Al Baraka to change the operational structure of its parent company in Bahrain

Manama I September 19, 2020 In line with its future strategy and business modeland to benefit from the regulatory framework of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms, the Board of Directors of Al Baraka Banking Group B.S.C. (ABG / the “Group”) resolved to initiate the process of converting the current license of its parent company in Bahrain from a wholesale bank to a category 1 investment firm, subject to regulatory and shareholders’ approvals. Upon receiving the new license, the Group shall continue to be supervised by the Central Bank of Bahrain.

The Group’s banking subsidiaries, including Al Baraka Islamic Bank, Bahrain, will continue their banking activities and business as usual under the supervision of the Central Bank of Bahrain and their respective local banking regulators. ABG will continue to be listed on the Bahrain Bourse and NASDAQ Dubai.

The Chairman of the Board of Directors of ABG, Shaikh Abdullah Saleh Kamel stated, “The new license will enable ABG to streamline its parent company’s operations and to extract higher returns from its resources. ABG will also be playing a more active role in the financial markets and contributing to Bahrain’s reputation as a leading global financial hub.