MANAMA: In line with the governance standards set by the Board of Directors of Al Baraka Banking Group B.S.C (ABG), the succession plan at the Head Office and the Group’s banking units adopted by the Board, and due to the Group’s significant geographical spread and expansion plan in its new markets, the Board of Directors of the Group approved in its last meeting the appointment of Hamad Al Oqab as Deputy CEO of the Group.
Adnan Ahmed Yousif, Board Member and President and Chief Executive of Al Baraka Banking Group, congratulated Hamad Al Oqab and wished him success in his new position.
“This appointment reflects, on one hand, the high level of professionalism demonstrated by Hamad Al Oqab in all duties that he has been assigned for the past 14 years and has played a central role in the implementation of the Group’s strategies, and on the other hand the Group’s commitment to adhere to the highest standards of governance and succession plan set by the Group’s Board of Directors. This appointment will create a qualitative addition to the performance and effectiveness of the Group at all levels”
Hamad Al-Aqab has been the Executive Vice President and Head of Finance of Al Baraka Banking Group since 2005.
Al-Oqab has 25 years of experience in banking and auditing. He is Chairman of the Accounting Standards Board of the Accounting and Auditing organization for Islamic financial institutions (AAOIFI).
He is also a Member of the Boards of Al Baraka Turk Participation Bank, Jordan Islamic Bank and Banque Al Baraka D’Algerie, Algeria; in addition, he serves as Chairman of the Audit Committee of Al Baraka Turk Participation Bank, as well as being a member of the Audit Committees of Jordan Islamic Bank and Banque Al Baraka DAlgerie and a member of the Social Responsibility Committee of Jordan Islamic Bank. Hamad Al Oqab is a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA).
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 by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term).
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$ 2.5 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 16 countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq, Saudi Arabia and Morocco, including two representative offices in Indonesia and Libya.
