Al Baraka Bank Pakistan Ltd.

Company Description

Al Baraka Bank (Pakistan) Limited (ABPL) is the result of a merger between Al Baraka Islamic Bank Pakistan (AIBP), the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, and Emirates Global Islamic Bank (Pakistan). The merged entity commenced operations on October 30th, 2010.With assets in excess of Rs. 225 Billion a workforce of over 2300 professionals and a network of over 170 branches in 84 cities and towns across Pakistan, Al Baraka Bank (Pakistan) Limited is devoted in providing customers with a range of Shariah compliant products catering to a diverse cross-section of the economy including the Corporate, SME and Consumer sectors to suit their banking needs.Moreover, various Shariah compliant deposit schemes are also available for customers to invest their funds in, along with a host of Card Based and Digital Banking solutions. The VIS credit rating company has assigned long-term and short-term rating entity A+ and A1 respectively. These ratings denote a lower expectation of credit risk emanating from a strong capacity for timely payments of financial commitments.ABPL is a subsidiary of Al Baraka Group B.S.C ("ABG" / the "Group"), licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain and is listed on Bahrain Bourse. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 14 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a.The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Syria, and Germany, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.