Al Baraka Group Overview and Company Profile

Al Baraka Group is a leading international Islamic banking and financial services group. The group was founded in 1982 by Dr. M. A. Al-Mudahka.

Al Baraka Group has a long history of providing Islamic banking and financial services, with a presence in over 16 countries across the Middle East, Africa, and Asia. The group has a diverse range of financial services, including retail banking, corporate banking, and investment banking.

The group's headquarters is located in Bahrain, a country with a strong Islamic finance industry. Al Baraka Group has a significant presence in Bahrain, with several branches and a large customer base.

Al Baraka Group is a company that has made a commitment to sustainability, with a high level of commitment to projects that promote family values, infotainment, education, health services, economic research, and philanthropy.

The company began making preparations for uniting its Albaraka bank operations under a single holding company in the late 1990s.

In 1999, Al Baraka Group appointed Kuwait's The International Investor (TII) to guide the consolidation of the Albaraka banking network.

A deal was reached in 2002 to merge nine of the Albaraka bank branches into TII, which would have made the new bank the world's third-largest Islamic bank.

However, the merger was mysteriously cancelled, and Al Baraka Group went ahead to found the Albaraka Banking Group in Bahrain.

By 2004, Albaraka Banking Group had become the holding company for most of the company's other financial services operations.

Al Baraka Group's commitment to sustainability is a key strategic underpinning of the company's operations.

Al Baraka Group has a strong leadership team, with Houssem Amor serving as the CEO since June 30, 2022. He brings a wealth of experience to the role.

Their management team also includes Mohamed Jamsheer, who serves as the Chief Tech/Sci/R&D Officer, but his exact start date is unknown. This suggests that the company values innovation and technology.

The company's Chairman is Abdullah Kamel, who has been in the role since June 6, 2020, at the age of 58. This is a significant position, and it's interesting to note that he has been with the company for over two years.

Here is a list of some of the key members of the management and leadership team:

It's worth noting that the company has a diverse leadership team with a range of skills and experience.

Meet the top management team of Al Baraka Group B.S.C. They're led by Houssem Amor, a 40-something CEO who took the reins in June 2022.

The company's Director of Finance, Ali Asgar Shabbir Husein Mandasorwala, joined in May 2022.

The CTO, Mohamed Jamsheer, is a key member of the team, overseeing the company's tech and science initiatives.

Here's a breakdown of the top management team:

A Chief Digital Officer (CDO) is the top executive responsible for driving digital transformation within an organization.

The CDO plays a crucial role in leading the digital agenda, which can have a significant impact on the company's success.

Wajeeha Awadh is the Chief Digital Officer (CDO) of Al Baraka Group (ABG), a position that requires strong leadership and vision.

In this role, the CDO is responsible for developing and implementing digital strategies that align with the company's overall goals.

The CDO position is becoming increasingly important as more companies recognize the value of digital transformation in staying competitive in today's fast-paced business environment.

Al Baraka Group has its headquarters in Bahrain, a country in the Middle East. The group's structure is based on a network of Islamic banks and financial institutions operating in several countries across the region.

Al Baraka Group has a presence in over 16 countries, with a significant presence in the Middle East and North Africa. Its global network allows for diverse opportunities in various markets.

The group's Islamic banking model is based on the principles of Shariah, which prohibits the collection and payment of interest. This unique approach sets Al Baraka Group apart from traditional banking institutions.

Al Baraka Group's structure is characterized by a strong focus on corporate social responsibility, with a commitment to contributing to the economic and social development of the communities it serves.

Al Baraka Banking Group has raised funding over 1 round.

The group has received investment from experienced and reputable institutions, which is a testament to their financial stability and growth potential.

Al Baraka Banking Group has 2 institutional investors, including the European Bank for Reconstruction and Development (EBRD) and Razam Investments.

Al Baraka Group (ABG) has SIC codes 601, 602, and 60.

The SIC code for a company like ABG helps identify its primary business activities.

In the case of ABG, its SIC codes indicate that it operates in the financial sector, specifically in banking and financial services.

The SIC code is a valuable tool for investors and funders to quickly understand a company's business operations.

Al Baraka Banking Group has raised funding over 1 round. This suggests that the company has a history of seeking external investment to support its growth and operations.

Al Baraka Banking Group has 2 institutional investors including EBRD and Razam Investments.

Al Baraka Group has been making headlines with its recent press releases. In October 2022, the company received a firm intention to make an exit offer from Dallah AlBaraka Holding Company B.S.C.

The company's net income attributable to its shareholders increased by 5% in the first half of 2023, reaching a remarkable US$ 89 Million. This achievement is a testament to the company's financial stability and growth.

Consolidated financial statements for June 30, 2023, were also released, providing a comprehensive overview of the company's financial performance.

Here are the key dates for Al Baraka Group's press releases:

Al Baraka Group has also made significant progress in divesting its stake in BTI Bank Morocco, completing the exit in July 2023.

Al Baraka Banking Group has a strong presence in the market, but it's not alone. Its competitors include Al Salam Bank, which was established in 2006 and acquired by Al Baraka Banking Group.

Al Salam Bank is a commercial bank that operates in Manama, Bahrain, and is currently ranked 2nd in terms of overall rank among Al Baraka's competitors.

Here's a list of Al Baraka's top competitors:

These competitors, along with Al Baraka Banking Group, are all based in Manama, Bahrain, and are working to provide financial services to customers in the region.

Albaraka Bancorp (USA) is a key subsidiary of the company, operating in the United States.

