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MANAMA: Al Baraka Banking Group (ABG) is set to initiate the process of converting the current licence of its parent company in Bahrain from a wholesale bank to a category one investment firm, subject to regulatory and shareholders’ approvals.
This is in line with its future strategy and business model and to benefit from the regulatory framework of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms, the group said in a statement.
The group will continue to be supervised by the CBB upon receiving the new licence.
The group’s banking subsidiaries, including Al Baraka Islamic Bank, Bahrain, will continue their banking activities and business as usual under the supervision of the central bank and their respective local banking regulators. ABG will continue to be listed on the Bahrain Bourse and Nasdaq Dubai.
ABG board of directors chairman Shaikh Abdullah Saleh Kamel said, “The new licence will enable ABG to streamline its parent company’s operations and extract higher returns from its resources. ABG will also be playing a more active role in the financial markets and contributing to Bahrain’s reputation as a leading global financial hub.
Shaikh Abdullah
“Following the fulfilment of all regulatory requirements and securing CBB approval, ABG will convene an extraordinary general meeting to seek shareholders’ approval for the licence conversion”.
President and chief executive Adnan Ahmed Yousif said, “This move is part of our continuous effort to create value for our shareholders and the different stakeholders we are dealing with.
Mr Yousif
“We have sought the guidance and approval of CBB to proceed with the proposed licence change and we would be moving forward by requesting to transition from the licence of a wholesale bank into a category one investment firm under the supervision of the CBB. We believe that this will significantly improve our efficiency and have a positive impact on our bottom line.”
ABG has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition to two branches in Iraq and representative offices in Indonesia and Libya.
The Group and its units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Sharia. ABG’s authorised capital is $ 2.5 billion.
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