Al Baraka Banking Group CEO Adnan Youssef said that the Egyptian market is one of the most promising markets, with all the elements of growth and expansion, and has a large return on capital.
Youssef pointed out that Al Baraka Banking Group is placing the Egyptian market at the top of its priorities, and aims to expand in it strongly through increased geographical spread, expansion of all activities from small and medium enterprises (SMEs), and financing major and personal loans.
This came during a press conference held by Al Baraka Bank Egypt last weekend to announce the opening of the new headquarters of the bank on the 90th Street in the 5th Settlement. The management of the bank reviewed the achievements made and highlighted the most prominent features of the bank’s expansions strategy and investments in Egypt.
On his vision of the Egyptian market, Youssef said that the Egyptian economy needs to consolidate its presence in the continent of Africa, which is an open market, and it is necessary to increase the volume of trade and exports between Egypt and Africa, pointing out that there are experiences of several countries that have achieved huge rates of trade through presence in the African market, like China and Turkey.
He stressed the bank’s support for the Egyptian economy by seeking to provide distinctive banking solutions that meet the needs of individuals and companies and support SMEs as part of the bank’s commitment to serve the Egyptian economy.
For his part, Ashraf Ahmed Mustafa El-Ghamrawy, vice chairperson and CEO of Al Baraka Bank in Egypt, said that the opening of the new headquarters of the bank is a cornerstone of the bank’s ambitious plan in the Egyptian market, which is based on several axes, mainly loan portfolio growth, customer deposits, banking, and innovative financial solutions for all customer segments.
“We plan to increase our geographical spread in all governorates to reach 50 branches by 2022, up from the current 35. We are one of the first banks that have been allocated 12,000 sqm in the New Administrative Capital to inaugurate another headquarters in the business district,” he added.
Al Baraka Bank – Egypt has started in the practice of its various activities, in accordance with the provisions of Islamic Sharia law, for more than 20 years. It is considered one of the units of Al Baraka Banking Group, based in Bahrain.
Al Baraka Group is one of the pioneers of Islamic banking in the world, offering its distinguished banking services to about1 billion people in the countries where it operates.
The authorised capital of the group is $1.5bn, with a total shareholders’ equity of $2bn.
The group has a wide geographic presence, represented by subsidiary banking units, offices, and representation in 15 countries on three continents, managing over 500 branches.