Al Baraka Group B.S.C. (“ABG” or “Group”) today announced the completion of exiting from its subsidiary, Bank Al-Tamweel wal Al-Inma S.A (the “Bank”) in Morocco, currently named Bank Al Karam.
In December 2022, ABG agreed to sell its 43.65% stake in BTI to Bank of Africa, the Group’s local partner and the Bank’s majority shareholder at the time.
The exit received the required approvals from the Central Bank of Bahrain (CBB) and Bank Al-Maghrib.
Commenting, Mr. Houssem Ben Haj Amor, Group Chief Executive of ABG, stated, “We have refined our strategy to ensure that resources are efficiently allocated and yielding higher returns. We will continue to refocus on core business segments that further strengthen the Group's performance.”
ABG continues to operate across three continents through its subsidiary banking. This includes banking operations in Turkey, Algeria, Jordan, Egypt, Tunis, Bahrain, Sudan, South Africa, Pakistan, Lebanon and Germany, in addition to two branches in Iraq and a representative office in Libya.
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About Al Baraka Group
Al Baraka Group B.S.C is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain and is listed on Bahrain Bourse, with its headquarters in the Kingdom of Bahrain.
ABG is a leading international Islamic financial group with presence in 14 countries. It provides through its banking subsidiaries and associates services in retail, corporate, treasury and investment banking, strictly in accordance with the principles of Islamic Shari'a through more than 650 branches. The authorized capital of ABG is US$2.5 billion.
Contact details:
Nadera Abuali
Vice President - Corporate Communications & Branding
Email: nabuali@albaraka.com
