Al Baraka Banking Group already has a network across 12 markets in the Middle East, Africa and Asia, but this pioneer of Islamic mass-market banking is accelerating its expansion at a difficult time.
In October, for example, the bank’s new Syrian subsidiary hopes to raise $35 million on the Damascus stock market and bring its total capital to $100 million. Bemo Saudi Fransi is arranging the issue. By early next year, the Syrian network will start operations, almost completing Al Baraka’s jigsaw in the eastern Mediterranean.
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Adnan Yousif at Al Baraka is bringing Islamic products to the unbanked Muslims |
Adnan Yousif, chief executive of the Bahrain-based institution, tells Euromoney he expects to start negotiations by the end of 2009 on an acquisition in Indonesia, where there are a couple of banks he is considering as targets. He says the bank is also thinking of introducing retail banking operations in China, India and France – countries whose large Muslim populations have little or no access to Islamic banking services.
Branch plans
By 2012, the group, which focuses on retail as well as small and medium-sized businesses and trade finance, plans to have about 450 branches, compared with about 300 at the beginning of this year and about 150 five years ago.
