1
1
HOME 1 ABOUT US 1 SERVICES 1 ONLINE MAGAZINE 1 TRUE BANKING 1 CONTACT US
  > Magazine Home
  > Takaful News
  > Sukuk & Funds News
  > Articles
  > Free Subscription
 
Awqaf South Africa and AlHuda-CIBE sign an MOU at Johannesburg
AWQAF SA and Pakistan based Al Huda Centre of Islamic Banking and Economics (Al Huda CIBE) formally entered into a Memorandum Of Understanding (MOU) at Gallagher Estate, Sandton , Johannesburg, at the closure of the International Conference on Islamic Banking and Finance in Africa organized by AlHuda CIBE.....
 
Mr. Zuair Mughal, CEO Alhuda CIBE & Mr. Zeniel Kajee CEO Awqaf South Africa at MOU signing Ceremony
 
 
 
1
Merger of the Pakistan Operations of Al Baraka Islamic Bank and Emirates Global Islamic Bank:
1
1
 
 
Lahore,26 April 2010: Al Baraka Islamic Bank BSC (C) (Bahrain), wholly owned subsidiary of Al Baraka Banking Group (ABG) (Bahrain), and Emirates Global Islamic Bank announced their intention to merge the branches of Al Baraka Islamic Bank in Pakistan and Emirates Global Islamic Bank - Pakistan under the name of Al Baraka Bank Pakistan. The merger will lead to the emergence of a bank that has assets in excess of US$582 million and a network of 89 branches covering cities and towns in Pakistan. Obtaining the necessary approvals from the regulatory authorities and official bodies in Bahrain and Pakistan is under way.

On this occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, said that the merger between the two banks reflected the group's strategy to expand in the Pakistani market as part of its strategies to strengthen its presence and operations in promising Islamic markets. The merger will create a high value-addition not just for the merged financial institutions, but also for the banking and financial market in Pakistan which is considered to be one of the most important markets in the Muslim world.

For his part, Mr. Khalid Al Zayani, Chairman of Al Baraka Islamic Bank, said that the new bank, which will carry the name of Al Baraka Bank Pakistan and be managed by ABG Group, will have substantial capital resources and a wide branch network that would enable it to play a truly leading role in the Pakistani banking market  and provide a full range of Islamic banking services, supported by the extensive resources and expertise of the well established parent company ABG and its twelve subsidiary banking units in various parts of the world, as well as the solid and wide presence in the Pakistani market.
Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group, said the presence of Al Baraka Islamic Bank in the Pakistani market dates back to more than twenty years ago and it currently has twenty nine branches that offer all types of Islamic banking products and services, which in turn had earned the bank a high standing in Pakistan and the trust of the Pakistani businessmen and investors communities.

He added that the operations of Al Baraka Bank in Pakistan had achieved excellent results during the past years. This requires that we continue the efforts to achieve further expansion in these operations given the huge size of the Pakistani market. For this reason, we see the best choice for us now to achieve our goal in expansion is to merge with Emirates Global Islamic Bank, which in turn had enjoyed a significant and successful presence since it was established in Pakistan. We are confident that this merger will benefit the shareholders of both banks as well as the Pakistani economy.

For his part, HE Sheikh Tariq bin Faisal Al Qassimi, Chairman of Emirates Global Islamic Bank, said that "our merger with the branches of Al Baraka Islamic Bank in Pakistan falls within our ambitious goals for expansion in the Pakistani market by consolidating the expertise and resources of two of the most important financial institutions in Pakistan. Behind the two banks stand fully committed shareholders who has substantial financial, human and technical resources and a far-sighted banking vision that prepares for meeting the challenges of the future by taking a sure and firm step by the establishment of an Islamic bank between them capable of meeting the needs of growth and expansion in this friendly Muslim country, a bank that offers  all types of banking products and services to meet the different needs of its individual and corporate customers and investors".

He added that the Pakistani market had great potential and tremendous opportunities for growth and expansion, considering the size of the population of more than 175 million people, wide-ranging economic and financial reforms designed to encourage investors to continue with and expand their investments and consolidate their presence in the highly competitive Pakistani market. The merger will strengthen and increase our market share, and at the same time will help meet regulatory requirements to strengthen the bank's capital and enhance its technical and human resources.
The operations of Al Baraka Islamic Bank in Pakistan dates back to 1991 and since then it made a lot progress and achieved outstanding results. The Bank today has 29 branches in different cities of Pakistan, its assets increased by 20% to Rs. 29.2 billion (US$ 348 million) and it made operating profit of about Rs 199 million (US$ 2.3 million).

Emirates Global Islamic Bank was established in 2004 and began its operations in Pakistan in 2007. The Bank is owned mainly by the Emirates Investment Group (through Emirates Financial Holding Company) and Al Rajhi Investment Group (through Mal Al Khaleej Investment Company). The Bank offers all types of Islamic banking products and services through 60 branches spread in 31 cities in Pakistan. It has total assets of Rs. 19.7 billion (US$ 234 million) and shareholders equity of Rs. 3.4 billion (US$ 40.5 million) as at the end of December 2009.

Al Baraka Islamic Bank was established and licensed to operate from Bahrain on 21st February 1984 under a license issued by the Central Bank of Bahrain.  The Bank has an extensive operation in Pakistan through 29 branches located in main cities and centres. The Bank has an authorised capital of US$600 million, whilst shareholders equity amounted to US$185.7 million and Bank total assets of about US$1.0 billion in 2008.    Al Baraka Islamic Bank is one the subsidiary banking units of Al Baraka Banking Group. Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading international Islamic bank with Standard & Poor’s long and short-term credit ratings of BBB- and A-3 respectively. Al Baraka Banking Group offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of Al Baraka Banking Group is US$1.5 billion, while total equity amounts to about US$ 1.7 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 300 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 Limited, South Africa; Al Baraka Bank Lebanon, Lebanon; Al Baraka Bank Tunisia, Tunisia; Al Baraka Bank Egypt, Egypt; Al Baraka Turk Participation Bank, Turkey; AlBaraka Bank Syria, Syria and a representative office in Indonesia.
 
1
1
1
1
 
 
 
1
 
1
 
 
Copy Rights Reserved 2006-2007alhudacibe.com
1