MANAMA: The persistent low oil prices coupled with political developments has exposed the region to the most difficult business cycles of the recent history, a seasoned banker revealed.
Mr. Abdulla Ammar Al Saudi, Vice Chairman of ABG, on the sidelines of the ABG’s ordinary and extra-ordinary general meetings which were chaired by Chairman of the Group HE Shaikh Saleh Kamel and present were the board members and executive management, told The24X7NewsBahrain (www.twentyfoursevennews.com) said this is the perhaps the most difficult times for businesses.
Mr. Al Saudi believed that above $40 per barrel prices would help in stabilising the region’s markets but warned that further downward trends in oil prices may be proved disastrous.
“In 2015, the weak economic growth experienced in the majority of developed and developing countries was by and large replicated in the countries in which ABG operates,” said, Mr. Al Saudi while commenting on the ABG results.
“In the challenging conditions prevailing, not least of which was the depreciation of the domestic currencies of several of ABG’s subsidiaries respective to the US dollar – the Group’s currency of report – ABG did well to maintain its record of growth and steadily increasing profitability, thanks to wise policies and strategies developed by the Group and are being implemented by all units.”
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national scale with a Stable outlook by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term) with a Stable outlook. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 600 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.
