Albaraka Banking Group (ABG) signed engineering
Consultancy agreement for making the internal and external
designs for the proposed Group's headquarters at “Bahrain
Bay”, the major commercial residential project located off the
North East coast of Manama.
The firm that will make the designs was selected from
amongst a number of well known regional and international
firms in accordance with the highest standards of selection
processes.
The agreement was signed with the Italian engineering firm
MGA+C for a period of thirty months, which covers the whole
duration of the project’s construction works.
2
The agreement was signed by Mr. Adnan Ahmed Yousif,
President & Chief Executive of Albaraka Banking Group (ABG)
and Mr. Enrico Mari Grego, Chief Executive Officer of MGA+C
of Italy.
On this occasion, Shaikh Saleh
Abdulla Kamel, Chairman of
Albaraka Banking Group said
that the selection by ABG of
Bahrain Bay as a place to build
its headquarters stems from our
strong confidence in Bahrain as
a major regional and
international Islamic banking
and financial centre. It is also
an embodiment of our dream at
Albaraka Banking Group to see a
Group headquarters building
built in accordance with the
latest architectural and engineering designs in one of the most
prestigious development projects at the heart of Manama the
capital of the Kingdom of Bahrain. This location will provide
the Group with optimum conditions for a successful regional
and international drive in line with our future goals and
ambitions, and the prestigious designs of the Group’s
headquarters.
On his part, Mr. Adnan Ahmed Yousif, President & Chief
Executive of ABG, said that the Group's headquarters would
comprise offices and facilities of the highest standards that
would enable us to continue offer the most up-to-date Islamic
financial services to our clients in the region and worldwide.
The new headquarters will be part of the Kingdom’s drive to
build world-class financial headquarters and buildings with a
view to consolidating the status of the Kingdom of Bahrain as
a leading banking and financial centre. Such highly prestigious
buildings augment the legal, regulatory and procedural
infrastructures designed to set up an Islamic banking system
based on modern concepts and most up-to-date banking
techniques.
ABG is a Bahraini Joint Stock Company listed on Bahrain and
Dubai stock exchanges and one of the well-known leading
3
international Islamic banks. It has been rated by Standard &
Poor's as BBB- with a short-term rating of A-3. ABG offers
retail, corporate, investment banking and treasury services
strictly in accordance with the principles of the Shariá. The
authorized capital of ABG is US$1.5 billion, while the total
equity amounts to about US$ 1.5 billion. The Group has a wide
geographical presence in the form of subsidiary banking Units
in 12 countries, which in turn provide their services through
more than 240 branches. These banking Units are Jordan
Islamic Bank/ Jordan, Al Baraka Islamic Bank/ Bahrain, Al
Baraka Islamic Bank/ Pakistan, Banque Al Baraka D'Algerie/
Algeria, Al Baraka Bank Sudan/ Sudan, Al Baraka Bank/ South
Africa, Al Baraka Bank Lebanon/Lebanon, Bank Et-Tamweel Al-
Tunisi Al Saudi/ Tunisia, The Egyptian Saudi Finance Bank/
Egypt, Al Baraka Turk Participation Bank/ Turkey, Albaraka
Bank Syria (under establishment), and ABG Representative