Al Baraka Bank was established in South Africa in 1989, in order to provide the communities, companies and individuals of this country, with the opportunity of Banking with the guiding principles of Shari'ah. With our Head Office based in Durban, Kwa-Zulu Natal, our financial institution enjoys a national business footprint, including six retail branches, three corporate banking offices and a regional office. As a commercial and fully-fledged Islamic bank and using our diverse presence country-wide, we are ideally positioned to offer clients a comprehensive bouquet of financial products and services.
Al Baraka Group, through its shareholding in the South African subsidiary, has ensured that the local business unit has grown to become an integral part of the international group. In line with this, the bank has developed and honed an enviable standing in South Africa’s financial sector as a financial services provider of high repute; one which demonstrates the professionalism, effectiveness and efficiency necessary to function at the leading-edge of Islamic banking in this country.
The bank continues to enjoy growth, within the context of the ongoing COVID-19 pandemic, and plays a crucial role in contributing towards addressing and overcoming some of this country’s most pressing socio-economic challenges; the result of its ongoing dedication to a series of identified corporate social investment initiatives; initiatives which are afforded still greater emphasis through the alignment of our corporate strategy and social investment responsibilities with the United Nations 2030 Agenda for Sustainable Development.
The most responsible approach to making a telling and sustainable social impact was seen to lie in linking our efforts with Al Baraka Group’s existing alignment with the laudable United Nations Development Programme initiative. In so doing, the bank has identified seven of the 17 Sustainable Development Goals through which to make a real impact in South Africa.
Al Baraka Bank in South Africa is a fully integrated subsidiary of Al Baraka Group, a Bahrain- based financial institution and a world leader in Islamic banking. Al Baraka Group B.S.C ("ABG" / the “Group”) is licensed as an Investment Business Firm – Category 1 (Islamic Principles,) by the Central Bank of Bahrain and is listed on Bahrain Bourse. ABG offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shariah.
The Al Baraka Group B.S.C is a leading international Islamic financial group and provides its unique services in countries with a collective population totalling some 1 billion. The group has a wide geographical presence in the form of subsidiary banking units and representative offices in 14 countries which, in turn, provide their services through more than 600 branches. ABG has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Lebanon, Syria, Pakistan and Germany. In addition, there are two branches in Iraq and a representative office in Libya. ABG and its units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Shariah.
Al Baraka Bank remains deeply committed to serving the financial needs of communities across South Africa, through an ethical customer-centric approach, tailored for the digital age. We remain aligned to the mission, vision and values of the Al Baraka Group, as set out below.
To be a global leader in innovative participation finance, offering an agile ethical financial system built for the digital age
To fulfill the financial needs of communities across the globe by conducting business through an ethical customer-centric approach tailored for the digital age, based on our core beliefs and aimed at sharing the mutual rewards with our partners in business success: our customers, our employees, our shareholders, and our communities at large
Our shared beliefs create strong bonds that form the basis of long-term relationships with customers and staff.
We are fleet-footed to adapt to the Digital Age to meet the fast changing customer behavior and needs in a dynamic and challenging environment.
We recognize that an ‘INNOVATION FIRST’ culture is necessary to be able to serve our customers on a ‘here and now’ basis in a fast changing world
Our customers can experience peace of mind and rest assured that their financial interests are being managed by us to the highest ethical standards of participation finance.
By banking with our banking subsidiaries, our customers make a positive contribution to a better society - their growth and ours will sustain the greater good of society.
Al Baraka Bank in South Africa is a fully integrated subsidiary of Al Baraka Group, a Bahrain-based financial institution and a world leader in Islamic banking.
Islamic Banking caters to the increasing demand for alternatives to conventional banking methods and financial practices. The elementary concepts of Islamic Banking are: Risk-sharing, Transparency, Integrity and Social Responsibility. The essential distinction between Islamic and conventional banking, is in the association a bank has with its client, and the commitments that regulate that association. The Islamic Bank is a trader, an investor, a leaser, and a service provider to its client.
Al Baraka Bank’s board of directors comprises international and local business people, all with the requisite business skills, coupled with exceptional collective knowledge of and expertise and experience in Islamic banking. The bank also has in place both an internal Shariah Department and an independent Shariah Supervisory Board. These bodies play a vital role in ensuring the bank’s full compliance with Shariah in its every-day business activities. In addition, Al Baraka Bank is a member of the authoritative and respected international Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The bank’s financial products are accordingly reviewed and audited on a regular basis, giving effect to the ongoing maintenance of and adherence to Shariah.
At Al Baraka Bank, we endeavour to provide our clients with contemporary products and services, without compromising on the values that the Shariah outlines. The offerings are for any individual or company who seek a different method of managing their finances.
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