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ABG wins Compliance and Corporate Governance Award

Al Baraka Banking Group won the first prize for its Implementation of and Compliance with Corporate Governance Principles at its Head office and subsidiary banks at the Hawkamah Union of Arab Banks 2010 Bank Corporate Governance awards held in Muscat, Oman on 1st November, 2010. The prize also recognized Al Baraka’s contribution to the development of Islamic banking, its outstanding achievements in the field and for its regional as well as global standing.

The Hawkamah Institute for Corporate Governance and the Union of Arab Banks (UAB) announced the 2010 edition of the Hawkamah-UAB Bank Corporate Governance Award, the region’s leading awards programme focused on recognizing superior governance practices in the banking sector in the Middle East and North Africa (MENA) region. The Award honours banks that have made exceptional efforts to improve their corporate governance practices beyond the minimum legal and regulatory requirements imposed by their jurisdictions, and whose achievements serve as a model for other banks in the region.

This year 35 Banks from 12 countries participated and the Award assess Banks on key criteria – commitment to good corporate governance; structure and functioning of the board of directors; control environment and processes; disclosure and transparency; and shareholders rights. The judging panel included three international corporate governance experts from Pricewaterhouse Coopers & Global Governance Services.

Congratulations to Al Baraka Banking Group on this prestigious award.

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