Al Baraka seeks replacement of its wholesale banking business to category 1 Investment Firm

Al Baraka seeks replacement of its wholesale banking business to category 1 Investment Firm

Manama: The Board of Directors

of Al Baraka Banking Group B.S.C. (ABG / the Group) resolved to initiate the

process of converting the current license of its parent company in Bahrain from

a wholesale bank to a category 1 investment firm, subject to regulatory and

shareholders' approvals.

The step is in line with its

future strategy and business model and to benefit from the regulatory framework

of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms, Upon

receiving the new license, the Group shall continue to be supervised by the

Central Bank of Bahrain.

The Group's banking

subsidiaries, including Al Baraka Islamic Bank, Bahrain, will