Al Baraka Bank in SouthAfrica

 

Address:  
, SouthAfrica

 

City:  
SouthAfrica

 

Country:  
South Africa

 
Phone:  
086 022-5786
 
Website:  

 
Description:  

Al Baraka Bank, registered in South Africa since 1989, pioneered Islamic banking in this country in response t...View more

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About us

The South African subsidiary’s Al Baraka Banking Group linkage provides it with the springboard for significant growth potential and assists in the positioning of Al Baraka Bank at the leading edge of Islamic banking in this country. Al Baraka Bank operates in an important and rapidly growing niche market. Since inception, the bank has shown impressive growth and the continued increasing demand for Al Baraka products and services is considered as being a direct consequence of its Shariah compliance. In this regard, the bank enjoys the support of regular internal Shariah audits, whilst its Shariah Department works closely with an Independent Shariah Supervisory Board to ensure compliance with Islamic economic principles. Al Baraka’s growth and development is attributed to its niche market’s faith and confidence in the bank’s ability to implement and further develop a viable alternative to interest-based banking in South Africa. The bank’s track-record to date is indicative of a growing acceptance and confidence in an alternate system of banking in South Africa, creating the ideal platform for Al Baraka Bank to increase its footprint in South Africa’s Islamic financial sector.

 

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