A well-known bank came up with a vision of superior services, banking according to Islamic principles, escalating networks and pioneering products to its consumers which is internationally known as Al Baraka Bank (Pakistan) Limited and its dedication is towards the Banking Industry in Pakistan. Al Baraka Islamic Bank Pakistan (AIBP) which is the branch commenced by Al Baraka Islamic Bank (AIB) and Emirate Global Islamic Bank Pakistan both amalgamated to produce a new bank called Al Baraka Bank (Pakistan) Limited (ABPL), later on the merged unit commenced its services on 1st November 2010. The merger’s first mission was to conquer Islamic Banking system in Pakistan with almost 1400 employees and recorded revenue of about Rs 67 billion. The bank has introduced more than 94 branches in almost 42 major cities of the country.
Al Baraka aim’s to provide best quality Shariah complaint products to its consumers and to handle all the up coming challenges. The bank has made some noteworthy improvements in the field of customer services, Islamic development to provide best Shariah products and in finance. As they offer an extensive series of Islamic products such as Ijarah, Islamic Export Refinance, Murabaha and Musharakah; and to facilitate its consumers economically the bank has introduced Corporate, Consumer and SME sectors.
The consumers have multiple options to invest their funds by availing different Shariah complaint deposit schemes and with other auxiliary services which includes ATM/debit card, Safe deposit lockers, online branch banking, SMS banking and utility bill payments. The bank has been rated long-term as A and short term as A1 by PARCA the Credit Rating Company of Pakistan, these ratings symbolizes an inferior anticipation of credit risk emanating from a tough ability for timely payments of financial commitments.
Al Baraka Banking Group is Bahrain Joint stock company which is listed on NASDAQ Dubai and Bahrain Stock Exchanges; it is also the ancillary of ABPL. More over the bank offers the treasury services according to the ideology of Islamic Shariah and is known to be the foremost International Islamic Bank. US$ 18.4 billion is the authorized capital of ABG with an estimated asset base of US$ 18.4 billion and has almost 15 units in almost 15 countries and has 450 network branches. The bank has made valuable achievements to attain its ambition and to be recognized internationally. Their foremost commitment is to satisfy their clients in all aspects of banking.