The Bank has started to practice its businesses and different activities pursuant to the provisions of the tolerant Islamic Shariá since more than twenty years. Al Baraka Bank Egypt was able as a pioneer Islamic institution within several years by the grace of Allah Almighty to impose itself strongly in the banking markets arena in Egypt in view of the advanced and numerous services and products that it provides and its issuance of saving and investment pools that suits all categories and brackets of the community with regards to the term and the periodic payment of the return, which all conform to the provisions of the tolerant Islamic Shariá (deposits, certificates and sukuk). In this concern, it is worth mentioning that the Bank launches numerous new and unprecedented retail financing programs in the Egyptian market that satisfy the requirements of the different brackets of the community, which all conform to the provisions of the tolerant Islamic Shariá; among which are financing private and foreign education, clubs, surgeries and tours in addition to financing cars and real estate finance. It is worth mentioning that all operations of the Bank and its transactions are audited by an independent Shariá supervisory Board. The Bank provides direct financing to companies and institutions that enjoy high credit worthiness, and participates in the syndicated loans of economically feasible large projects that provide large employment opportunities. In continuation to the pioneering role of the Bank as an Islamic banking institution that represents the investment arm in Egypt of Al Baraka Banking Group (the major investor in the Bank), the Bank contributes to the finance of small and medium enterprises which directly contributes to consolidating the national economy. Within this framework, our Bank concluded a contract with the Social Fund for Development to finance new and existing small enterprises by the Islamic partnership system (Mushraka) from the finance granted for the foregoing by the World Bank.
On the other hand, the Bank did not ignore its strong commitment to its social responsibilities, where it has carried out several activities in this field through the Fund of Zakat and Charity Donation, among which was establishing three new medical units to provide free medical services to the poor and the needy in addition to the contribution of our Bank to “Hospital 57357 “, as well as developing slums.
The number of the Bank’s branches currently amounts to 27 branches distributed over the largest and major Egyptian governorates and cities, in addition to the foreign currency exchange offices. There are another 5 branches that are in the construction and fitting process in Zamalek, New Cairo, Hadayek El Kobba, Haram and Heliopolis within the framework of our Bank’s ambitious policy in connection with propagation and geographic expansion.
Al Baraka Bank Egypt is considered one of the tributaries of Al Baraka Banking Group (ABG) which takes Bahrain as its headquarters. The Group is considered among the pioneers in the Islamic banking business at the level of the world. It provides its distinct banking services to approximately one billion persons in the countries in which it operates. The authorized capital of the Group amounts to US$ 1.5 billion, and the total Shareholders’ equity amounts to approximately US$ 2 billion. The Group has a wide and geographic propagation that is represented in subsidiary banking units and representative offices in three continents in fifteen states that run more than 500 branches.