Al Baraka Bank (Pakistan) Limited

Al Baraka Bank (Pakistan) Limited

Type	Private
Industry	Islamic Banking
Number of locations	135 Branches in 82 cities in Pakistan (2015)
Products	Retail banking,Corporate Banking, Investment banking, Consumer banking
Parent	Al Baraka Banking Group
Website	www.albaraka.com.pk

Al Baraka (Pakistan) Limited (ABPL) came into being as a result of the first merger in the Islamic Banking sector of Pakistan.^[1] The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1 November 2010, the operations of the merged entity began.^[2] As of Dec 2014, the Bank has a national presence in Pakistan with a network of 135 branches in more than 82 cities across the country.^[3]

History

Al Baraka Islamic Bank is attributed to be the pioneer of Islamic Banking in Pakistan.^[4] It has been operating in the country since 1991 as branch operations of Al Baraka Islamic Bank Bahrain.^[5] During this period of over two decades in the country, the bank effectively developed and sustained its identity as one of the pioneers in providing Shariah compliant banking products and services.

Al Baraka Banking Group

ABPL is a subsidiary of the Al Baraka Banking Group (ABG) which is a renowned Islamic Banking group in the Gulf. ABG is a Bahrain Join Stock company listed on Bahrain and NASDAQ Dubai stock exchanges. ABG’s authorized capital amounts to US$1.5 billion, has an asset base over US$ 22 billion and total equity amounting to US$ 2 billion.^[6] ABG has a wide global presence. The banking units and representative offices of the group are present in 15 countries covering 3 continents: Asia, MENA and Europe. As of 2013, Al Baraka has a significant presence in Bahrain, Algeria, Jordan, Lebanon, Indonesia, Tunisia, Sudan, Turkey, South Africa, Libya, Iraq, Saudi Arabia and Pakistan. Today the ABG network consists of more than 560 branches worldwide.

Awards and Recognition

• Al Baraka was named the 'Best regional Bank' at the Annual Islamic Business and Finance Awards Ceremony, Dubai (26 December 2010)^[7]
• ABG won the Compliance and Corporate Governance Award at the Hawkamah Union of Arab Banks 2010 (1 November 2010)^[8]

ABPL's Commitment to Islamic Banking

Islamic Finance, after a steady growth initially, is now experiencing a progressive upward trend in the Pakistani banking sector. From a meager 0.3% share in 2003, Islamic banking institutions (IBIs) have now captured around 10.4% of the total asset pie in the banking industry as of March 2015.^[9]

The core philosophy of ABPL is compliance with the fundamental principles of Shariah. The entire banking activities are closely monitored and regulated by a Board of Shariah Advisors at the headquarters in Bahrain as well as a Shariah Advisory Committee in Pakistan.

All policies, procedures, products and services of ABPL are approved by the bank's Shariah Board headed by Justice (R) Khalil ur Rehman. Mr. Rehman has served as Chairman of the Shariat Appellate Bench of the Supreme Court of Pakistan and has been the Rector of the International Islamic University, Islamabad.^[10] Justice Khalil is also assisted by Mufti Abdullah Najeeb.

Products and Services

Al Baraka’s customers range from individuals and retails to corporate, SME and consumer categories. Various financing products are available for investments such as Murabaha, Ijarah, Musharakah and Islamic Export Refinance etc. Furthermore, a range of Shariah compliant deposit schemes are offered.

References