Albaraka Banking Group (ABG), a Bahrain-based leading Islamic bank, announced the opening up its doors for business in Indonesian market. The president and chief executive of the bank, Adnan Yousif, announced plans to expand its investments and operations in Islamic markets of Southeast Asian region, and especially in the Indonesian market, which is considered as the biggest market in the region.
Shaikh Saleh Abdulla Kamel, chairman of Albaraka, said: “Indonesia is the largest Muslim country in terms of population as it is the home of 220 million people and its commercial and economic links with the Arab and Islamic world are growing whilst it witnesses significant economic and financial changes that reflect improving investment environment. All these factors encourage major Islamic financial institutions to open offices in Indonesia to serve the Muslim people there and participate in financing and facilitating trade and investment between Indonesia and the Arab countries”.
He added that the Southeast Asian Islamic countries are considered as centre for technology, trade and labour, while the Gulf States are centre of finance and energy in the Islamic world, stating that it is necessary to rely on ingredients from all parts of the Islamic world in order to achieve the hopes and aspirations of peoples and Islamic societies.
ABG is a Bahrain joint stock company listed on Bahrain and Dubai Stock Exchanges. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is $1.5 billion, while total equity amounts to about $1.57 billion.