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Results for Al Baraka Bank

Musharakah Al Baraka Bank, Islamic Banking,

August 22, 2014

Musharakah

Musharaka is an Islamic mode of financing in the form of a partnership between the bank and its client whereby each party contributes to the capital of the partnership in equal or varying degrees either to establish a new project or share in an existing project.
The accruing profit is divided between the partners pre-agreed formula, while losses are shared on pro rata basis.
The word Musharakah is derived from the Arabic word Sharikah meaning partnership. Islamic jurists point out that the legality and permissibility of Musharakah is based on the injunctions of the Qur'an, Sunnah, and Ijma (consensus) of the scholars. It may be noted that Shirkah in the Islamic Fiqh is divided into two kinds:
  • Shirkat – ul – Milk, defined as joint ownership of this or more person in a property.
  • Shirkat – ul – Aqd, defined as partnership effected by a mutual contract. Shirkat – ul – Aqd is also divided into three kinds: Shirkat – ul – Amwal, Shirkat – ul – Amal and Shirtal – ul – Wujoot.
Constant and Diminishing Musharakah:
Musharakah agreement may be entered into for a short-term or long-term period. The capital contributed by the bank in a Musharaka may remain constant throughout the contracted period.
This is referred to as constant Musharakah. Otherwise the bank gradually transfers its share in the Musharaka to the Musharik so as to decrease its share in order to transfer the ownership of the venture to the other party. This is a diminishing Musharakah.
Profits are shared in accordance with the Musharakah agreement. Losses are normally shared in proportion to the capital contributed by each Musharik.
Musharakah Al Baraka Bank, Islamic Banking, Musharakah Al Baraka Bank, Islamic Banking, Reviewed by BARI.0492 on August 22, 2014 Rating: 5

Ijarah and Ijarah Muntahia Bittamleek

March 07, 2014

Ijarah and Ijarah Muntahia Bittamleek

Ijarah is an operating lease whereby the bank will buy and lease out equipment required by the customer for an agreed rental fee. The agreement does not include a promise that the leased asset at the end of the lease term will be transferred to the lessee.
Ijarah is defined in Fiqh as a “possession of a usufruct or benefits for consideration in the Islamic Fiqh. This term is used to denote two things:
  • To employ the services of a person on wages given to him as consideration for hhis hired services.
  • It relates to the usufruct of assets and properties. Here it means “ To transfer the usufruct of a particular property to another person and exchange for a rent claim from himâ€‌.
Ijarah is divided into two kinds:
Operational Lease
According to this mode, the Islamic bank maintains a number of various assets to respond to the needs of different customers. These assets usually have a high degree of marketability. The bank lets these assets to any party so desirous to utilize for a term to be agreed upon. After the termination of the lease period the assets return to the bank, on its part the bank looks for a new lessee.
The distinguishing feature of this mode is that the assets remain the property of the Islamic bank to put them up for rent every time the Lease period terminates so as not to remain unutilized for long periods of time.
Under this mode the bank bears the risk of recession or diminishing demand for these assets.
The operation lease divides into:
  • Specific or determined lease: It is the lease of real property or other assets that one can point to.
  • Lease described on liability: It is the Lease of benefit determined by specifications agreed upon to be on liability such as a car or a ship, not particular but precisely described to forbid dispute.
Ijarah Muntohia Bitamleek
It is a lease whereby the bank will buy and lease out equipment required by the customer for an agreed rental fee. However, it differs from Ijarah in that such an arrangement provides an option for the customer to acquire the ownership at the end of a specified period.
The bank may also enter into a sale and leaseback agreement with the customer whereby the bank will purchase the asset from the customer and leaseback under Ijarah or Ijarah Muntohia Bittamleek arrangement.The accounting implications for the bank will remain the same as for Ijarah / Ijarah Muntohia Bittamleek transactions.
The option for the lessee to acquire the leased asset may be exercised during the tenor of the total lease period or at the end of the lease term as stipulated in the lease agreement.The purchase option is obligatory for the customer (lessee).
Ijarah Muntohia Bittamleek concludes with the legal title in the leased asset being passed
to the lessee. This includes the following types:
  • gift (transfer of legal title for no consideration)
  • transfer of legal title (sale) at the end of a lease for a token consideration or other
    amount as specified in the lease contract
  • transfer of legal title (sale) prior to the end of the lease term for a price that is
    equivalent to the remaining Ijarah instalments applicable under gradual transfer of legal title
    (sale) of the leased asset.
Ijarah and Ijarah Muntohia Bittamleek contracts have three major elements:
  • offer and acceptance
  • two parties: the bank as lessor (the owner of the leased asset) and the client as lessee (the party who reaps the services of the leased asset)
  • the object of the Ijarah contract, which includes the rental amount and the service (transferred to the lessee).

