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Al Baraka Bank Limited, South Africa – Gets permission to deal in Foreign Exchange

01 February 2013:

Al Baraka Bank Limited, South Africa (ABL) the only Islamic Bank in the country, has been granted permission to deal in Foreign Exchange under the Foreign Exchange Control Law of Africa. As an authorized dealer in foreign exchange ABL will now be able to open nostro accounts in foreign currencies, facilitate inward and outward remittance, send and receive letters of credit and documentary collections and provide all other related services. This great success provides opportunity for all ABG units to enhance their cooperation in trade finance. ABG units include;

 

    • Algeria
    • Bahrain
    • Egypt
    • Indonesia
    • Iraq
    • Jordan
    • Lebanon
    • Libya
    • Pakistan
    • Saudia Arabia
    • South Africa
    • Sudan
    • Syria
    • Tunisia
    • Turkey
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