May 20 -June 02, 2002
AlBaraka Islamic Bank BSC (EC) is a Scheduled
Commercial Bank operating in Pakistan since 1991 as a foreign bank,
incorporated in Bahrain. The Bank is committed to develop and promote an
integrated Islamic Financial system. Compliance with the rules and
principles of Islamic Shari'ah is at the core of the banking and
financial activities of the Bank. The Arabic word "Al Baraka"
in the Bank's name literally means "Barkat" or "Khair"
in Urdu and it signifies our belief in the fact that the source of real
"Baraka" in finance and economy is the abiding principles of
Islamic Shari'ah. Thus, the Bank's motto is "Shari'ah is our
Source".
The Head Office of the Bank is in Bahrain, where it
was incorporated as a Bahraini Shareholding Company on 16th of Ramadan
1404 A.H. The authorized capital of the Bank is US$ 200 million and paid
up capital is US$ 50 million.
AlBaraka Islamic Bank is a member of the well known
Dallah Albaraka Group of Saudi Arabia, which comprises a diverse range
of business ventures in the fields of banking, finance, leasing,
insurance, information media, trade and services, spread over many
countries.
PAKISTAN
OPERATIONS
AlBaraka Islamic Bank started its operations in
Pakistan in the year 1991 and has since grown from strength to strength.
Alhamdo Lillah AlBaraka's operations in Pakistan now have a capital base
of over Rs.752 million and it has recorded a consistent growth in
business volume and profitability every year. Its Country Head Office is
located in Lahore. It has four branches in the four major cities of
Pakistan, i.e. Lahore, Karachi, Faisalabad and Islamabad. It looks ahead
to soon establishing more branches in Peshawar, Rawalpindi and other
cities of Pakistan, as an expression of its commitment to contributing
and sharing in the economic well being of Pakistan.
THE
BANK'S VISION
To be a leading and a diversified International
Islamic Bank, offering a wide range of quality products and services and
forming strategic alliances for a competitive edge.
THE
BANK'S MISSION STATEMENT
We strive to be a Premier Regional Islamic Bank,
dedicated to the economic and social development of our target markets,
maximizing our clients and shareholders value, and focusing on the human
resource development in an environment of creativity and innovation.
THE
BANK'S COMMITMENT
AlBaraka is committed to providing the best possible
banking services to our customers, in compliance with the highest
standards of banking practice and the pristine principles of Islamic
Shari'ah and Banking. This commitment is reinforced by all our banking
operations being subject to a strict supervision/monitoring by our Board
of Shari'ah Advisors, comprising eminent experts and scholars in the
field of Islamic Banking/Shari'ah.
PRODUCTS/SERVICES
OFFERED
AlBaraka Islamic Bank provides a wide range of
commercial banking products and services including Murabaha (Trade
Financing), Export/lmport Finance, Documentary Letters of Credit,
Letters of Guarantee, Acceptances, Foreign Exchange business, besides
offering Current Accounts, PLS Savings Accounts, Term Deposits ranging
from 7 days to 5 years and the unique Joint Pool Murabaha Investment
Accounts. The Bank thus caters to all routine banking requirements of
both individual/private account holders and business concerns.
The Bank's relatively new investment product, AMI (AlBaraka
Murabaha Investment) account has become very popular both with
individual and corporate savers:
• It is meant for people/organisations who care for
the security of a bank deposit but with a return/profit that is
certified to be Halal; AMI account has been approved as Shari'ah-compliant
by Darul Uloom and Darul Ifta of the Centre for Islamic Economics and
the returns on it are recognised as Halal.
• It is a joint pool investment account, where a
pool of investor's funds are deployed in a pool of carefully selected,
strictly Shari'ah-compliant Murabaha transactions.
• The return on investment is determined on a
strictly specified criteria/formula, shared between the investor and the
Bank in the ratio of 70: 30, all under the supervision of the Bank's
Shari'ah Advisors.
Summarising AlBaraka Islamic Bank's philosophy and
objectives, the bank's Regional General Manager & Country Head, Mr.
Shafqaat Ahmed says, "At AlBaraka, we are trying to make an honest
and sincere effort with a missionary zeal, aimed at making and showing
Islamic Banking to be a possible, practicable and a better alternative
to conventional banking. What we need is understanding, cooperation,
support and guidance of all those who share this objective".
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