Al Baraka Bank has been awarded a prestigious international accolade, being nominated as the Best Islamic Bank in South Africa for 2015 in the eminent and influential Islamic Finance News annual awards event. Details of the award were released recently by the Bahrain-based and internationally-acclaimed Al Baraka Banking Group B.S.C., of which Al Baraka Bank in South Africa is a subsidiary business unit. No fewer than five of the Group’s international subsidiaries received Islamic Finance News awards for 2015.

Hassan Hassani, Al Baraka Banking Group’s Vice President for Corporate Communications and Public Relations, received the awards on behalf of the winning units at a recent ceremony, held in the city of Dubai, in the United Arab Emirates.

President and Chief Executive of Al Baraka Banking Group, Adnan Ahmed Yousif, the chairman of the South African subsidiary, said the awards reflects the leading status that the group and its banking units enjoy regionally and globally.

“The subsidiary banking units within our group have come to be known as being amongst the leading financial institutions in servicing their communities and are very well-established in terms of their expertise and knowledge of local markets. This, in turn, reflects the success of Al Baraka Banking Group’s vision and strategy, both of which are based on enhancing the positions of our subsidiaries, strengthening their capital resources and creating strong business relationships.”

The Islamic Finance News Awards event is widely regarded as one of the most transparent and competitive international events of its kind and is subject to stringent participation standards. The publication invites respected financial institutions, investors, government institutions and business enterprises from outside the banking sector from around the world to participate in rating contenders.

The Islamic Finance News is based in Kuala Lumpur and is an international enterprise specialising in the provision of Islamic financial sector news.

Commenting on Al Baraka Bank in South Africa having won the 2015 award, Chief Executive, Shabir Chohan said: “We are grateful for and humbled by this international business award. We employ a philosophy of continual improvement and will use this award to spur ourselves to ever greater heights in the business environment in South Africa. Our primary goal is – and always has been – to deliver to our customers exceptional service and a comprehensive suite of Shariah-compliant financial products, in line with the ever-evolving requirements of the people we exist to serve.”

Al Baraka Bank in South Africa was established in 1989 and, as a commercial bank, is the only fully-fledged Islamic financial institution in the country.

Chohan said: “We have developed a most favourable growth trajectory in recent years and as an integral part of the international Al Baraka Banking Group, are well-positioned now to take Islamic banking to a new level in this country.”

The bank enjoys an enviable service and performance record and Mr Chohan said its record financial performance of the past several years was indicative of the fact that the financial institution remained on-track and in-tune with customer needs.

“Ours is a business enterprise devoted to the delivery of a highly professional, viable alternative to conventional banking in South Africa, one which truly has the best interests of its customers at heart and one which is wholly-committed to the delivery by staff of client service excellence as a way of life,” Chohan stressed.