Islamic finance awards 2014: Al Baraka
Best Islamic bank in Bahrain
The Bahrain business is the heart and home of the ever-growing Al Baraka Group, which now covers 12 markets worldwide from Indonesia and Pakistan to Sudan, Turkey and South Africa.
Expansion suits it well. Net income of the Al Baraka Banking Group – the Bahrain-based institution – increased 16% in the first half of 2013 to $140 million, while total assets, financing and deposits all increased steadily. All told, the global operation run out of Bahrain had 427 branches at the time of the last results announcement, with particular strength in Pakistan and Turkey. Total assets stood at $19.5 billion at the end of June 2013, and total group deposits at $16.4 billion.
Bahrain these days is a relatively insignificant part of overall group performance, reflecting its modest size, but Al Baraka is considered the strongest of the Islamic banks at home, offering a good service in retail, corporate, treasury and investment banking.