Albaraka Bank Limited
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.
OUR CONTACT
Al Baraka House
162 Bangalore Town
Main Shahrah-e-Faisal
Karachi, 74000
Pakistan
Phone: 92 21 3431 5851
Fax: 92 21 3454 6465