ABPL Board Meeting held in Karachi Pakistan
Al Baraka Banking Group (ABG) President and Chief Executive Mr. Adnan Ahmed Yousif has been elected Chairman Al Baraka Bank (Pakistan) Limited (ABPL). In addition, Board committees were also formed comprising members who represent ABG, Emirates Global Islamic Bank - Pakistan at the meeting. ABPL was formed recently as a result of a merger between the branches of ABG subsidiary unit Al Baraka Islamic Bank (Bahrain) in Pakistan and Emirates Global Islamic Bank - Pakistan. The merger resulted in the emergence of a bank that has assets of approximately $582 million and a network of 89 branches covering 26 cities and key areas in Pakistan. It is the second largest Islamic bank in Pakistan.
During his visit to Pakistan, Mr. Yousif met State Bank of Pakistan Governor Shahid Hafiz Kirdar and discussed plans for expanding ABPL operations in the Pakistan market.
"The formation of the ABPL Board in preparation for the launch of its operations clearly reflects our determination to continue implement the geographical expansion strategies that we at Al Baraka Banking Group have put in place, regardless of the current global economic and financial conditions," Mr. Yousif said.
"This in turns reflects the soundness and success of these strategies. The completion of this step opens the door for starting the operations of the new bank shortly," Mr. Yousif added.