Ijarah and Ijarah Muntahia Bittamleek Ijarah and Ijarah Muntahia Bittamleek Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Mudarabah - Modes of Islamic Banking

March 07, 2014

Mudarabah

Mudarabah is an Islamic mode of financing between the bank, providing a specified amount of capital, and the Mudarib, providing management for carrying out the venture, trade or service with a view to earning profit. It is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The former is called Rabb - ul - mal and the latter is called Mudharib.
Thus, Mudaraba is a contract between those who have capital and those who have expertise, where the first party provides capital and the other party provides the expertise with the purpose of earning Halal (lawful) profit which will be shared in a mutually agreed upon proportion. This type of business venture serves the interest of the capital owner and the Mudarib (agent).
The capital owner may not have the ability or the experience to run a profitable business. On the other hand, the agent (the Mudarib) may not have adequate capital to invest in a business or project. Therefore, by entering into a contract of Mudarabah each party complements one another, allowing a business venture to be financed.
  • The bank provides to the customer (Mudarib) all the capital to fund a specified enterprise.
  • The customer does not contribute capital but contributes management expertise (or entrepreneurship).
  • The customer is responsible for the day to day management of the enterprise and is entitled to deduct its management fee (Mudarib fee) from the enterprise's profits.
  • The Mudarib fee could be a fixed fee (to cover management expenses) and a percentage of the profits or a combination of the two.
  • Classical Mudarib fee is based on percentage of the profits only.
  • The balance of the profit of the enterprise is payable to the bank. If the enterprise makes a loss, the bank (as the fund provider or rab al maal) has to bear all the losses unless the loss has resulted from negligence on the part of the Mudarib. The Mudarib, in turn, will lose his efforts. 
Mudarabah - Modes of Islamic Banking Mudarabah - Modes of Islamic Banking Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Murabaha - Modes of Financing

March 07, 2014
  Modes of Financing
  
 

Murabaha

Murabaha is a financing arrangement whereby the bank agrees to purchase an asset at the request of the customer. The bank takes legal possession of the asset that is then sold to the customer at an agreed sale price consisting of the amount of financing plus the profit margin. It is a cost plus transaction.
RESPONSIBILITY OF THE PARTIES
  • the bank buys the asset from the supplier for P
  • the customer then buys the asset from the bank at a marked up price (P+X), which is payable on a deferred payment basis
  • the period covering the deferred payment is effectively the period of financing
  • The title to the assets is transferred to the customer at the time of purchase but usually the bank requires its customers to pay an amount as an initial advance in order to secure the sale of the Murabaha asset to the customer (Hamish gedyyah). Hamish gedyyah (security from customer) is presented as an obligation by the
    customer in the financial statements.
Murabaha Sale is divided into two types:
Ordinary Murabaha Sale
There are two parties to it, the seller and the buyer. The seller is an ordinary trader who buys a commodity without depending on a prior promise of purchase, then he displays it for Murabaha sale for a price and a profit to be agreed upon.
Murabaha Sale connected with a promise
There are three parties to it. The seller, the buyer and the bank as an intermediary trader between the buyer and the seller. The bank here does not purchase unless the buyer specifies its desire and a prior outstanding promise to purchase.
The mode of Murabaha sale connected to a promise is used by the Islamic banks which
undertake the purchase of commodities according to the specifications requested by the
customer and then resell them on Murabaha to the one who promised to buy for its cost price plus a margin of profit agreed upon previously by the two parties.
Murabaha - Modes of Financing Murabaha - Modes of Financing Reviewed by BARI.0492 on March 07, 2014 Rating: 5

What is an Islamic Bank

March 07, 2014

What is an Islamic Bank

There is no standard way of defining what is an Islamic bank is, but broadly speaking an "Islamic bank is an institution that mobilize financial resources and invest that money in an attempt to achieve pre-determined islamically - acceptable social and financial objectives. Both mobilization and investment of money should be conducted in accordance with the principles of Islamic Shari'a".
What is an Islamic Bank What is an Islamic Bank Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Principles of Islamic Banking

March 07, 2014


What is an Islamic Bank?
There is no standard way of defining what an Islamic bank is, but broadly speaking an "Islamic bank is an institution that mobilises financial resources and invests them in an attempt to achieve predetermined islamically -acceptable social and financial objectives. Both mobilisation and investment of funds should be conducted in accordance with the principles of Islamic Shari'a". 

