Albaraka Banking Group signs advertising and consultancy agreement for launch of its IPO

Published March 29th, 2006 - 06:42 GMT

Recently, Albaraka Banking Group (ABG) signed a consultancy and communication support agreement with Gulf Marcom Group (GMG) to take care of advertising and marketing for its IPO. GMG’s advertising arm Gulf Saatchi & Saatchi will take care of the advertising campaign, while its dedicated marketing division will take care of the IPO communication.


Khamis Al Muqla, founder and president of GMG (established in 1974 and based in the Kingdom of Bahrain), welcomes this relationship with ABG, which is renowned for its specialized and innovative work within the Islamic banking sector. On this occasion, Adnan Ahmed Yousif, Chief Executive Officer and Board Member of ABG, who is well known for his role in successfully promoting Islamic Banking in the region, remarked, ‘It was actually ABG founder Shaikh Saleh Abdullah Kamel who brought the concept of Islamic banking to the world’s financial stage, and that’s why we are confident in achieving the IPO with GMG, which has the experience and resources to make it a great success.’


Mr Yousif added that the group’s founders made their strategic decision to diversify its shareholder base in order to make ABG the worldwide Islamic banking leader. The increase in capital will allow them not only to expand their existing operations, but will provide financial resources to tap into opportunities in new markets.  In addition, this increase in capital will lead to the creation of a banking establishment with a wide and strong capital foundation, putting ABG at the forefront of Islamic banking in the region and beyond.


What makes ABG truly unique is its geographic spread across 10 countries, spanning the Middle East and Africa. The group owns an extensive network of around 200 branches, which makes it the most widespread Islamic banking group in the world. Also noteworthy, ABG was incorporated in the Kingdom of Bahrain in June 2002 and is licensed as an investment bank. The group is considered one of the biggest financial Arab and Islamic banking groups on the basis of its geographic spread, added to its 26 years of continuous achievement.


The group owns shares in different banking subsidiaries, distributed geographically across 10 countries: Algeria, Bahrain, Egypt, Jordan, Lebanon, South Africa, Sudan, Tunisia, Turkey and Pakistan. Through its 200 branches, the group provides financial services in compliance with Islamic Shari’a principles. ABG also plans to increase its number of branches to 250 within 5 years, as well as incorporating new subsidiaries into the group, thus expanding its presence in Asia and the Middle East.

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