The future of the RMB

The future of the RMB

In-depth guide to renminbi globalization and potential repercussions of RMB growth

Bond trading

Bond trading

Information trumps execution

Islamic banking: Al Baraka expands in hard times

Credit-quality and profit-growth troubles; Subsidiary in Syria to undertake IPO


Al Baraka Banking Group already has a network across 12 markets in the Middle East, Africa and Asia, but this pioneer of Islamic mass-market banking is accelerating its expansion at a difficult time.

In October, for example, the bank’s new Syrian subsidiary hopes to raise $35 million on the Damascus stock market and bring its total capital to $100 million. Bemo Saudi Fransi is arranging the issue. By early next year, the Syrian network will start operations, almost completing Al Baraka’s jigsaw in the eastern Mediterranean.

Adnan Yousif, chief executive of the Bahrain-based institution, tells Euromoney he expects to start negotiations by the end of 2009 on an acquisition in Indonesia, where there are a couple of banks he is considering as targets. He says the bank is also thinking of introducing retail banking operations in China, India and France – countries whose large Muslim populations...


You must be a trialist or subscriber to view this content

Please Subscribe or take a Free Trial below.


           
 

SELECTED CHAPTERS

Transparency in the FX industry

Redefining Conduct

Tectonic Shifts

Growth Currency

Looks Can Be Deceiving

Sponsored by