Al Baraka Bank Pakistan Explained

Al Baraka Bank (Pakistan) Limited
Type:Private
Key People:Muhammad Atif Hanif (CEO)
Industry:Islamic Banking
Parent:Al Baraka Banking Group
Locations:190 branches (2023)
Assets:$1.1 billion[1]

Al Baraka (Pakistan) Limited (ABPL) (Urdu: البراکہ بینک پاکستان) is a Pakistani Islamic bank headquartered in Karachi.[2] It is a subsidiary of the Al Baraka Banking Group, a Bahrain-based Islamic banking group.[3]

It came into being as a result of the first merger in the Islamic Banking sector of Pakistan.[4] 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.[5] The second merger took place in 2016 with Burj Bank Ltd.[6] 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.[7]

History

Al Baraka Islamic Bank was initially established in Pakistan in 1991 as Al Baraka Islamic Bank (AIB) Bahrain, and later incorporated as a public limited company in December 2004, receiving its Islamic banking license in 2007.[3] [8] [9]

In October 2010, Al Baraka Bank (Pakistan) merged with Emirates Global Islamic Bank (Pakistan), with the latter being rebranded as Al Baraka Bank (Pakistan) Limited.[3]

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).[10]

Awards and recognition

Notes and References

  1. News: Al Baraka to merge with Burj Bank. 3 January 2017. Reuters. Dawn. Sep 6, 2016. Bahrain-based Al Baraka Banking Group, one of the Gulf’s top Islamic banks, said its Pakistani unit would merge with Burj Bank to create an institution with assets totalling more than $1.1 billion..
  2. Web site: Al Baraka Seeks Expansion as Pakistan Embraces Islamic Banking . Kamran . Haider . May 13, 2024 . Bloomberg.
  3. Web site: Al Baraka: the little bank that stayed little. Meiryum. Ali. 30 January 2021. Profit by Pakistan Today.
  4. Web site: First-ever merger of Islamic banks in Pakistan. The Express Tribune. 17 September 2013.
  5. Web site: Al Baraka Bank rebranded after merger . Daily Times . 18 September 2013 . dead . https://web.archive.org/web/20131002113538/http://www.dailytimes.com.pk/default.asp?page=2010%5C11%5C02%5Cstory_2-11-2010_pg5_12 . 2 October 2013 .
  6. News: Al Baraka to merge with Burj Bank. 3 January 2017. Reuters. Express Tribune. September 6, 2016.
  7. Web site: Al Baraka Bank Pakistan Limited. Pakistan Banks' Association. 27 September 2013. 5 August 2020. https://web.archive.org/web/20200805093105/http://www.pakistanbanks.org/members/profiles/albaraka_profile.html. dead.
  8. News: Al-Baraka converted into local bank. Dawn. 16 September 2013.
  9. Web site: BMA Capital signs mandate with Al Baraka Islamic Bank . BMA Financial . 16 September 2013 . dead . https://web.archive.org/web/20140222142952/http://bmafs.com/newsdet.asp?nid=35 . 22 February 2014 .
  10. Web site: The Pakistan Credit Rating Agency Limited. 2020-09-25. pacra.com.pk.
  11. Web site: Al Baraka Is Named Best In The Region. Gulf Base. 22 September 2013.
  12. Web site: Al Baraka wins top honour at key awards. Gulf Daily News. 21 September 2013.

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