The  Bahrain  based  leading  Islamic  banking  group,  Albaraka  Banking  Group  B.S.C  (ABG)  announced  a  surge  in  net  operating   income  by   81%   and  net   profits  by   62%  (before  adding  the  extraordinary   profits   resulting   from   subscription   to   the   shares   of   the  Group‘s  unit  in  Turkey  which  was  completed  during  the  first  half  of  2007),   while total assets increased by 29% and finance and investments by 49%,   according to a statement released today on the financial results of the first  half of 2008.

The  results  show  that  the  Group's  net  operating  income  in  the  first  half  of  
2008   increased   by   81%   to   US$174.96   million   compared   to   US$96.58 million for the same period of 2007.   This excellent increase was the result  of   noticeable   increases   in   all   components   of   the   profits   especially   the  income   from   Islamic   finance   and   investment   operations   in   line   with   a  significant  growth  in  such  operations.   As  a  result  of  this  improvement,   net  income  increased  by  62%  to  reach  US$107.98  in  the  first  half  of  2008 compared to US$66.79 million  for the same  period  of 2007  (before adding  the  extraordinary  profits  resulting  from  subscription  to  the  shares  of  the  Group‘s unit in Turkey which was completed during the first half of 2007).

Similarly,   all   items   of   the   balance   sheet   showed   significant   growth,   especially  those  related  to  core  financing  and  investment  activities,  which increased  by  49%  to  reach  US$8.63  billion  in  total  as  at  the  end  of  June