madinah in 1981. Since then, the Forum has continued to host annual meetings that bring together experts and decision-makers to shape the future of the Islamic economy, support research, and strengthen its knowledge base.
Biz Bahrain
13 hours ago
- Business
- Biz Bahrain
Al Baraka Group continues outstanding performance in Q1 2025
Al Baraka Group B.S.C. (c) ('the Group') continued to achieve strong financial results, recording significant growth in profitability and operational metrics during the first quarter of 2025. The net income attributable to the parent company's shareholders rose by 19% to reach USD 46 million, compared to USD 39 million in Q1 2024. Basic earnings per share stood at 3.84 US cents in Q1 2025, up from 3.23 US cents in the same quarter of 2024. This substantial improvement is attributed mainly to the growth in financing volumes and business expansion in key markets such as Turkey, Jordan, and Egypt, which positively impacted the Group's operating income. The Group also announced a notable increase in total comprehensive income attributable to Al Baraka shareholders, registering profits of USD 34 million by the end of Q1 2025, compared to a loss of USD 60 million during the same period last year. This improvement was primarily due to a reduction in the foreign currency translation reserve. Additionally, the Group recorded a significant 19% upsurge in total net income, which reached USD 91 million in Q1 2025, up from USD 77 million in the same period of 2024. This was mainly driven by increased profits from financing and investments in the Group's key banking subsidiaries ('Units'), along with a reduction in provisions despite the continued rise in funding costs. The transfer of 2024's net income to retained earnings, combined with the recorded net income for Q1 2025, led to a 2% rise in total equity attributable to the parent company's shareholders and sukuk holders, reaching USD 1.28 billion by the end of March 2025, compared to USD 1.24 billion as of the end of December 2024. Total equity reached USD 2.03 billion at the end of March 2025, up from USD 2.00 billion in December 2024, marking a 1% increase for the same reasons. Driven by business growth and an expanding customer base, the Group saw an increase in both financing and deposits, particularly in its main markets. As a result, total assets grew to USD 27.24 billion by the end of March 2025, compared to USD 26.19 billion at the end of 2024, reflecting a 4% growth. Commenting on these results, Sheikh Abdullah Saleh Kamel, Chairman of the Board, said: 'In the first quarter of 2025 Al Baraka Group successfully built upon the strong financial performance achieved last year. The Group continued to strengthen its presence and expand its market share in the key countries where it operates, remaining vigilant against adverse global economic and financial conditions while steadily advancing business growth, financing, and deposits. This has significantly boosted income and net profits. We shall continue leveraging our strong financial resources and broad network to enhance our business and customer base and maximize investment returns, while remaining committed to serving the communities where we operate.' Mr. Houssem Ben Haj Amor, Board Member and Group CEO, added: 'Despite the volatile investment climate and uncertainty stemming from regional and global geopolitical and economic developments, the Group and its Units have acquired deep experience in adapting to such conditions. Meanwhile, the Group continues to focus on its core objectives of strengthening financial resilience and increasing returns from financing and investment portfolios through building market confidence in our products and services, and leveraging our banking competencies that continuously work on innovative solutions, which boost our competitiveness. Such innovations include the 'Trade Finance Platform' and the 'Borderless Banking' initiatives, which we launched last year. We also continue to maintain comprehensive oversight of risks, compliance, and governance controls.'
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Islamic economy originated in Madinah, says Abdullah Saleh Kamel at Istanbul summit attended by Erdoğan
Saudi Gazette report ISTANBUL — The second Global Islamic Economy Summit kicked off in Istanbul on Friday in the presence of Turkish President Recep Tayyip Erdoğan. Organized by the Al Baraka Forum for Islamic Economy, the summit runs until Sunday and gathers a distinguished group of policymakers, economists, and thought leaders from around the world. During the opening session, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum, emphasized that the foundations of the modern Islamic economy were laid in Madinah, and that Saudi Arabia played a key role early on in institutionalizing this values-driven model based on Islamic principles and social noted that the first sessions of the Al Baraka Forum were held in Madinah over 50 years ago, marking the beginning of an integrated Islamic economic called for Saudi Arabia to further its strategic leadership in this space amid the accelerating shifts in the global economic also highlighted the importance of investing in Islamic finance tools such as zakat, waqf, sukuk, and qard hasan (benevolent loans), which he said now represent realistic solutions for addressing development crises and promoting social and financial Al Baraka Forum for Islamic Economy is an independent, non-profit intellectual platform aimed at developing an economic model based on Islamic holds annual international gatherings that bring together economic and intellectual leaders to enrich Islamic economic research and knowledge frameworks.
Arab News
15-04-2025
- Business
- Arab News
Madinah forum to discuss Islamic finance progress
JEDDAH: Al-Baraka Islamic Economics Symposium will be held in Madinah on Wednesday under the theme 'Islamic Banking in 50 Years: Achievements of the Past and Hopes for the Future.' Hosted by Prince Muqrin University's female campus, the event's 45th edition will gather ministers, financial leaders, experts, and representatives from more than 15 countries. The two-day symposium will explore six main topics and over 20 sub-themes, focusing on Islamic banking's role in economic development, justice, and sustainability. Scientific sessions will cover early foundations, current industry analysis across economies, and regulatory and technological shifts. Future-focused discussions will highlight Shariah governance, financing mechanisms, Islamic windows, acquisitions, and the sector's contribution to sustainable development. Distinguished individuals and institutions will be honored for advancing Islamic economics in theory and practice. Abdullah Saleh Kamel, the forum's chairman, said that since 1981, Al-Baraka has been a key platform for dialogue on Islamic economics. He said the 50-year milestone offers a chance to reflect and look ahead, reaffirming the commitment to innovation, financial inclusion, and Shariah-compliant progress. Several cooperation agreements will also be signed, reinforcing the symposium's role as a hub for intellectual exchange. A documentary titled 'Glimpses of Islamic Banking: From Inception to Contemporary Reality' will be screened, tracing the evolution of Islamic banking and its pioneers. The symposium will also announce this year's nomination topics for the Saleh Kamel Prize for Islamic Economics, which honors his legacy and supports excellence in research.