 1- Prohibition of Interest or Usury
The principles of Islamic finance are established in the Qur'an, which Muslims believe are the exact Words of God as revealed to the Prophet Mohammed. These Islamic principles of finance can be narrowed down to four individual concepts.
The first and most important concept is that both the charging and the receiving of interest is strictly forbidden. This is commonly known as Riba1 or Usury. Money, on its own, may not generate profits. When Riba infects an entire economy, it jeopardises the well-being of everyone living in that society. When investors are more concerned with rates of interest and guaranteed returns than they are with the uses to which money is put, the results can only be negative.
Adherents of Islam believe that the Qur'an is the final book of God's word following both the Torah and the Bible. As a result, there are a number of similarities between the Islamic, Christian and Jewish faiths.
Quoting Shaikh Saleh Abdullah Kamel, Chairman and Founder of Albaraka Banking Group; Usury is forbidden in all the three religions, Judaism, Christianity and Islam, but it is the people who forget the rules of Allah. All societies, nowadays - Muslims, Christians and Jews - deal with Usury.
2- Ethical Standards
The second guiding principle concerns the ethical standards. When Muslims invest their money in something, it is their religious duty to ensure that what they invest in is good and wholesome. It is for this reason that Islamic investing includes serious consideration of the business to be invested in, its policies, the products it produces, the services it provides, and the impact that these have on society and the environment. In other words, Muslims must take a close look at the business they are about to become involved in.
In all facets of the financial system, Islam has certain rules, certain regulations as to how Muslims should go about participating in these activities. For example, in share trading or the securities market, Islam looks at the activities of the companies, to establish whether or not the companies are involved in activities which are in line with Sharia'a.
3- Moral and Social Values
The third guiding principle concerns moral and social values. The Qur'an calls on all its adherents to care for and support the poor and destitute. Islamic financial institutions are expected to provide special services to those in need. This is not confined to mere charitable donations but has also been institutionalised in the industry in the form of profit-free loans or Al Quard Al Hasan.
An Islamic bank's business includes certain social projects, as well as charitable donations. Islamic banks provide profit-free loans. For example, if an individual needs to go to hospital or wants to go to university, we give what is called Quard Al Hasan. This Quard Hasan is normally given for a short period of one year and the Islamic bank does not charge anything for that.
4- Liability and Business Risk
The final principle concerns the overarching concept of fairness, the idea that all parties concerned should both share in the risk and profit of any endeavor. To be entitled to a return, a provider of finance must either accept business risk or provide some service such as supplying an asset, otherwise the financier is, from a Sharia'a point of view, not only an economic parasite but also a sinner. This principle is derived from a saying of the Prophet Mohammed (May Peace be upon Him) "Profit comes with liability". What this means is that one becomes entitled to profit only when one bears the liability, or risk of loss. By linking profit with the possibility of loss, Islamic law distinguishes lawful profit from all other forms of gain.
In order to insure that these principles are followed, each Islamic institution must establish and provide itself with an advisory council known as a Sharia'a Board. The members of Sharia'a Boards can include bankers, lawyers or religious scholars as long as they are trained in the Islamic law, or Sharia'a.
In 2001, the Industry witnessed a remarkable development in this regard by the initiative of the
Accounting and Auditing Organization for the Islamic Financial Institutions or AAOIFI. At that time, AAOIFI's standards were enhanced to include elements that aim at broadening the role of the external auditor. Now according to these new developments the external auditor is also required to look for compliance with Sharia'a rules as defined by the Sharia'a supervisory board of each bank and in accordance with the Sharia'a standards AAOIFI has begun to issue.
Principles of Islamic Banking Principles of Islamic Banking Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Islamic Banking Evolution

