Latest news with #AlBarakaGroup
Zawya
2 days ago
- Business
- Zawya
Al Baraka Group continues outstanding performance in Q1 2025
Manama: 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.' About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Daily Tribune
27-05-2025
- Business
- Daily Tribune
Al Baraka to power Islamic Economy Summit
TDT | Manama Bahrain-based Al Baraka Group has been confirmed as a global partner of the 2nd Global Islamic Economy Summit, a major international forum on Sharia-compliant finance set to take place in Istanbul later this week. The event, which will run from May 30th to June 1st at the Istanbul Financial Center, brings together policymakers, banking leaders and economists under the theme 'Islamic Economics Strategies: Path to an Influential Global Economy'. The summit is expected to be inaugurated by the President of Türkiye, His Excellency Recep Tayyip Erdogan. Focus on ESG As part of its involvement, Al Baraka will support the launch of the new AlBaraka Islamic ESG Index, developed in collaboration with Spectreco. The index aims to integrate ethical finance standards with Islamic economic principles. Sessions during the summit will also include panel discussions on sustainable growth, Islamic entrepreneurship, central bank strategy, and social impact investing, reflecting a broad agenda aligned with the UN's sustainable development goals. Continuing a legacy Houssem Ben Haj Amor, Board Member and Group CEO of Al Baraka Group, said the bank's role in the summit reflects its longstanding commitment to shaping the future of Islamic finance. 'This sponsorship reinforces our mission to advance Sharia-compliant economic foundations across borders,' he said. Al Baraka Group operates through more than 600 branches in 13 countries, offering Islamic financial services to a population of nearly one billion.
Zawya
26-05-2025
- Business
- Zawya
Al Baraka Group announced as global partner of the 2nd Global Islamic Economy Summit in Istanbul
Manama: Al Baraka Group (ABG) has announced its sponsorship as a Global Partner of the 2nd Global Islamic Economy Summit in Istanbul. This high-level summit, held under the theme: 'Islamic Economics Strategies: Path to an Influential Global Economy,' will take place at Istanbul Financial Center (IFC), from Friday May 30th to Sunday, June 1st 2025. With a legacy spanning over fifty years of leadership, Al Baraka Group continues through this strategic partnership to play a pivotal role in shaping the future of Islamic economics across continents. The Group is not merely a leading financial institution, but also a visionary force driving profound transformations to ward ethical economies, inclusive development, and global strategic dialogue. We are also proud and honored to announce that this prestigious summit is held under the presence of the President of the Republic of Türkiye, H.E. Recep Tayyip Erdoğan, who will officially opening the summit. The summit's agenda, attended by global influencers, top economists, and leading thought leaders, includes keynote speeches from H.E. Shaikh Abdullah Saleh Kamel, Chairman of the Board of Trustees of AlBaraka Forum, and H.E. Dr. Mahmoud Mohieldin, United Nations Special Envoy. The summit will also witness the official launch of the AlBaraka Islamic ESG Index, powered by Spectreco, and a special session held under the auspices of the Saleh Kamel Islamic Economics Award, featuring leading researchers from top Turkish universities. The summit's proceedings will be divided into six thematic panel sessions addressing strategic issues, including: The strategic roadmap for central banks in promoting Islamic economics, finance, and banking at the national and international levels; Strategic planning for the sustainable development of the Islamic economy (short- and long-term) ; Strategic Islamic economic planning; Economic strategies for sustainable growth in the Islamic economy; Strategies for social and environmental well-being, social justice, and economic empowerment; and Strategies for Islamic entrepreneurship and startups to achieve sustainable success. On this occasion, Mr. Houssem Ben Haj Amor, Board member and Group CEO of Al Baraka Group, stated: 'We are delighted to sponsor the second Al Baraka Summit in Istanbul, reaffirming our continued commitment to the values laid down by our late founder, Shaikh Saleh Kamel.' He added: 'Through our sponsorship of this summit, we reaffirm Al Baraka Group's role as a leading reference in Islamic banking and finance dedicated to establishing and advancing the Sharia-compliant foundations of economic transactions and the broader Islamic economy.' About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Zawya
12-04-2025
- Business
- Zawya
Al Baraka Group and its units sponsor AAOIFI 23rd Annual Shari'ah Boards Conference
Manama: Al Baraka Group ('the Group') and its banking unit in Turkey and Egypt, Al Baraka Turk Participation Bank and Al Baraka Bank Egypt announced their bronze sponsorship of the AAOIFI 23rd Annual Shari'ah Boards Conference. The conference is supported by the Central Bank of Bahrain and will be held on 20-21 April 2025 in the Kingdom of Bahrain. This sponsorship of the AAOIFI annual conference demonstrate the Group's strong commitment to supporting the initiatives organized by AAOIFI as a leading institution in developing Islamic financial accounting and auditing standards and keeping pace with emerging global requirements, which enhances the position of the Islamic banking industry regionally and globally The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, signing of the Memoranda of Understandings, opening of the exhibition accompanying the Conference along with five panel discussion sessions. These discussions will focus on compensation for Breach of Binding Promise to Purchase, Sell, Take or Give on Lease, Governing Law for International Islamic Financial Transactions, Combination of Contracts in Structured Arrangements: Its Guidelines and Shari'ah Implications and Reinsurance: Its Importance, Structures, and Practical Applications. The discussions will be participated by a select group of scholars, scientists, academics, and specialists. - END – About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Daily Tribune
07-04-2025
- Business
- Daily Tribune
Al Baraka Group sponsors 45th edition of AlBaraka Islamic Economics Symposium in Madinah
Al Baraka Group has announced its sponsorship as a 'Global Partner' for the 45th edition of AlBaraka Islamic Economics Symposium, which will take place on April 16–17, 2025, under the theme: 'Islamic Banking in Fifty Years: Past Achievements and Future Aspirations.' The event will be hosted at the University of Prince Muqrin in Madinah, Saudi Arabia. This prestigious global symposium will bring together a distinguished group of scholars, jurists, bankers, and academics. It will feature numerous key sessions and workshops focusing on the evolution of Islamic banking over the past 50 years, including legislative and jurisprudential developments, global market expansion, and innovative pathways such as Islamic windows and acquisitions while maintaining its Islamic identity. The symposium will also address Shariah governance, Sharia supervisory boards, and international Sharia standards as a solid foundation for Islamic banking. Moreover, the discussions will cover critical topics related to the role of Islamic banks in socio-economic development and the future of Islamic banking amidst challenges and promising opportunities. The symposium's agenda will include a panel discussion on the role of banking groups in leading the Islamic finance sector and promoting Islamic economic principles. Additionally, there will be two specialized workshops focusing on new governance standards by AAOIFI and mechanisms for developing Islamic financial products through financial engineering tools, in addition to various accompanying activities, such as distributing AlBaraka Forum awards, showcasing new projects, and signing memorandums of understanding. Al Baraka Group is committed to sponsoring AlBaraka Islamic Economics Symposium annually and providing all necessary support to ensure its success. Over the past decades, the symposium has played a crucial role in establishing and developing the jurisprudential foundations of Islamic banking and economics. It has also served as a scholarly reference for academic research, Shariah committees, and fatwa bodies, thus safeguarding the integrity of Islamic banking in serving societies and contributing to sustainable development.
