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Press Release

Press Release ­ Office of the President & Chief Executive


Manama, 25 February 2008: Albaraka Banking Group (ABG) signed an engineering consultancy agreement for making the internal and external designs for the proposed Group's headquarters at "Bahrain Bay", the major commercial residential project located off the North East coast of Manama.

The firm that will make the designs was selected from amongst a number of well known regional and international firms in accordance with the highest standards of selection processes. The agreement was signed with the Italian engineering firm MGA+C for a period of thirty months, which covers the whole duration of the project's construction works.


The agreement was signed by Mr. Adnan Ahmed Yousif, President & Chief Executive of Albaraka Banking Group (ABG) and Mr. Enrico Mari Grego, Chief Executive Officer of MGA+C of Italy. On this occasion, Shaikh Saleh Abdulla Kamel, Chairman of Albaraka Banking Group said that the selection by ABG of Bahrain Bay as a place to build its headquarters stems from our strong confidence in Bahrain as a major regional and international Islamic banking and financial centre. It is also an embodiment of our dream at Albaraka Banking Group to see a Group headquarters building built in accordance with the latest architectural and engineering designs in one of the most prestigious development projects at the heart of Manama the capital of the Kingdom of Bahrain. This location will provide the Group with optimum conditions for a successful regional and international drive in line with our future goals and ambitions, and the prestigious designs of the Group's headquarters. On his part, Mr. Adnan Ahmed Yousif, President & Chief Executive of ABG, said that the Group's headquarters would comprise offices and facilities of the highest standards that would enable us to continue offer the most up-to-date Islamic financial services to our clients in the region and worldwide. The new headquarters will be part of the Kingdom's drive to build world-class financial headquarters and buildings with a view to consolidating the status of the Kingdom of Bahrain as a leading banking and financial centre. Such highly prestigious buildings augment the legal, regulatory and procedural infrastructures designed to set up an Islamic banking system based on modern concepts and most up-to-date banking techniques. ABG is a Bahraini Joint Stock Company listed on Bahrain and Dubai stock exchanges and one of the well-known leading


international Islamic banks. It has been rated by Standard & Poor's as BBB- with a short-term rating of A-3. ABG offers retail, corporate, investment banking and treasury services strictly in accordance with the principles of the Shariá. The authorized capital of ABG is US$1.5 billion, while the total equity amounts to about US$ 1.5 billion. The Group has a wide geographical presence in the form of subsidiary banking Units in 12 countries, which in turn provide their services through more than 240 branches. These banking Units are Jordan Islamic Bank/ Jordan, Al Baraka Islamic Bank/ Bahrain, Al Baraka Islamic Bank/ Pakistan, Banque Al Baraka D'Algerie/ Algeria, Al Baraka Bank Sudan/ Sudan, Al Baraka Bank/ South Africa, Al Baraka Bank Lebanon/Lebanon, Bank Et-Tamweel AlTunisi Al Saudi/ Tunisia, The Egyptian Saudi Finance Bank/ Egypt, Al Baraka Turk Participation Bank/ Turkey, Albaraka Bank Syria (under establishment), and ABG Representative office, Indonesia.

For further information, please contact: Albaraka Banking Group (ABG) Tel: +973-17-541122 Fax: +973-17-536533 Website: Email:[email protected] [email protected]



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