The Banking Executive Magazine - October Issue

Al Baraka Al Baraka ENHANCES OPERATIONS IN EGYPT, TURKEY VIA NEW PLATFORM Bahrain-based Islamic financial and investment solutions provider Al Baraka Group expanded its trade fi- nance platform to cover customers of its two banking units; Al Baraka Bank-Egypt and Al Baraka Bank Turkey. The platform will allow local im- porters and exporter to connect with international trade partners, accord- ing to a recent press release. This expansion seeks to leverage the group’s wide network in Asia, Africa and Europe to boost the efficiency and competitiveness of trade finance services provided to the clients. The group’s new initiative will drive rapid growth in trade relations be- tween the two countries, with trade volume exceeding $3 billion during the first half (H1) of 2024. Al Baraka Group plans to expand this initiative to its units in Bahrain, Algeria, Jor- dan, and Tunisia. This strategic move is expected to re- inforce business ties and contribute to the rise of foreign exchange flows in the banking systems of both Egypt and Turkey. Houssem ben Haj Amor, Group CEO of Al Baraka, said: “The platform is designed to facilitate the link be- tween our international trade clients, opening for them new business op- portunities and enhancing their mar- ket reach.” In the six-month period that ended on 30 June 2024, Al Baraka Bank- Egypt posted year-on-year (YoY) con- solidated net profits after tax at EGP 1.33 billion, compared to EGP 777.84 million. ISSUE 189 OCTOBER 2024 the BANKING EXECUTIVE 29