Al Baraka Bank Pakistan

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Al Baraka Bank (Pakistan) Limited
Company typePrivate
IndustryIslamic Banking
Founded1991; 33 years ago (1991)
Number of locations
over 190 Branches in 97 cities in Pakistan
Products
  • Retail banking
  • Corporate Banking
  • Investment banking
  • Consumer banking
Total assets$1.1 billion[1]
ParentAl Baraka Banking Group
WebsiteOfficial website

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

It came into being as a result of the first merger in the Islamic Banking sector of Pakistan.[3] 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.[4] The second merger took place in 2016 with Burj Bank Ltd.[5] 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.[6]

History[edit]

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.[2][7][8]

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.[2]

Credit Rating[edit]

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).[9]

Awards and recognition[edit]

  • Al Baraka was named the 'Best regional Bank' at the Annual Islamic Business and Finance Awards Ceremony, Dubai (26 December 2010)[10]
  • ABG won the Compliance and Corporate Governance Award at the Hawkamah Union of Arab Banks 2010 (1 November 2010)[11]

References[edit]

  1. ^ "Al Baraka to merge with Burj Bank". Dawn newspaper. Reuters. 6 September 2016. Retrieved 3 January 2017.
  2. ^ a b c Ali, Meiryum (30 January 2021). "Al Baraka: the little bank that stayed little". Profit by Pakistan Today.
  3. ^ "First-ever merger of Islamic banks in Pakistan". The Express Tribune. Retrieved 17 September 2013.
  4. ^ "Al Baraka Bank rebranded after merger". Daily Times. Archived from the original on 2 October 2013. Retrieved 18 September 2013.
  5. ^ "Al Baraka to merge with Burj Bank". Express Tribune. Reuters. 6 September 2016. Retrieved 3 January 2017.
  6. ^ "Al Baraka Bank Pakistan Limited". Pakistan Banks' Association. Archived from the original on 5 August 2020. Retrieved 27 September 2013.
  7. ^ "Al-Baraka converted into local bank". DAWN.com. Retrieved 16 September 2013.
  8. ^ "BMA Capital signs mandate with Al Baraka Islamic Bank". BMA Financial. Archived from the original on 22 February 2014. Retrieved 16 September 2013.
  9. ^ "The Pakistan Credit Rating Agency Limited" (PDF). pacra.com.pk. Retrieved 25 September 2020.
  10. ^ "Al Baraka Is Named Best In The Region". Gulf Base. Retrieved 22 September 2013.
  11. ^ "Al Baraka wins top honour at key awards". Gulf Daily News. Retrieved 21 September 2013.
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