Al Baraka Bank provides $500 mln to fund trade in Egypt

Bahraini Islamic lender Al Baraka Group has pumped $500 million in loan facilities into the Egyptian market designated to finance foreign trade, an official said Sunday.

“The facilities provided were distributed as $400 million for banks operating in Egypt and $100 million for Al Baraka Bank Egypt.” Al Baraka Group’s chief executive Adnan Yousif told Amwal Al Ghad.

“The group has been always supporting the Egyptian market in terms of injecting new facilities or boosting our geographical presence in the country.” Yousif said.

Al Baraka Bank Egypt aims to boost its network of branches to reach 50 in 2020 and build a new headquarters at the country’s anticipated administrative capital on a space of 12,000 metres, the banking official said.

Al Baraka Islamic Bank was incorporated in Bahrain in February 1984 and operates as a retail Islamic bank. It obtained a commercial banking license in Pakistan in 1991. The bank operates 8 branches in Bahrain.

Al Baraka Banking Group is a Bahraini banking corporation based in Manama, Bahrain. It was formed in 2002 in Manama, Bahrain. The company is listed on the Bahrain Stock Exchange and NASDAQ Dubai, the group offers retail, corporate and investment banking and treasury services in accordance with the principles of the Shari’a in 15 countries.

It is the third-largest banking group in Bahrain with a total assets of $17.2 bn in 2012