Latest news with #HoussemBenHajAmor
Daily Tribune
23-06-2025
- Business
- Daily Tribune
From Bahrain to Africa: Inside Al Baraka's Digital Silk Road
TDT | Manama Bilateral Trade Sessions Expand Reach • New cross-border link formed • MENA-Africa firms connect • Platform boosts SME trade A new trade corridor is taking shape between Africa and the Middle East — digitally powered, Sharia-compliant, and anchored in Bahrain. Al Baraka Group, one of the region's most widespread Islamic banking networks, has launched a platform-driven push to unify its banking units across continents under a common trade finance system. The initiative, described by industry experts as a 'Digital Silk Road', gained momentum recently with two major bilateral sessions hosted by Al Baraka. The first connected exporters and importers in Turkey and Algeria, while the second linked businesses in Egypt and South Africa — signalling the group's intent to bridge Africa and MENA markets through seamless financing. Bridging Regions By pairing clients from its 12 operational markets, Al Baraka's trade programme is not just facilitating business, it is redrawing the commercial landscape. Since the programme's launch, executives have reviewed performance, discussed faster operational workflows, and mapped out new tech upgrades between Islamic economies. Senior trade experts, executive teams, and business owners came together during these sessions to explore new partnerships and routes for expansion. Simultaneously, the group held its second annual Trade Finance Units Meeting in Tunisia, marking the first full year of coordinated efforts. Powering Through Platforms A centrepiece of the initiative is Al Baraka's unified Trade Finance Platform, which has undergone major enhancements to allow for: Faster transaction execution Simplified client onboarding Multi-country coordination The result is a digital-first, bank-integrated solution designed to serve businesses across diverse markets without the friction of conventional banking silos. 'These collective efforts reflect Al Baraka Group's vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets,' said Group CEO Houssem Ben Haj Amor. He noted that the group's strength lies in offering 'diversified and flexible financing solutions' to support business competitiveness. 'We offer advanced solutions and an integrated support network that aligns with our clients' ambitions for expansion and growth in new markets,' added Mr Ben Haj Amor. Path to Expansion From Istanbul to Cape Town, Al Baraka's model centres on trade enablement, particularly for small and medium-sized enterprises (SMEs) seeking to break into regional supply chains. The group's latest sessions have been widely welcomed by clients seeking reliable trade partners and faster access to finance. As digital Islamic trade finance accelerates across the Global South, Al Baraka's platform positions Bahrain as a node of influence — linking continents, capital, and clients on a new, ethical trade path.
Biz Bahrain
23-06-2025
- Business
- Biz Bahrain
Al Baraka Group: Empowering customers through trade finance platform and diversified network
As part of its ongoing commitment to empowering its customers and supporting their expansion into global markets, Al Baraka Group has continued its efforts to support commercial businesses through a series of strategic initiatives that reflect the strength and diversity of its extensive network and broad geographic footprint. Recently, the Group successfully organized two events under its Joint Trade Finance Collaboration Program among its banking units. The first session brought together exporters and importers from its units in Turkey and Algeria, while the second gathered counterparts from Egypt and South Africa. Senior leaders and trade experts from both sides participated in these bilateral sessions, offering a platform to discuss mutual opportunities and explore new areas of trade collaboration. These sessions enabled Al Baraka's clients across these markets to access new partners and diversified trade opportunities, supporting their business expansion and enhancing cross-border trade activities. In parallel, the Group held its second annual Trade Finance Units Meeting in Tunisia last May, with the participation of unit heads and executive management representatives from across its various units. This important gathering served as a key milestone to review the Group's strong performance achieved in 2024, the first full year of activating the Group's Joint Trade Finance Collaboration Program. The meeting agenda focused on several key topics, all aimed at maximizing customer value and enhancing operational integration across the Group, and elevating services that deliver direct added value to clients. These included: A review of joint transactions successfully executed during the year. Discussing opportunities to enhance operational processes to boost efficiency and speed of trade transactions execution. Presenting the latest updates on the Group's unified Trade Finance Platform's technical enhancements, offering seamless and flexible connectivity across units. Exploring ways to further elevate the client experience and provide fast, diversified financing solutions. On this occasion, Mr. Houssem Ben Haj Amor, Group Chief Executive Officer of Al Baraka Group, commented: 'These collective efforts reflect Al Baraka Group's vision of transforming its diverse network into an integrated platform that enables clients to seamlessly access multiple markets, benefit from diversified and flexible financing solutions, and leverage the Group's shared expertise and unified services to drive competitiveness and business growth.' 'Al Baraka Group remains fully committed to serving as a key enabler for businesses, exporters, and importers across its markets, offering advanced solutions and an integrated support network that aligns with our clients' ambitions for expansion and growth in new markets.'
