Albaraka Bank
Al Baraka Bank was established in South Africa in 1989 and provides communities across the country with a practical and sustainable alternative option to conventional banking models.
The bank’s Shariah-compliant products and services are proving ever more appealing to Muslim and non-Muslim clients alike.
Following a faith-based system of financial management, the bank’s guiding principles are drawn from Shariah, which upholds the ideal of profit-sharing, while prohibiting the payment or receiving of interest in any transaction.
Intent on maintaining personal contact with its clients, the bank remains committed to living the moral value of ‘partnership,’ striving always to establish and nurture long-term relationships with clients, thus enabling it to cultivate close and meaningful dealings and exchanges to the mutual benefit of both client and bank.
Based in Durban, Al Baraka Bank has a national business footprint, with seven retail branches, three corporate banking offices, a professional office and a regional office, affording its clients an array of financial products and services, as a commercial and fully-fledged Islamic banking institution.
As at 31 December 2018, Al Baraka Bank’s primary shareholders included Bahrain-based Al Baraka Banking Group B.S.C. (64,51%), DCD Holdings (SA) (Pty) Ltd. (6,01%), DCD London and Mutual plc (6,60%), Johannesburg-based Timewest Investments (Pty) Ltd. (7,67%), Sedfin (Pty) Ltd. (3,33%) and Al Bogari (2,0%). Foreign and local shareholders constitute the balance.
The bank’s board of directors is composed of both international and local business people, all having excellent individual business skills and outstanding collective knowledge of and expertise and experience in Islamic banking.
The bank also has in place both an internal Shariah Department and an independent Shariah Supervisory Board, whose roles are to ensure the bank’s compliance with Shariah in all of its day-to-day business activities. In addition, Al Baraka Bank is a member of the authoritative international Accounting and Auditing Organisation for Islamic Financial Institutions.
Against this background, the bank’s financial products are reviewed and audited on a regular basis, thus ensuring the ongoing maintenance of and adherence to absolute Shariah compliance.
The Al Baraka Banking Group has steadily increased its shareholding in its South African subsidiary, with the local business unit growing to become an integral part of the international group.
Drawing on such international pedigree, Al Baraka Bank has developed an enviable reputation as a highly professional, effective and efficient financial services provider; one with the capacity to operate at the very cutting-edge of Islamic banking in South Africa.
The bank continues to enjoy an exceptional growth trajectory and is today an important contributor towards the meeting and beating of some of this country’s most daunting socio-economic challenges; the result of its unwavering commitment to a range of Corporate Social Investment initiatives in three principal sectors, namely education, health, and welfare.
Contact Details
| Jordan Islamic Bank Mr. Musa Shihadeh Vice Chairman & CEO P.O. Box 926225, Amman 11190, Jordan Tel: +9626 567 7377 Fax: +9626 566 6326 www.jordanislamicbank.com | Banque Al Baraka D’Algerie S.P.A Mr. Mohammed Seddik Hafid Board Member & General Manager Hai Bouteldja Houidef, Villa No.1 Rocade Sud, Ben Aknoun, Algiers, Algeria Tel: +213 23 38 12 76 to 77 Fax: +213 23 38 12 73 www.albaraka-bank.com | ||
| Al Baraka Banking Group Indonesia (Representative Office) Ms. Nurul Bariah 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 www.albaraka.com | Al Baraka Bank Limited Mr. Shabir Chohan Board Member & CEO 2 Kingsmead Boulevard, Kingsmead Office Park, Stalwart Simelane Street P.O.Box 4395, Durban 4000, South Africa Tel: +2731 364 9000 Fax: +2731 364 9001 www.albaraka.co.za | ||
| Al Baraka Bank (Pakistan) Limited Mr. Shafqaat Ahmed Board Member & CEO Al Baraka House 162, Bangalore Town, Main Shahrah-e-Faisal, Karachi, Pakistan Tel: +92 21 34307000 Fax: +92 21 34530981 www.albaraka.com.pk | Al Baraka Bank Sudan Mr. Abdullah Khairy Hamid General Manager Al Baraka Tower, P.O. Box 3583, Khartoum, Sudan Tel: +249187 112 140 – +249187 112 143 Fax: +249183 788 585 https://www.albaraka.com.sd | ||
| Al Baraka Islamic Bank B.S.C (c) Mr. Mohamed Isa Mutaweh Board Member & CEO Group Headquarters – Bahrain Bay, P.O. Box 1882, Manama, Kingdom of Bahrain Tel: +973 17 535 300 Fax: +97317 533 993 www.albaraka.bh | Al Baraka Bank Syria s.a. Mr. Mohammed Halabi Chief Executive Officer AlShahabnder Street, P. O. Box 100, Damascus, Syria Tel: +96311 443 78 20 Fax: +96311 443 78 10 www.albaraka.com.sy | ||
| Al Baraka Turk Participation Bank Mr. Meliksah UtkuGeneral Manager Saray Mahallesi Dr. Adnan Buyukdeniz Caddesi No.6 34768 Umraniye, Istanbul, Turkey Tel: +90 216 666 01 01 Fax: +90 216 666 16 00 www.albaraka.com.tr | Al Baraka Bank Lebanon S.A.L. Mr. Mutasim Mahmassani Board Member & General Manager Justinian Street BAC Center, 12th floor Sanayeh, near Chamber of Com & Inds. Beirut, Lebanon Tel: +9611 748061 to 65 Fax: +9611 748061 to 65 Ext: 700 www.al-baraka.com | ||
| Al Baraka Bank Tunisia Mr. Fraj Zaag Board Member & General Manager 88, Avenue Hedi Chaker 1002 Tunis, Tunisia Tel: +216 71 186 500/ +216 71 186 585 Fax: +216 71 780 235/ +216 71 908 170 www.albarakabank.com.tn | Al Baraka Bank Egypt Mr. Ashraf Al Ghamrawi Vice Chairman & CEO 60, Mohie Elddin Abu Elezz Street P.O. Box 455 Dokki, Giza, Egypt Tel: +2023 748 1222 Fax: +2023 761 1436/7 www.albaraka-bank.com.eg |
| Al Baraka Banking Group Libya (Representative Office) Mr. Mohamed WlKhazmi Chief Representative Trepoli Tower, Tower1 14th Floor, Office No.144 P.O. Box 93271, Tripoli, Libya Tel: +218 (21) 336 2310 +218 (21) 336 2311 Fax: +218 (21) 336 2312 Email: [email protected] | Itqan Capital Mr. Abdulla Farid Shaker Managing Director & CEO Elite Al Shatea, Al Malik Road, P.O Box 8021 Jeddah 21482, Kingdom of Saudi Arabia Tel: +966 12 510 6030 Fax: +966 12 510 6033 www.itqancapital.com |