Al Baraka announces new plans for digital transformation

Al Baraka announces new plans for digital transformation
Al Baraka announces new plans for digital transformation

Manama-Al-Ghad- Al Baraka Banking Group (ABG), the leading Islamic banking group headquartered in the Kingdom of Bahrain, announced new plans for digital transformation that will move the group to advanced stages in its digital journey, which has already witnessed the group’s leadership in launching a number of strategic initiatives to enhance Its customer banking services through digital innovation.
This announcement comes after the successful conclusion of the digital banking meeting that was held at the group level and lasted for two days during the period from 4 to 5 November 2020 via video call. This meeting, which was attended by more than 80 business, marketing and IT professionals from Al Baraka banking units from 12 countries, was held on an annual basis to review progress made at the group level in digital transformation, an initiative that was launched two years ago in the first workshop for the digital transformation strategy that Held in Istanbul, Turkey.
This year’s meeting hosted an expert panel of speakers from a major international consulting firm who discussed and interacted with members of the group on various topics related to further improving customer digital setup and customer experience perspectives. Other important topics discussed included defining the group’s strategic priorities in relation to its efforts in digital transformation, taking advantage of the various opportunities that exist throughout the group through digital channels, as well as trends and the future of banking and financial technology.
On this occasion, Mr. Adnan Ahmed Yousif, CEO of Al Baraka Banking Group, said in an opening speech at the meeting: “This year has been very unique for everyone including us at Al Baraka. However, despite the challenges that emerged with the pandemic and lockdowns, we were able to continue serving our customers and operating normally. Thanks to the digital transformation journey that began two years ago, we built the appropriate digital capabilities that helped us maintain business continuity and ensure our ability to meet our customers’ needs without interruption throughout the Corona pandemic. ”
For his part, Senior Vice President, Head of Information Technology at Al Baraka Banking Group, Mr. Ahmed Al Balushi, said, “The current challenges have helped us accelerate the journey of digital transformation and the group’s focus on digitization projects and initiatives that aim to better serve and meet the group’s current and future requirements, not only. From the perspective of our clients, but also from an internal perspective that focuses on creating a work environment that also prioritizes the digitization of our operational and support office functions. ”
Al Baraka Banking Group has many achievements that it is proud of in the field of digital transformation. It has launched advanced mobile banking applications, open banking initiatives, and modernized the basic banking system in several of its subsidiaries. It was also a pioneer in launching the first digital Islamic bank in Germany “Insha”, which is widely appreciated, and is now working to provide a wide range of services to the German market, and witnessing an unrivaled demand from locals and expatriates who benefit from its digital Islamic banking services. Finally, the group, through its banking unit in Turkey, has established a number of FinTechs companies including “alneo”, which focuses on electronic payments.
The meeting was attended by Al Baraka units in Turkey, South Africa, Algeria, Egypt, Bahrain, Sudan, Pakistan, Lebanon, Morocco, Syria, Tunisia and Jordan.
Al Baraka Banking Group BSC. Licensed as an Islamic wholesale bank by the Central Bank of Bahrain, and listed on the Bahrain and Nasdaq stock exchanges. Al-Baraka is considered one of the pioneers of Islamic banking in the world, as it provides its distinctive banking services to about one billion people in the countries in which it operates.
The group has a wide geographical presence through subsidiary banking units and representative offices in 17 countries, providing services in about 700 branches. The group currently has a presence in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition to two branches in Iraq and a representative office in Indonesia and Libya.
Al Baraka banks provide its banking and financial products and services in accordance with the provisions and principles of the noble Islamic Sharia in the fields of retail banking, trade, and investment in addition to treasury services. The authorized capital of the group is $ 2.5 billion.
S&P Global Ratings has updated the long-term rating of Al Baraka Banking Group BSC. To ‘BB-‘ / ‘-BB’ with a ‘Stable’ outlook, emphasizing the bank’s short term ‘B’ / ‘B’ rating. The International Islamic Rating Agency has also awarded an international rating of BBB + (long-term) / A3 (short-term) and a local rating of A + (bh) / A2 (bh) with a Mudarib score of ’85 -81 ‘, the highest level among Islamic financial institutions in Region.

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