Daily Tribune
02-06-2025
- Business
- Daily Tribune
Al Baraka posts strong quarterly turnaround
TDT | Manama Al Baraka Group has reported a strong financial turnaround in the first quarter of 2025, reversing last year's losses and delivering a 19% rise in net income attributable to shareholders. The Group registered USD 34 million in total comprehensive income during the quarter, a sharp contrast to a USD 60 million loss in the same period of 2024. Earnings rebound The Group's net income attributable to the parent company's shareholders rose to USD 46 million in Q1 2025, up from USD 39 million last year. Total net income also saw a 19% increase, reaching USD 91 million. Executives credited the gains to rising financing volumes, expanded activity in key markets including Turkey, Jordan, and Egypt, and lower foreign currency translation losses. Basic earnings per share improved to 3.84 US cents, compared to 3.23 US cents in Q1 2024. Strengthening capital Al Baraka's total equity attributable to shareholders and sukuk holders rose 2% to reach USD 1.28 billion, while total equity grew to USD 2.03 billion by the end of March. The Group also recorded a 4% increase in total assets, which stood at USD 27.24 billion, driven by stronger customer deposits and business growth in core markets. Chairman Sheikh Abdullah Saleh Kamel said the Group's performance was anchored in its commitment to strategic expansion, disciplined risk oversight, and continued support for the communities it serves. Innovation focus Group CEO Houssem Ben Haj Amor highlighted the Group's resilience in the face of global uncertainty, citing its focus on long-term financial sustainability, investment returns, and digital banking innovations. Recent initiatives such as the 'Trade Finance Platform' and 'Borderless Banking' are part of the Group's drive to enhance competitiveness across its international network. With operations in 13 countries and over 600 branches, Al Baraka continues to position itself as a key Islamic financial player committed to growth and innovation in a changing global environment.
Biz Bahrain
02-06-2025
- Business
- Biz Bahrain
Al Baraka Group continues outstanding performance in Q1 2025
Al Baraka Group B.S.C. (c) ('the Group') continued to achieve strong financial results, recording significant growth in profitability and operational metrics during the first quarter of 2025. The net income attributable to the parent company's shareholders rose by 19% to reach USD 46 million, compared to USD 39 million in Q1 2024. Basic earnings per share stood at 3.84 US cents in Q1 2025, up from 3.23 US cents in the same quarter of 2024. This substantial improvement is attributed mainly to the growth in financing volumes and business expansion in key markets such as Turkey, Jordan, and Egypt, which positively impacted the Group's operating income. The Group also announced a notable increase in total comprehensive income attributable to Al Baraka shareholders, registering profits of USD 34 million by the end of Q1 2025, compared to a loss of USD 60 million during the same period last year. This improvement was primarily due to a reduction in the foreign currency translation reserve. Additionally, the Group recorded a significant 19% upsurge in total net income, which reached USD 91 million in Q1 2025, up from USD 77 million in the same period of 2024. This was mainly driven by increased profits from financing and investments in the Group's key banking subsidiaries ('Units'), along with a reduction in provisions despite the continued rise in funding costs. The transfer of 2024's net income to retained earnings, combined with the recorded net income for Q1 2025, led to a 2% rise in total equity attributable to the parent company's shareholders and sukuk holders, reaching USD 1.28 billion by the end of March 2025, compared to USD 1.24 billion as of the end of December 2024. Total equity reached USD 2.03 billion at the end of March 2025, up from USD 2.00 billion in December 2024, marking a 1% increase for the same reasons. Driven by business growth and an expanding customer base, the Group saw an increase in both financing and deposits, particularly in its main markets. As a result, total assets grew to USD 27.24 billion by the end of March 2025, compared to USD 26.19 billion at the end of 2024, reflecting a 4% growth. Commenting on these results, Sheikh Abdullah Saleh Kamel, Chairman of the Board, said: 'In the first quarter of 2025 Al Baraka Group successfully built upon the strong financial performance achieved last year. The Group continued to strengthen its presence and expand its market share in the key countries where it operates, remaining vigilant against adverse global economic and financial conditions while steadily advancing business growth, financing, and deposits. This has significantly boosted income and net profits. We shall continue leveraging our strong financial resources and broad network to enhance our business and customer base and maximize investment returns, while remaining committed to serving the communities where we operate.' Mr. Houssem Ben Haj Amor, Board Member and Group CEO, added: 'Despite the volatile investment climate and uncertainty stemming from regional and global geopolitical and economic developments, the Group and its Units have acquired deep experience in adapting to such conditions. Meanwhile, the Group continues to focus on its core objectives of strengthening financial resilience and increasing returns from financing and investment portfolios through building market confidence in our products and services, and leveraging our banking competencies that continuously work on innovative solutions, which boost our competitiveness. Such innovations include the 'Trade Finance Platform' and the 'Borderless Banking' initiatives, which we launched last year. We also continue to maintain comprehensive oversight of risks, compliance, and governance controls.'
Daily Tribune
27-05-2025
- Business
- Daily Tribune
Al Baraka to power Islamic Economy Summit
TDT | Manama Bahrain-based Al Baraka Group has been confirmed as a global partner of the 2nd Global Islamic Economy Summit, a major international forum on Sharia-compliant finance set to take place in Istanbul later this week. The event, which will run from May 30th to June 1st at the Istanbul Financial Center, brings together policymakers, banking leaders and economists under the theme 'Islamic Economics Strategies: Path to an Influential Global Economy'. The summit is expected to be inaugurated by the President of Türkiye, His Excellency Recep Tayyip Erdogan. Focus on ESG As part of its involvement, Al Baraka will support the launch of the new AlBaraka Islamic ESG Index, developed in collaboration with Spectreco. The index aims to integrate ethical finance standards with Islamic economic principles. Sessions during the summit will also include panel discussions on sustainable growth, Islamic entrepreneurship, central bank strategy, and social impact investing, reflecting a broad agenda aligned with the UN's sustainable development goals. Continuing a legacy Houssem Ben Haj Amor, Board Member and Group CEO of Al Baraka Group, said the bank's role in the summit reflects its longstanding commitment to shaping the future of Islamic finance. 'This sponsorship reinforces our mission to advance Sharia-compliant economic foundations across borders,' he said. Al Baraka Group operates through more than 600 branches in 13 countries, offering Islamic financial services to a population of nearly one billion.
