Adnan Ahmed Yousif elected Chairman of the Board of Directors of the Union of Arab Banks



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Kingdom of Bahrain, Manama, 15 May 2007

Adnan Ahmed Yousif elected Chairman of the Board of Directors of the Union of Arab Banks

The board of directors of the Union of Arab Banks in its meeting held in Beirut on 14th May 2007 elected with majority nominations the renowned banker Mr. Adnan Ahmed Yousif representative of Bahraini bankers and the President & Chief Executive of Albaraka Banking Group (ABG) as their Chairman for a tenure of three years. Mr. Adnan Ahmed Yousif succeeds Dr. Joseph Tarabiah, who completed a successful term in this position.

Mr. Adnan Ahmed Yousif is a prolific international banker with over 30 years of experience in international and Islamic banking. He is President & Chief Executive of one of the founders of Islamic banking - Albaraka Banking Group (ABG) headquartered in the Kingdom of Bahrain with presence in 10 countries in the form of 10 subsidiaries, with a total of more than 215 branches. Mr. Yousif who holds an MBA from UK also held various senior positions at Arab Banking Corporation (ABC) including Board Member of the parent company and Member of the Audit Committee. He was with ABC for 20 years following which he joined the Bahrain Islamic Bank as the Board Member & Chief Executive for two years.

Mr. Yousif is an active participant in all the subsidiaries of the Group. He is Chairman of Albaraka Turk Participation Bank, Banque Al Baraka D'Algerie, Al Baraka Bank Ltd. South Africa, Albaraka Lebanon, Jordan Islamic Bank, European Islamic Investment Bank (EIIB) London, besides being a board member of most of the subsidiaries of the ABG Group.

Mr. Adnan Ahmed Yousif was awarded the prestigious Islamic Banker of the Year award for 2004.

Albaraka Banking Group (ABG), which is a Bahraini Joint Stock Company listed on the Bahrain and Dubai stock exchanges, is a leading international Islamic bank with a Standard & Poors long-term rating of BBB- and a short-term rating of A-3. . ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Shari'a. The authorized capital of ABG is US$1.5 billion, while the total equity amounts to about US$1.2 billion. The Group has a wide geographical presence in the form of subsidiary banking Units in ten countries, which in turn provide their services through more than 216 branches. These banking Units are Banque Al Baraka D'Algerie, Algeria; Al Amin Bank, Bahrain; Al Baraka Islamic Bank, Bahrain; the Egyptian Saudi Finance Bank, Egypt; Jordan Islamic Bank, Jordan; Al Baraka Bank Lebanon, Lebanon; Al Baraka Bank Ltd, South Africa; Al Baraka Bank Sudan, Sudan; Bank Et-tamweel Al Saudi Al Tunisi, Tunisia; Al Baraka Turk Participation Bank, Turkey and Al Baraka Bank, Pakistan.