BANKING - Al Baraka Turk unit opens new Head Office

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Al Baraka Turk, one of the subsidiaries of Bahrain-based Al Baraka Banking Group has announced the opening of its head office in Turkey.    

 

The new head office was inaugurated by Turkish Prime Minister Recep Tayyip Erdogan.

 

"We see this magnificent building as a materialised symbol of our 25 years of successes and our bright future," said Al Baraka general manager Fahrettin Yahsi. 

"Many Arab banks are interested in Turkey and waiting in the queue to operate in the country," said Al Baraka Banking Group president and chief executive Adnan Yousif.

"Since the beginning of its operations in 1985, Al Baraka Turk managed to bring a different vision to the Turkish financial sector with its new financial model and understanding that it represents and is making breakthroughs with its vision to become the best participation bank in the world," he added.-TradeArabia News Service

BANKING - Net Income of Al Baraka Banking Group Jumped by 15% to US$ 193 Million and Assets by 21% to US$ 16 Billion in 2010

The Bahrain based leading Islamic banking group, Al Baraka Banking Group B.S.C (ABG) announced that it has achieved a net income of US$ 193 million in 2010, an increase of 15% on the income achieved in 2009. Similarly, balance sheet items witnessed notable increasesed Total assets increased by 21%, total finance and investments by 21%, deposits including unrestricted investment accounts by 23% while total equity increased by 5% as at the end of December 2010 in comparison with the end of December 2009. The Group's results in year 2010 reflect the ability of the Group to maintain its financial performance in a steady state of growth over the past few years, even during the global economic crisis that crippled many financial institutions. This in turn proves the soundness and robustness of the business strategies that the Group follows and which are based on unwavering commitment to the values of Islamic banking, supported by extensive experience in the markets in which the Group operates, high quality of the products and services it offers and extensive network of branches, as well as strong capital resources that enabled it to continue invest in opportunities generated by the current conditions. (source)