Al Baraka Group

Al Baraka Group B.S.C. is a Bahraini international Islamic financial group that provides retail, corporate, treasury, and investment banking services through banking subsidiaries in 13 countries.[1] Licensed by the Central Bank of Bahrain as an Investment Business Firm – Category 1 (Islamic Principles), it is headquartered in Manama, Bahrain.[2]

It has 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.

History

Al Baraka Group B.S.C. was established and registered on 27 June 2002 under a license from the Central Bank of Bahrain.

In 2006, Al Baraka launched an initial public offering, raising more than US$630 million and listing its shares on the Bahrain Bourse and Nasdaq Dubai. Trading on both markets began in September 2006. In 2017, the group issued US$400 million in Tier-1 Islamic sukuk, which was listed on the Irish Stock Exchange.[3]

In June 2020, Abdullah Saleh Kamel was appointed chairman, succeeding his father, Saleh Abdullah Kamel.[4]

In July 2022, the company changed its official name from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C., after receiving regulatory approval to convert its license from Wholesale Bank (Islamic Principles) to Investment Firm Category 1 (Islamic Principles).[5]

In November 2023, shareholders approved the delisting of the company from the Bahrain Bourse and its conversion from a public shareholding company to a closed shareholding company, subject to regulatory approvals.[6] The shares were delisted from the Bahrain Bourse in July 2024.[7][8]

Subsidiaries

The global network of Al Baraka Group is present in 13 countries, as well under the Al Baraka and other brand names.[9]