Al Baraka Bank Pakistan

Al Baraka Bank Pakistan
Al Baraka (Pakistan) Limited (ABPL) came into being as a result of the first merger in the Islamic Banking sector of Pakistan. 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 1st November 2010, the operations of the merged entity began. The second merger took place in 2016 with Burj Bank Ltd. As of September 2016, the Bank has a national presence in Pakistan with a network of 191 branches in more than 97 cities across the country.
History
Al Baraka Islamic Bank is recognised as a pioneer of Islamic Banking in Pakistan. Since 1991, it has been operating in the country as branch operations of Al Baraka Islamic Bank Bahrain. 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. Its collection department is considered superior to those of other banks in Pakistan.
Credit Rating
Long Term, Credit Rating of Al Baraka (Pakistan) Ltd, is June 26, 2020, maintained at A [Triple A] and Short-Term Credit Rating of the bank is maintained at A1 [A one] by Pakistan Credit Rating Agency (PACRA).
Al Baraka Banking Group
ABPL is a subsidiary of the Al Baraka Banking Group (ABG), which is a renowned Islamic Banking group in the Persian Gulf region. ABG is a Bahrain Join Stock company listed on the Bahrain and NASDAQ Dubai stock exchanges. ABG’s authorized capital amounts to US$1.5 billion, has an asset base of over US$24 billion, and total equity amounting to US$2.5 billion. ABG has a wide global presence. The group's banking units and representative offices are in 17 countries covering three 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 700 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)
ABG won the Compliance and Corporate Governance Award at the Hawkamah Union of Arab Banks 2010 (1 November 2010)
ABPL's Commitment to Islamic Banking
After a steady growth initially, Islamic Finance 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 15.6% of the total asset pie in the banking industry as of March 2019.
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 and a Shariah Advisory Committee in Pakistan.
All policies, procedures, products, and services of ABPL are approved by the bank's Shariah Board, headed by ‘Shaikh Essam Mohammad Ishaq Abdul Rahman Ishaq’ who is known amongst the most renowned and respected Shariah scholar in the Islamic finance industry and has an international reputation. Along with him, Mufti Abdullah Najeeb is providing his services to the Shariah Board as a Resident Shariah Board Member.
Products and Services
Al Baraka’s customers range from individuals and retail 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.
Debit cards
References
Islamic banks of Pakistan
Pakistani subsidiaries of foreign companies