Al Baraka achieves Pakistan targets

January 15th, 2008 Sana · 1 Comment

MANAMA: Bahrain-based Al Baraka Islamic has posted a strong performance from its Pakistan operations.

The bank saw total assets increased by 15.1 per cent to $357 million and net profits up 90pc to $5.3m.

The bank said that it had achieved all the targets set for Pakistan last year.

The financing operations of the bank witnessed an increase in the number and diversity of its consumer finance products, leading to an increase in financing to $207m at the end of the year.

The bank concentrated primarily on financing foreign trade with an increase in the volume of the business financed which amounted to $462m during the year.

In line with this growth, the bank was able to attract increased client deposits, up 23pc to $280m.

Al Baraka Banking Group chief executive Adan Ahmed Yousif said the excellent performance of the bank’s operation in Pakistan is a clear proof of the success of the group’s programmes in ensuring that its banking units, especially in key and promising markets like Pakistan, have all the financial, technical and human resources capabilities that enable them exploit available opportunities in the best possible manner.

“The results were the product of the close co-operation and co-ordination between the bank’s management in Pakistan and the head office in Bahrain on one part and Al Baraka Bank, Bahrain and the parent company Al Baraka Banking Group on the other hand,” said Al Baraka Islamic Bank general manager Mohamed Isa Mutaweh.

He added that the results were the fruit of the hard work of the bank’s management in Pakistan and its success in implementing the strategies of the group.

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Tags: Al Baraka Islamic, Bahrain, Bank

Filed Under: Business

1 response so far ↓

1 allahwadhaiodino // Jan 16, 2008 at 4:46 pm

The reason given for flourishing busines of Bank Al Baraka in Pakistan is superfluous. The real reason is that all the banks foreign or local are looting Pakistanies. They only give interest of max.2-3% to depositors but charge 18-20% or 24% from loan seekers. Such state of affairs is going on in connivance with the State Bank. No body is listening to the poor people. Every bank is plundering billions of Rupees from the public.To whom we should put up the petition of mercy, not known to any one.