ABG adopts new strategy ahead of challenges

Bahrain Bay: Bahrain-headquartered, a leading global Islamic Banking Group, has announced to embrace a new strategy to cope with the challenges and opportunities in 2019 and beyond.

This was announced during its 26th Group Strategy meeting held at its Bahrain Bay Headquarters in Bahrain, the leadership of ABG said the new strategy aims at fostering its pioneering regional and global status in Islamic banking.

“As we approach the new financial year 2019, we recognize and embrace the challenges and opportunities we need to face as a Group and I am very confident that the we have the necessary experience and skills of a high calibre management team to drive us towards the Goals we have set for ourselves for 2030. Our team is fully geared to pursue its dedicated mission which spans over 40 years of success, despite the prevailing tough conditions ensuing from the changes in the regulatory environment and the geopolitical dynamics,” Adnan Ahmed Yousif, the President and Chief Executive said.

The two-day conference chaired by the President and Chief Executive, Adnan Ahmed Yousif, and attended by Country heads and CEOs from Al Baraka subsidiaries and Senior management from the Head Office will evaluate the various strategic initiatives throughout the Group and set on course a strong and diligent action plan for 2019 and beyond.

Shaikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, in his keynote speech, expressed pride in the phenomenal success achieved by the Group, especially in its foray into new geographies and expressed that this is an outcome of the dedicated work, good organization and careful planning of the management. Shaikh Saleh expressed that the Group has maintained a very strong position, and this is attributed to the geographical diversity in revenue resources, in addition to the Group’s capital strength and deep roots in the regional and global economy.

“We always work within group to adopt precautionary measures to reduce risks in the markets in which we operate, we have largely succeeded in containing the effects of many crises,” the President and Chief Executive said.

“Even though our ability to control or even influence external factors is very limited, we believe in working with a positive attitude, with all the components of the group to increase our competitiveness, rationalize our costs, strictly adhere to the principles of Shari’a, focus on good standards of compliance and governance and promote digitization, which in turn requires important steps, without which it becomes difficult to achieve our strategic objectives of achieving higher profitability and return on investment.”

The meeting also hailed the efforts of Al Baraka Turk on the successful launch of Insha, the first Islamic Fully digital bank in Germany.

Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency and BB (long term) / B (short term) by Standard & Poor’s.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is US$ 2.5 billion.

ABG has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 695 branches. The Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition to one branch in Iraq and two representative offices in Indonesia and Libya.

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