March 07, 2014
Although it draws inspiration from practices and values that go back centuries to the dawn of Islam as inclined above, Modern Islamic banking started in the early 1960s concurrently in Egypt and Malaysia. In 1962, the Pilgrimage Fund, TABUNG HAJI, was established in Malaysia to accept saving deposits form persons who intend to make the pilgrimage to Makkah and invest the proceeds in accordance with the Islamic law. The Fund grew to provide full scale banking services and to become one of the largest banks in Malaysia. Around the same time and completely independently a series of small saving/investment banks were established in Egypt's countryside, beginning in 1963 in the village of Mit Ghamr. These small banks also practiced the same principle of interest-free banking.
The Idea continued to develop theoretically until 1974, when the first Islamic commercial Islamic bank was established in Dubai, the United Arab Emirates. The same year also witnessed signing the agreement to establish the Islamic Development Bank IDB as an inter-governmental pan-Islamic bank. The IDB main objective is to finance development projects in the Muslim countries in accordance with the rules and ethics of Islamic finance, followed a short time later by Faisal Islamic Bank in Egypt and Sudan (1977), Bahrain Islamic Bank, and Jordan Islamic Bank (1978).
By the mid 1980s, this new species of ethical banks, based on Islamic principles became an established part of mainstream banking in the Middle East and South Asia. They continued to sprout across South and East Asia in addition to Turkey and the Arab countries.  Subsequently, ethical banks and financial institutions, based on Islamic principles, spread in countries where Muslims are minorities, such as UK, Luxemburg, Denmark, Australia, India and the United States. Many Muslims flocked to these new banking institutions, not only for ethical and religious reasons, but also because they provided professional and friendly services to their customers.  
Islamic Banking Evolution Islamic Banking Evolution Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Islamic Banking

March 07, 2014

About Islamic Banking

"Islamic banks operate in the Middle East, Europe, Asia and Africa. At the threshold of the 21st century, Islamic banks had about US $700 billion in funds under their management"
A few decades ago, modern banking and financial institutions that encompass Islamic values within their principles and practices seemed to be merely a remote dream. Today, however, Islamic banking has become a viable financial approach that attracts an increasing amount of capital investment. As a concept Islamic Banking was developed as a result of the religious prohibition of the payment or receipt of interest.  The fundamental principles of Islamic Banking go back over one thousand four hundred years. They are set out in Shari'a law and are enshrined in the Qur'an, the Hadith and the Sunna. Today, these principles form the basis of the contemporary Islamic Banking range of Islamic financial products & services.
There is no standard way of grouping Islamic Financial Institutions, but in terms of services rendered, today Islamic Financial Institutions can be divided into the following broad categories:
1- Islamic Banks.2- Islamic Windows.
3- Islamic finance/Investment Banks.4- Islamic Mortgage companies.
5- Takaful Companies.6- Mudarabah Companies.
7- Islamic investment funds 
Islamic Banking Islamic Banking Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Corporate Social Responsibility "CSR"

March 07, 2014

Corporate Social Responsibility "CSR"

The success of the contemporary Islamic banking and finance movement owes much to the contribution and patronage of Sheikh Saleh Kamel, the founder of Al Baraka Banking Group. Although the Group is young as a single legal entity, its antecedents go back to the late 1960s, when Sheikh Kamel directed the devising of Islamic contracts for use in his business operations when dealing with conventional banks (there being no Islamic banks in existence at that time), which was his preferred route for doing business with them. This early insistence on strict adherence to fundamental Islamic principles was then quickly overtaken by the next stage of development when, in the early 1970s, Sheikh Kamel oversaw the establishment across the Arab world of a series of Islamic financial institutions bearing the Al Baraka name. Today, Al Baraka Banking Group brings together under one unified grouping the accumulated experience of 10 banks delivering Islamic products and services over three decades. We at Al Baraka Group are proud to look back on this heritage, whilst at the same time we keenly look forward to the next stage in our development, as we gradually expand into new regions and new markets and build a wider customer base.
As members of a banking group founded on Islamic principles and values, we at Al Baraka Group believe that we have a particular obligation to society, through patronage and sponsorship of educational and social projects, to enhance the living conditions and quality of life of needful individuals in the local communities of which we are part. In meeting this commitment to society we make all possible effort to apply one of the important philosophical pillars of Islamic banking: the concept of "construction of land", which means adding tangible value to assets. This concept has a direct relevance to the development of society and its social and economic progress and we seek to apply it through active investment mediation, which complements real and value-added production, and through the exchange of commodities and services, which enables us to offer practical alternatives to those financial intermediaries that provide no benefit to society at large.
We consider the role of CSR in our organisation to be essential to the application of the principles derived from divine power and on which our business activities in all the countries in which we operate are based. All our subsidiaries embrace Islamic ethical principles and apply them to their banking operations and services. These principles may be summarised as:
First: Investments may only be made in sectors and industries that meet ethical standards. The moral values of Islam dictate that Muslims must invest in the production of, and trade in, useful and beneficial goods only. They therefore forbid investment in such activities as, for example, contribute to the production of alcoholic beverages, tobacco or weapons, or are associated in any way with gambling, pornography or the abuse of children, women and minorities, or any other morally questionable practices.
Second: All Islamic banks and financial institutions eschew the payment of interest in their relations with depositors, consumers and businesses, as Islam prohibits the paying or charging of interest. Instead Al Baraka Group's banking subsidiaries, like all Islamic banks, accept deposits on an investment basis whereby depositors share with the bank in the actual results of the realisation of their investments. Financing is provided to businesses in turn mainly on the basis of instalment sale, leasing or equity participation. In this way, they and their depositors share the financial risk with the entrepreneurs and together they reap the benefits of the investments.
The prohibition of interest is to be found in the Qur'an and is fundamental to the ethical standards and core values laid out therein. Al Baraka Group's subsidiaries, as Islamic banks, firmly adhere to these core values by disallowing the charging or paying of interest, an essential difference between Islamic and conventional banks. Yet, customers of Islamic banks and other financial institutions generally share a similar experience to that of customers of conventional banks - who share profit with their depositors.  The essential difference in Islam is that the practice of profit sharing is such that wealth creation is the result of a partnership between investors and entrepreneurs in which both the risks and the rewards are shared: returns on invested capital are based on profits actually generated rather than predetermined interest rates.
Third: All contracts entered into by Al Baraka Group's banking subsidiaries, and all their relations with businesses and depositors, must comply with the ethical standards of the Shari'a.
Corporate Social Responsibility "CSR" Corporate Social Responsibility "CSR" Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Shari'a Supervisory Board

