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Al Baraka's story - when it all began...

The Birth of ABPL - 1991 - Al Baraka Bank (Pakistan) Limited (ABPL) is a solely owned subsidiary of Al Baraka Islamic Bank (AIB), Bahrain. AIB was incorporated in Bahrain in February 1984 and operates as a retail Islamic bank. It obtained a commercial banking license in Pakistan in 1991. Starting with 1 Branch; ABPL progressed to 29 branches by October 2010.

As first movers in the Islamic Banking sector in Pakistan, Al Baraka Islamic Bank Pakistan (AIBP), branch operations of Al Baraka Islamic Bank (AIB) Bahrain and Emirates Global Islamic Bank (Pakistan) merged their operations on October 30th 2010 positioning ABPL to play an important role in further growing an industry which had witnessed tremendous growth over the last couple of years. Adopting 60 branches of Emirates Global, ABPL's network then increased to 89 branches.

Between 2010 and 2016 ABPL added 61 branches taking the branch network to 150. This growth was further enhanced in November, 2016 when Burj Bank Limited's operations were merged into ABPL; making the Bank one of the leaders in the Islamic Banking sphere of the country and taking the branch network to 224 branches.

Al Baraka Banking Group (ABG): With presence in 16 countries across 3 continents, ABG has assets of about USD 25.0 Billion, market capitalization of around USD 507 Billion, and a workforce of more than 12,700 employees. ABG is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency and Dagong Global Credit Rating Company Limited, and by Standard and Poor's at BB+ (long term) / B (short term).

Where Al Baraka Pakistan stands today....

Today with a vast network of over 200 branches across Pakistan, ABPL has assets in excess of Rs. 118 billion and a work family of over 2500 members. As an effective and efficient market player, ABPL believes in providing customers a wide range of Shariah compliant products focusing on superior customer service, development of Islamic alternatives to conventional financing facilities, and strict adherence to Shariah rulings and principles.

Our wide array of Islamic Banking products includes Murabaha, Ijarah, Musharakah, Islamic Export Refinance etc which cater to Corporates, SME's and the Consumer Banking sector. Also, our ancillary service menu includes Online branch banking, Al Baraka Union Pay Debit Card, Al Baraka Debit Mastercard, Interbank Fund Transfers through ATM or Internet Banking, SMS banking, E-Statements, Mobile banking, safe deposit lockers, utility bill payments and a 24/7 phone banking center. The Credit Rating of ABPL by JCR-VIS is 'A+'(Single A plus) for Long Term and "A-1" (A One) for Short Term with Stable outlook. Pakistan Credit Rating Agency Limited (PACRA) has maintained the Bank's long-term rating at "A" and short term rating at 'A1' and has upgraded the outlook to positive.

Our Vision, Mission and Brand Positioning: At ABPL our vision is that society needs a fair and equitable financial system which rewards effort and contributes to the development of the community. Therefore our mission is to meet the financial needs of communities across the world by conducting business ethically in accordance with the Shariah, practicing the highest professional standards and sharing the mutual benefits with the customers, staff and shareholders who participate in our business success. ABPL's core values below reflect our business philosophies:

* Partnership - Our shared beliefs create strong bonds that form the basis of long term relationships with customers and staff.

* Driven - We have the energy and perseverance it will take to make an impact in our customer's lives and for the greater good of the society.

* Neighborly - We value and respect the communities we serve. Our doors are always open; our customers always experience a warm-hearted, hospitable welcome and accommodating service.

Peace of Mind - Our customers are rest assured that their financial interests are being managed by us to the highest ethical standards.
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Publication:Pakistan & Gulf Economist
Geographic Code:9PAKI
Date:Jun 3, 2018
Words:718
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