Al Baraka banking group
Al Baraka Bank, a bank that aims to meet the financial needs of communities across the world by conducting business ethically and in accordance to Islamic Law
Pioneering Islamic banking in South Africa, Al Baraka Bank is a financial institution registered in 1989. Headquartered in Durban and with a sophisticated network of branches, Al Baraka Bank is South Africa’s only fully-fledged Islamic bank and is viewed as a response to the need for a system of banking in line with Islamic economic principles. Al Baraka Bank is a subsidiary of the international Al Baraka Banking Group B.S.C., which has established one of the largest international Islamic banking groups in the world.
Since its inception, Al Baraka Bank has seen an impressive growth. This could be attributed to the niche, faith-based clientele that the bank targets. This impressive growth can also be indications of the confidence clients have in the bank, and its ability to implement and further develop a viable alternative to interest-based banking in South Africa. The bank’s mission, in accordance to Islamic beliefs is to meet the financial needs of communities across the world by conducting business ethically and also practising the highest professional standards and sharing the mutual benefits with customers, staff and shareholders who participate in the business’s success.
Al Baraka Bank shareholders consist of nationals from South Africa, England and Wales and Saudi Arabia. The bank is jointly owned by South African investors, DCD London and Mutual Plc, a company incorporated in England and Wales, and the Saudi Arabian-based Dallah Al Baraka Group, which has established one of the largest international Islamic banking groups in the world through the Al Baraka Banking Group.
Al Baraka Bank believes society needs a fair and equitable financial system; a system that rewards effort and contributes to the development of the community.
We believe society needs a fair and equitable financial system: one which rewards effort and contributes to the development of the community. To take advantage of the bank’s services and products offered – that are in line with Shariah law.
Albaraka bank contact details – contact Al Baraka Bank on 031 364 9000.