March 07, 2014

Shari'a Supervisory Board

  • Shaikh Dr. Abdul Sattar Abu Ghuddah
    Chairman
  • Shaikh Abdullah bin Sulieman Al Mannea
    Member
  • Shaikh Dr. Abdulatif Al Mahmood
    Member
  • Shaikh Dr. Abdulaziz Bin Fowzan Al Fawzan
    Member
  • Dr. Ahmed Mohyedeen Ahmed
    Member
  • Dr. Eltigani El Tayeb MohammedSecretary to the Board
Shari'a Supervisory Board Shari'a Supervisory Board Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Group of Directors

March 07, 2014
Board of Directors
  
 
Shaikh Saleh Abdullah Kamel
Chairman
Mr. Abdulla A. Saudi
Vice Chairman
Mr. Abdullah Saleh Kamel
Vice Chairman
Mr. Saleh Al Yousef
Member
Mr. Adnan Ahmed Yousif
Board Member and President & Chief Executive
Mr. Abdul Elah Sabbahi
Member
Mr. Ibrahim Fayez Al Shamsi
Member
Mr. Jamal bin Ghalaita
Member
Mr. Yousif Ali Fadil Bin Fadil
Member
Dr. Bassem Ibrahim Awadallah
Member
Mr. Mohyedin Saleh Kamel
Member
Mr. Fahad Abdullah Al Rajhi
Member

Group of Directors Group of Directors Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Strategy Update November 2008

March 07, 2014

Strategy Update November 2008

Although the Al Baraka Banking Group is relatively new, its antecedents go back almost 30 years. The Group has come about as a result of a consolidation of various interests of Shaikh Saleh Abdullah Kamel in 10 Islamic banks, with the object of adding strength and purpose to his vision of creating a global Islamic banking group.

Following its establishment, and having established appropriate centralised corporate governance and management infrastructure, the Group achieved in 2006 a combined private placement and public issue, designed to bring its name to the attention of investors and the market at large and to raise additional capital to strengthen its subsidiaries and position them for expansion in their home territories, as well as to enable the Group to commence its wider geographical expansion. The successful flotation on the Nasdaq Dubai Stock Exchange and the Bahrain Stock Exchange set the stage as a precursor to further expansion worldwide.

The Al Baraka Banking Group's initial strategy after formation was fourfold: to achieve a successful consolidation of the subsidiaries into the Group structure; to establish control over the members of the Group via head office departments established by the Group's executive management team; to achieve a successful share flotation; and to commence the Group's expansion, both organically through expansion of its existing subsidiaries and by the establishment or acquisition of new subsidiaries in new countries.

