By Al Qalam Reporter
Al Baraka Bank has scooped a prestigious international award after being named “The Best Islamic Financial Institution in South Africa” for the fifth consecutive year by influential USA-based Global Finance magazine in its 2017 awards.
The award was announced recently by the magazine’s Award Committee, comprising international financial advisors, bank managers and banking experts, as well as Global Magazine economists and editors.
Bahrain-based Al Baraka Banking Group, of which Al Baraka Bank in South Africa is a subsidiary, together with three other international subsidiaries of the Group, was also recognised in the 2017 awards.
Al Baraka Bank received its award for the prominent role it plays in the Islamic banking sector and, ability to achieve consistent growth and the meeting of professional standards in terms of the quality of its products and service offering. It was further recognised for its originality and innovation expressed through its services and customer service, as well as for its continued development and innovation in banking operations, strategic relationships, geographic reach and profitability.
Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group – and who is also Chairman of the Durban-based Al Baraka Bank – received the awards on behalf of the Group and its subsidiaries during recent IMF World Bank annual meetings in Washington DC.
“The subsidiary banking units of our Group have come to be amongst the leading financial institutions in servicing their communities and are well-established in terms of their expertise and knowledge of local markets,” he said.
Commenting on the award, Chief Executive of the Durban-based Al Baraka Bank, Shabir Chohan, said: “We are most gratified to have once again been recognised for our work as a commercial bank and the role we play within South African society. This award will spur the bank to redouble its efforts in terms of maintaining our upward growth trajectory, whilst enhancing the personal touch we bring to banking through enhanced customer service into the future.”
“As an integral facet of the internationally-acclaimed Al Baraka Banking Group, we enjoy a proud track-record as a provider of financial products and services which serve as an increasingly popular alternative to conventional banking in South Africa.”
Chohan added: “We are pleased to have developed an enviable reputation as a highly professional, effective and efficient financial services provider and one which operates at the cutting-edge of banking in South Africa. The growth and development of our clients remains of paramount importance to us and we will use the award we have received to re-affirm our commitment to serving the best interests of our customers, creating the ultimate banking experience for all.”