Latest news with #HoussemBenHajAmor
Daily Tribune
a day 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.
Biz Bahrain
2 days 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.'
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.
Biz Bahrain
19-04-2025
- Business
- Biz Bahrain
CIBAFI Celebrates a Decade of Impact and Future Vision at Annual Meetings with 2025 Innovation Award Ceremony
The General Council for Islamic Banks and Financial Institutions (CIBAFI), successfully concluded its Annual Meetings and Events yesterday in Madinah, Kingdom of Saudi Arabia, with parallel participation online. The event brought together CIBAFI members, global stakeholders and the members of CIBAFI`s committees for a series of high-level meetings and a celebration of innovation in advancing financial inclusion through Islamic finance. The day commenced with the 15th CIBAFI Members Consultative Group (MCG) Meeting, where members reviewed ongoing initiatives and exchanged views on how to further enhance CIBAFI's collective impact. This was followed by the 51st CIBAFI Board of Directors Meeting, during which the Board reviewed strategic developments, assessed ongoing projects, and discussed forward-looking plans to reinforce CIBAFI's leadership role in the Islamic finance industry. The programme culminated with the 25th Annual General Meeting (AGM), a cornerstone event that underscored CIBAFI's ongoing commitment to transparency, inclusiveness, and good governance. A key highlight of the AGM was the official launch of the CIBAFI Activities Report 2014–2024. This publication outlines a decade of achievements across CIBAFI's four strategic pillars: supporting the added value of Islamic finance, policy and regulatory advocacy, awareness-raising, and professional development. The AGM also featured the presentation of the Membership expansion progress. The day concluded with the highly anticipated CIBAFI Award 2025 Ceremony, held under the theme: 'Innovation for Advancing Financial Inclusion and Islamic Finance Objectives.' The ceremony opened with inspiring remarks by Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group and Vice Chairman of Jordan Islamic Bank, who highlighted the essential role of financial inclusion in achieving the higher objectives of Islamic finance. He commended institutions leading with innovation to bring meaningful change to underserved communities. This year's CIBAFI Award was conferred upon Faisal Islamic Bank – Egypt, in recognition of its outstanding and innovative efforts to promote financial inclusion. The Bank was applauded for its impactful initiatives aimed at expanding access to Shariah-compliant financial services, particularly for unbanked and underserved populations. Its contributions support inclusive growth and embody the ethical and social values at the heart of Islamic finance. CIBAFI reaffirms its unwavering commitment to empowering the Islamic financial services industry by fostering global collaboration, recognising institutional excellence, and advancing initiatives that promote innovation, sustainability, and inclusive development within the financial ecosystem.
Daily Tribune
05-03-2025
- Business
- Daily Tribune
Al Baraka Group banking units win over 10 IFN awards for outstanding services
Al Baraka Group announces that four of its banking units have won over 10 awards at the recent Islamic Finance News (IFN) Awards ceremony held in Dubai. Al Baraka Bank Egypt was recognized as the Best Islamic Retail Bank and Best Digital Offering in Egypt. Al Baraka Bank South Africa received the awards of Best Islamic Bank in South Africa and Best Islamic Corporate & Retail Bank. Al Baraka Bank Tunisia was honored as the Best Islamic Bank in Tunisia, Best Islamic Corporate & Retail Bank, in addition to being recognized for Most Innovative Offering and Best Digital Offering. Furthermore, Jordan Islamic Bank was awarded as the Best Islamic Bank in Jordan, Best Islamic Investment & Retail Bank, and Most Innovative Islamic Bank in Jordan. This achievement reflects Al Baraka Group's commitment to providing world-class Sharia-compliant financial solutions. Winning these prestigious awards in a single year further strengthens the Group's position in the Islamic banking sector and highlights the trust of its customers and stakeholders, as the winners are selected through an extensive industry-wide voting process. Mr. Houssem Ben Haj Amor, Board Member and Group CEO of Al Baraka Group, stated:'This achievement aligns with our ongoing mission to provide ethical, customer-centric financial services that adhere to Sharia principles. Through our banking units, we continue to innovate and enhance digital offerings to promote financial inclusion, support economic growth, and uphold the highest standards of Islamic banking. As we celebrate this recognition, we extend our sincere gratitude to our banking units, customers, employees, and partners, reaffirming our commitment to excellence'. The IFN Awards are among the most prestigious in the global Islamic finance industry, recognizing institutions that demonstrate outstanding performance and make a tangible impact in their markets. Winners are selected through an industry-wide voting process, reflecting the confidence and trust of customers and stakeholders in the awarded banks.'