With the control and consolidation of the Group, followed by the successful flotation and subsequent enhancement of the share capital of many of its subsidiaries, and unification of broad Group policies, Al Baraka Banking Group has largely achieved its initial strategic aims.

Its original strategic objectives - enhancement of shareholder value; research and development into new Islamic financial products benefiting its customers; distribution of its products and services and promotion of cross-border services; and achievement and maintenance of the highest corporate governance and regulatory compliance standards - are now established aims of all members of the Group and an inherent part of the corporate ethos.

Whilst all of these aims will continue to be important motivators, however, we have determined that enhancement of shareholder value and stakeholder benefits must be the main business driver for the Group. In order to bring focus to that key objective, therefore, it is crucial that a clear set of strategies be established for the medium term, designed to ensure that all parts of the Group be made aware of what they must do to ensure success.

With the help of a SWOT analysis we identified four primary strategic objectives that must be met if the Group is to achieve consistent and improving delivery of shareholder value and stakeholder benefits. These are: increased profitability; product innovation; technology and process enhancement and improvement in customer service and staff satisfaction. We have communicated these value drivers amongst the Group successfully and we meet twice a year to review our strategic direction.

The Group has thus progressed from stride to stride, carrying our core values forward for the benefit of our shareholders and the society at large. As an exercise to developing a common identity and thereby harnessing the benefits of a concerted Group, we embarked upon introducing a common brand for the Group. During the course of rebranding ourselves, we identified "partnership" as the one quality that most aptly describes us and our business as we work with our customers in tandem for their benefit. Accordingly, we have stated our Vision in the context of our growth as an international banking conglomerate that promotes the betterment of society, as follows:

'We believe society needs a fair and equitable financial system: one which rewards effort and contributes to the development of the community'

In keeping with our strong business relations with customers of partnership we identified ourMission as:

'To meet the financial needs of communities across the world by conducting business ethically in accordance with our beliefs, practicing the highest professional standards and sharing the mutual benefits with the customers, staff and shareholders who participate in our business success'

With a new brand accompanied by a strong business ethos and strategy, we believe that the Group will be well-positioned to meet the challenges of the years ahead as the world recovers from the present economic crisis.

As widely evident, Islamic banks have remained largely unscathed by the crisis of 2007-2008 owing to the prudent policies of Islamic banking. The Group's conservative strategy of preservation of liquidity and conduct of business in an environment of good Shari'a compliant internal controls and processes coupled with a cautious approach to business growth through out the Group and to the strengthening of existing relationships has paid it rich dividends. Besides the very nature of Islamic banking's prohibition of dealing in derivative and speculative assets has served to protect the Group from the adverse effects of the economic crisis.

All in all we look ahead to the future with an air of optimism, building forward on our excellent track record. 
Strategy Update November 2008 Strategy Update November 2008 Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Share price

March 07, 2014

  Bahrain Bourse  NASDAQ Dubai

Chart:

 1Y  3Y
Stock Data :
Trading Symbol :BARKA
Closing Of :06/03/2014
Closing Price :0.86
Value Change :0
Percent Change :0
Day's Open :0
Volume :0
Day's Low :0
Day's High :0

The above information has been extracted from Bahrain Bourse, for more details please visit Bahrain Bourse website : www.bahrainbourse.com.bh
Share price Share price Reviewed by BARI.0492 on March 07, 2014 Rating: 5

Al Baraka Banking Group Representative Office, Indonesia

March 07, 2014
Al Baraka Banking Group
Representative Office, Indonesia
Founded 2008
In 2011 the Indonesian economy grew by an estimated 6.5%,compared with a growth rate of 6.1% in 2010. The current account surplus was estimated to be standing at 0.4% of GDP (0.8% in 2010). The rate of inflation was slightly better at 5.3% as compared with 2010's 5.7%.
The Indonesian government's policy in recent years has been one of encouragement of Islamic banking in the country, with a long term target of increasing Islamic banking assets to 5% of total banking assets. Due to the favourable regulatory environment, the growing economy and having the largest Muslim population in the world, Indonesia offers a very attractive operating environment for Islamic banks.
ABG's representative office serves as a base for the Group to conduct research on local banks and their potential for acquisition and for assessing the business potential of the country from the Group's perspective.
The representative office is also responsible for maintaining contact with regulators and major banking groups in Indonesia and for preserving the image and brand value of the Group. With trade flows between Indonesia and many of the countries where the Group operates growing rapidly, the Indonesia Representative Office pro-actively identifies business opportunities and generates leads that are directed towards ABG subsidiaries.

