Al Baraka Bank Egypt recorded a net profit of EGP538 million for the first half of 2019, with a 31 percent increase over the same period last year, according to media reports. 

The bank’s total investments and financing in the same period reached EGP46.5 billion, with a growth rate of 12 percent. That said, customer deposits reached EGP59.4 billion at June end 2019, with an approximate growth of 17 percent over the same period last year. The rise is mainly attributed to the increase in the bank’s activities, media reports said.

Mr. Adnan Ahmed Yousif, P&CE of Al Baraka Banking Group said: “Al Baraka Bank Egypt has been able to establish itself as a distinguished Islamic bank in the banking market in Egypt, thanks to its advanced services and the issuance of savings and investment products suitable for all categories and segments of society. The Bank also provides new financing programs that meets the needs of different sectors, all of which are unprecedented in the Egyptian market and comply with the provisions of Islamic Sharia.”

The bank’s outstanding achievement in profits and business results stemmed as a result of improved performance and quality of service to customers over the years. Al Baraka Bank Egypt is an investment arm of Al Baraka Banking Group (ABG) headquartered in Bahrain. The Central Bank of Bahrain has licenced AGB as an Islamic wholesale bank. ABG and its units offer services retail, corporate, treasury and investment banking in accordance with Shariah principles.