Albaraka Bank Lebanon is another significant subsidiary, based in Lebanon.

Albaraka Bank Ltd. (South Africa) is a subsidiary operating in South Africa.

Albaraka Bank Sudan is a subsidiary based in Sudan.

Albaraka Islamic Investment Bank (Bahrain) is a Bahrain-based subsidiary.

Albaraka Turkish Finance House (Turkey) is a subsidiary operating in Turkey.

Al-Tawfeek Co. For Investment Funds Ltd. (Cayman Islands) is a Cayman Islands-based subsidiary.

Al-Amin Co. For Securities & Investment Funds (Bahrain) is a subsidiary based in Bahrain.

Albaraka Medical Clinic is a subsidiary focused on healthcare services.

Algerian Saudi Leasing Holding Co. (France) is a subsidiary operating in France.

Al-Towfeek Investment Bank Ltd. (Pakistan) is a subsidiary based in Pakistan.

Arab Leasing International Finance (ALIF) Ltd. is a subsidiary with international finance operations.

Arab Radio & Television (ART) is a subsidiary with media operations.

Arab Reach Media (ARM) is another media-focused subsidiary.

BEST Re-Insurance (Tunisia) is a subsidiary providing re-insurance services in Tunisia.

Banque Albaraka D'algeria is a subsidiary operating in Algeria.

Banque Albaraka D'jibouti is a subsidiary based in Djibouti.

Banque Albaraka Mauritanienne Islamique is a subsidiary operating in Mauritania.

Beit Et-Tamweel Al-Tunisi Al-Saudi is a subsidiary providing financial services in Tunisia.

Dallah Albaraka (U.K.) Limited is a subsidiary operating in the United Kingdom.

Dallah Albarak Holding Co. (Malaysia) is a subsidiary based in Malaysia.

Dallah D-Baraka (Malaysia) Holding SDN. BHD. is a subsidiary operating in Malaysia.

Dallah Albaraka Holding Company for Umra Services is a subsidiary focused on umra services.

Dallah Communications Holding is a subsidiary with communications operations.

Dallah Establishment for Contracting and Maintenance is a subsidiary providing contracting and maintenance services.

Dallah Health Service Holding Company is a subsidiary focused on healthcare services.

Dallah Hotels and Resorts is a subsidiary operating in the hospitality industry.

Dallah Human Skills Development Co. is a subsidiary focused on human skills development.

Dallah Transport Co. Ltd. is a subsidiary providing transportation services.

Dallah-Dowail Co. is a subsidiary with operations in multiple countries.

Egyptian-Saudi Finance Bank (Egypt) is a subsidiary operating in Egypt.

Emin Sigorts A.S. (Turkey) is a subsidiary based in Turkey.

International Arab Leasing and Finance Company is a subsidiary with international finance operations.

International Information & Trading Services Company is a subsidiary providing information and trading services.

Iqraa Co. for Printing and Paper Trading is a subsidiary focused on printing and paper trading.

Islamic Arab Insurance Co. (IAIC) (United Arab Emirates) is a subsidiary providing insurance services in the UAE.

Islamic Insurance & Re-Insurance Co. (IIRCO) (Bahrain) is a subsidiary operating in Bahrain.

Jordan Islamic Bank is a subsidiary operating in Jordan.

Misr Arab Poultry Co. is a subsidiary focused on poultry production.

National Wood Works Co. is a subsidiary providing wood products.

Sardine Canning Co. (Morocco) is a subsidiary operating in Morocco.

Saudi Digital Distribution Company is a subsidiary focused on digital distribution services.

Saudi Real Estate Maintenance Co. is a subsidiary providing real estate maintenance services.

Al Baraka Banking Group has several competitors in the market. The company ranks first in overall rank, followed closely by Al Salam Bank, which is a commercial bank.

Al Salam Bank was established in 2006 in Manama, Bahrain, and was acquired by another entity. Its Tracxn score is 48/100.

Ithmaar Bank, an Islamic retail bank, ranks third in overall rank. It was founded in 1982 in Manama, Bahrain, and has not received any funding.

Khaleeji and Sayacorp, two other competitors, rank fourth and fifth, respectively. Khaleeji is an Islamic bank that was established in 2004 in Manama, Bahrain, and has not received any funding. Sayacorp is a private equity firm focused on multiple sectors, founded in 2008 in Manama, Bahrain, and also has not received any funding.

Bank Alkhair, another competitor, ranks sixth in overall rank. It was founded in 2004 in Manama, Bahrain, and has received funding. Its Tracxn score is 14/100.

BOK International, an Islamic Bank, ranks seventh in overall rank. It was established in 2015 in Manama, Bahrain, and has not received any funding. Its Tracxn score is 5/100.

Here is a list of the competitors in order of overall rank:

The Al Baraka Group has a rich history of pioneering Islamic banking practices. Dallah Albaraka's commitment to sustainability is a major strategic underpinning of the company.

One of the key milestones in the Group's history was the appointment of Kuwait's The International Investor (TII) in 1999 to guide the consolidation of the Albaraka banking network. This marked a significant step towards centralizing back office functions.

Dallah Albaraka's focus on family values, education, and philanthropy is evident in its various projects and initiatives. The Group's operations span a wide range of sectors, including infotainment, health services, and economic research.

By 2002, a deal was reached to merge nine Albaraka bank branches into TII, which would have made the new bank the world's third-largest Islamic bank. However, the merger was mysteriously cancelled at the last minute.