Mr. Moesfian Mokhtar
Chief Representative
Ravindo Building, 10th Floor,
Jalan Kebon Sirih, No. 75,
Jakarta Pusat 10340,
Indonesia
TEL: +62 21 316 1345
FAX: +62 21 316 1074

To locate our braches please go on E-Network.
Al Baraka Banking Group Representative Office, Indonesia Al Baraka Banking Group Representative Office, Indonesia Reviewed by BARI.0492 on March 07, 2014 Rating: 5

SAFE DEPOSIT LOCKERS

August 16, 2013
Safe Deposit Lockers
ABPL lockers are governed by the Islamic concept of 'Amanat'. When you trust us by keeping your valuables with us, we fulfill our responsibility of taking care of them very sincerely. Because it's not just a matter of your valuables, what is most valuable to us, is safe keeping your trust.

It is our commitment to put your values foremost, hence providing you with banking solutions that are in line with your beliefs. 
To facilitate our valued account holders, a safe deposit locker facility is available at selected branches. Please contact 111-113-442 for further details.
Salient features
  • Comfortable surroundings
  • State of the art security arrangements
  • Courteous and helpful locker custodian
  • Available in three convenient sizes to suit your needs
  • Free Takaful cover depending upon the size of your locker
  • Convenient access timings from 9 am to 5 pm (excluding Friday & Saturday)
  • Rent-free lockers are also available (Conditions apply)
LeviesFees and charges will be levied according to the prevailing Schedule of Bank Charges, whereas taxes and Zakat will be applicable according to Government regulations and directives of State Bank of Pakistan.
SAFE DEPOSIT LOCKERS SAFE DEPOSIT LOCKERS Reviewed by BARI.0492 on August 16, 2013 Rating: 5

Online Banking - ABPL

August 16, 2013
  • Connecting all our branches on-line in real-time
  • Deposit into, Withdraw from or Check Balances in, your account at any Al Baraka Branch in any city, from any Al Baraka branch in any city, as you wait!
Convenient for both: Individuals and Business People
Online Banking - ABPL Online Banking - ABPL Reviewed by BARI.0492 on August 16, 2013 Rating: 5

Sarparast – Family Takaful Plan

August 16, 2013
Partnering to safeguard your future
Al Baraka Bank (Pakistan) Ltd. in association with Pak-Qatar Family Takaful Limited is offering an exclusive product “Sarparast – Family Takaful Plan”.  Sarparast is a Shari’ah Compliant savings and investments plan exclusively designed to cater to your Takaful needs.
FEATURES:
  • Saving for long-term needs in the future. 
  • Regular contributions invested in a diversified portfolio of Islamic funds ranging from Sukuk to Mutual Funds, based on the customer's risk appetite.
  • Flexible plans in terms of frequency of payment.
  • Takaful cover allows family to receive funds, in case of death of the participant.
Al Baraka’s Sarparast, safeguards your future, while giving you the financial freedom you deserve. It helps you plan necessary events of life from marriage to education, retirement to vacations or pure savings in accordance with the Islamic principles.
AS YOU ARE AL BARAKA’S ACCOUNT HOLDER WE OFFER THE FOLLOWING BENEFITS:
  • Better access to wider range of Shari’ah Compliant financial products/services through a one-stop shop experience; Takaful plan issued on the spot.
  • Processing on copy of CNIC only.
  • No medical examination required.
  • Minimum processing time.
  • 24/7 customer service available through Al Baraka  Phone Banking.
  • Maximum application acceptance.
ADDITIONAL BENEFITS
  • Contribution increase and decrease*
  • Switching of Investment Strategies*
  • Partial withdrawal*
  • Payment deferral*
*Conditions apply
Call now to protect your family and future.111-113-442
 
Sarparast – Family Takaful Plan Sarparast – Family Takaful Plan Reviewed by BARI.0492 on August 16, 2013 Rating: 5

