Al Baraka Banking Group affirms position in the third quarter with US$19.9 billion in total assets - IFN

Al Baraka Banking Group affirms position in the third quarter with US$19.9 billion in total assets

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BAHRAIN: One of the industry’s emerging heavyweights, Al Baraka Banking Group, has reported its financials for the third quarter of 2013. The Shariah compliant financial institution has announced a hike in its net income to US$197 million, registering an 8% increase in comparison to the same period last year. As of the 30th September, total assets of the group stood at US$19.9 billion with financing and investments accumulating to US$15 billion and total equity accounted at US$1.95 billion. Commenting on its financials, Shaikh Saleh Abdullah Kamel, the chairman of the group said: “Thanks to the Islamic banking business model, Al Baraka Banking Group has not been affected by the crisis, further endorsing the soundness of the group's business strategies both short and long-term." In the World Islamic Banking Competitiveness Report by Ernst & Young Bahrain was, together with Malaysia, named as one of the leading Islamic finance centers in the world. The kingdom’s Islamic banking proposition is said to be guided by: 1) regulatory clarity across major existing and emerging Islamic finance areas; 2) empowering institutions through skill-development; 3) consolidation among market players; 4) Standard-setting initiatives facilitated through industry infrastructure institutions. A Turkish subsidiary of the bank, Al Baraka Turk Participation Bank, recently concluded the largest Islamic deal in Turkey. The syndicated Shariah compliant Murabahah financing raised US$430 million with participation from a total of 23 banks from 15 different countries. Al Baraka is an Islamic wholesale bank licensed by the kingdom’s central bank and listed on the Bahrain Bourse as well as NASDAQ Dubai. The group has over 436 branches located in Algeria, Bahrain, Egypt, Jordan, Iraq, Indonesia, Lebanon, Libya, Pakistan, Saudi Arabia, Sudan, South Africa, Syria, Turkey and Tunisia.