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Al Baraka Banking Group Publishes its Sustainability & Social Responsibility Report for 2017

IM Press Release
By IM Press Release
2 weeks ago
Al Baraka Banking Group Publishes its Sustainability & Social Responsibility Report for 2017

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  1. PRESS RELEASE Your Partner Bank Al Baraka Banking Group publishes its Sustainability & Social Responsibility Report for 2017 Manama I November 28, 2017 Al Baraka Banking Group B.S.C. published the Group’s Sustainability & Social Responsibility Report for 2017. The Report includes Al Baraka’s progress during 2017 on its various programs and activities and covers countrywide global overview of achievements and all sustainability and social responsibility programs. The Report also includes an impact assessment of all the Al Baraka’s programs and activities. As part of the Report, Al Baraka also announces the second year assessment of the Al Baraka SDG Goals (2016- 2020). The Report reflects Al Baraka Banking Group’s commitment in following a business model that helps the organization to be socially responsible and impactful. In 2016, Al Baraka announced the Al Baraka SDG Goals (2016-2020) with a pledge of over $635 million to finance and fund Al Baraka SDG Goals. Al Baraka SDG Goals focus on Job Creation, Education, and Healthcare; and are linked with seven (7) of the Sustainable Development Goals 2030. The Al Baraka SDG Goals (2016-2020) seek to: 1. Create over 51,000 jobs. 2. Finance over $ 434 million for healthcare projects. 3. Finance over $191 million for educational projects. During 2017, Al Baraka Banking Group B.S.C. has been able to deliver on its Al Baraka SDG Goals, as follows: 1. Helped create 7,446 jobs which was 73% of the 2017 target of 10,207 jobs. 2. Provided $100,000,000 in education funding / financing which was 261% of the 2017 target of $38,173,398.
  2. 3 . Provided $146,626,000 in healthcare funding / financing which was 169% of the 2017 target of $86,700,977. Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group B.S.C. stated, “We are proud to support the UN Global Goals for Sustainable Development, as we believe that the Global Goals are based on our inherent shared values. We are continuously working to internalize the Global Goals within our business processes to allow greater impact of our business strategy and operations”. Mr. Yousif further added, “Achieving the Global Goals requires financing at different levels and, therefore, the banking and financial services sector has a key role to play. The investment opportunity to finance the Global Goals is unprecedented, and we should all work together to bridge the SDG financing gap”. Al Baraka’s pledge to achieve the previously mentioned Global goals (SDGs) is a reflection of the organization practicing impactful corporate citizenship and building a consciousness throughout its organization, in all aspects, including economic, social, and environmental. Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totalling around one billion. ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion. ABG has a wide geographical presence in the form of subsidiary banking units and representative offices in 16 countries, which in turn provide their services through over 695 branches. The Group has operations in Jordan, Egypt Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria and Morocco, in addition to one branch in Iraq and two representative offices in Indonesia and Libya.