Rahnuma Travel Services - Al Baraka Bank Pakistan Ltd

August 16, 2013
The Product - Rahnuma Travel Services
Rahnuma Travel Services is a value added product exclusively designed for customers who wish to avail complete travelling solutions with ease, reliability and convenience.
Rahnuma Travel Services offers one window travel solution including VISA processing, hotel accommodation, transfers and much much more to our valued customers.  Al Baraka Bank Pakistan Limited has joined hands with leading Travel Agents to bring unmatched travel products for its customers that are not only Riba-free but affordable and convenient at the same time. Complete travel service packages are available for various destinations i.e. Umrah, Hajj, Dream Destinations for Dubai & Malaysia.Salient features
  • 0% profit on financing
  • Easy installment plan of 6 & 12 months
  • No prepayment charges
  • No Security Deposit
  • Easy documentation & Fast Processing
Benefits
  • Shariah Compliant & Riba-free.
  • No Premium on package costs.
  • No Hidden Charges.
  • Easy payment options.
Islamic working principle “KHADAMAAT”- Al Baraka Bank provides travel services to customers through designated travel agent(s).
Packages: 
Rahnuma Hajj Packages - 2013
Rahnuma Rahnuma Dream Destinations - 2013
Rahnuma – Ramdan Umrah Package 2013
For more information, kindly visit our branch or call us on 111-113-442.
Disclaimer: Please note that the role of Al Baraka Bank (Pakistan) Limited is limited to sales and fund collection for Travel Agents. Travel arrangements and delivery of the packages is the sole responsibility of the selected Travel Agent. Al Baraka Bank (Pakistan) Limited may facilitate the sale of Packages on Installments at 0% financing rate.
Rahnuma Travel Services - Al Baraka Bank Pakistan Ltd Rahnuma Travel Services - Al Baraka Bank Pakistan Ltd Reviewed by BARI.0492 on August 16, 2013 Rating: 5

ABPL Mahana Amadani – Term Deposit

August 16, 2013
Are you interested in monthly profit returns?  Then why not go for our Mahana Amadani which gives you competitive profit earnings on your savings.

With a minimum investment/ Savings of Rs. 50,000, you can enjoy monthly returns.
Salient features
  • Profit Calculation: Monthly
  • Profit payment options: Monthly
  • Pak Rupee only
  • Tenure: 1 Year to 5 Years
  • Free ATM card with access to more than 3800 ATM, nationwide.
  • e-Statement
  • 24/7 Phone Banking
  • SMS banking
Islamic Concept
The ABPL Mahana Amadani Term Deposit is based on the Islamic concept of Mudarabah. Under this arrangement the customer is Rab-ul-maal (Investor) and the bank is Mudarib (Fund manager). Your deposit will be invested in profitable business ventures which are legal and Shariah compliant, and the profit/loss will be shared in a pre determined ratio. As fund manager, the bank will be entitled to a part of the profit, whereas profit distribution amongst the depositors and shareholders will be made according to weightages assigned to their investment at the beginning of each month.
Eligibility criteria
  • Individuals (18years & old)
  • Sole Proprietor
  • Partnerships
  • Companies
  • Clubs / Societies / Associations / Trusts

For more information, kindly visit our branch or call us on 111-113-442.

ABPL Mahana Amadani – Term Deposit ABPL Mahana Amadani – Term Deposit Reviewed by BARI.0492 on August 16, 2013 Rating: 5

Al Baraka Business Plus

August 16, 2013
Avail free services with Al Baraka Business Plus Account, by simply maintaining Rs. 100,000/- only With un-rivaled customer services, expanding branch network and a dedicated team of financial advisors maintaining your Relationship with the bank, ‘Al Baraka Business Plus’ account is the premium choice for your business. Nominal profit calculated on monthly average balance.
Free Services:
  • Cheque Books
  • ATM Card
  • Pay Orders
  • Duplicate Bank Account Statements
  • Hold mail Facility
  • Online Banking Transactions
  • e-Statement
  • Intercity clearing
  • SMS Banking
Eligibility criteria
  • Individuals (18years & old)
  • Self Employed
  • Traders
  • Sole Proprietor
  • Partnerships
  • Clubs / Societies / Associations / Trusts
Islamic Concept
The Al Baraka Business Plus is based on the Islamic concept of Mudarabah. Under this arrangement the customer is Rab-ul-maal (Investor) and the bank is Mudarib (Fund manager). Your deposit will be invested in profitable business ventures which are legal and Shariah compliant and the profit/loss will be shared in a pre determined ratio. As fund manager, the bank will be entitled to a part of the profit, whereas profit distribution amongst the depositors and shareholders will be made according to weightages assigned to their investment at the beginning of each month.

For more information, kindly visit our branch or call us on 111-113-442.
Al Baraka Business Plus Al Baraka Business Plus Reviewed by BARI.0492 on August 16, 2013 Rating: 5
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