MEMBER BANKS
Al Baraka Bank
Introducing Banking Association Member
Al Baraka Bank
Q&A
Name and history: Al Baraka Bank Limited was registered in
June 1989. The bank was established to provide communities with an
alternative to conventional interest-based banking.
Owner: Al Baraka Bank is jointly owned by both local and
international investors. Primary shareholders as at 31 December
2011 included the Bahrain-based Al Baraka Banking Group BSC
(61.98%), DCD Holdings (SA) (Pty) Ltd (8.61%), DCD London and
Mutual plc (4%), Johannesburg-based Timewest Investments (Pty)
Ltd (7.67%) and Sedfin (Pty) Ltd (3.33%). The balance of the bank’s
shareholding comprised foreign and local shareholders.
Core business: Providing investments, financing products and
services that operate in accordance with Islamic Law (Shariah).
Target market: Although the products and services offered by the
bank are in accordance with the Shariah, these products are available
to all population groups and denominations.
Core values or differentiators: Products and services operate
in accordance with Islamic Law – Al Baraka Bank does not indulge
in conventional interest-based banking. Islamic Banking is based on
profit sharing with an underlying asset.
International links: Al Baraka Bank South Africa is a subsidiary
of the Bahrain-based Al Baraka Banking Group (ABG). ABG has an
international presence through its 13 subsidiaries, with more than
400 branches globally.
CEO and chairperson
The chairperson of Al Baraka Bank Limited is Mr Adnan Ahmed
Yousif (Bahraini)
Chief Executive: Mr Shabir Chohan
CSI: Al Baraka Bank is very active in its Corporate Social
Responsibility initiatives. The bank contributes towards or
sponsors four primary sectors: education, health, poverty
alleviation and safety and security. In the year 2010 more than
R11 million was spent. This contribution was made to 368
institutions (such as schools and hospitals), poverty alleviation
projects and empowerment programs. In 2011, more than
R6 million was channelled via 105 organisations. ■
Any newsworthy changes in the bank’s structure or business in
the near future?
Due to the growth of Islamic banking the bank, via its parent group,
intends to expand its footprint into other parts of Africa.
Is there a key product or initiative you wish to highlight?
The Al Baraka Visa Debit Card – an electronic banking product that
provides clients with immense savings on their transactional charges.
This is also extended to both business and corporate clients.
CONTACT DETAILS
www.albaraka.co.za
Tel: 031 364 9000
Customer Services: 0860 225 786
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