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portfolio of Shariah-compliant products and services that address changing market needs, making it a
that cater to both individual and business clients, frontrunner in ethical finance.
providing ethical financial solutions tailored to Clientele
diverse needs. These include:
Al Baraka Bank South Africa serves a broad range
Personal Banking Solutions: A range of savings of clients, from individuals and families seeking
and transactional accounts, term deposits, and Shariah-compliant personal banking solutions to
financing options, including home financing, businesses looking for ethical financing options.
vehicle and asset financing, all designed with The bank’s clientele spans various sectors,
clients’ lifestyle and ethical values in mind. including retail, manufacturing, real estate, and
Business and Corporate Banking: Tailored services, with a shared value for ethical and socially
financing solutions, trade finance, and treasury responsible banking practices. Additionally, it
services aimed at supporting businesses in caters for the high-net-worth individuals who value
achieving sustainable growth while upholding Shariah compliance in managing their wealth and
ethical principles. investments.
Investments and Wealth Management: Shariah-
compliant investment opportunities and wealth Achievements and Milestones
management services, enabe clients to grow their Al Baraka Bank South Africa has achieved several
assets in accordance with Islamic principles. From noteworthy milestones that underscore its influence
mutual funds to structured investment products, and commitment to excellence in Islamic finance.
clients have access to a variety of options for Among these achievements:
ethical wealth growth. IFN Awards: Al Baraka Bank has been recognised
Takaful (Shariah-Compliant Insurance): Offering with prestigious awards from Islamic Finance
clients an ethical insurance solution that aligns News (IFN) for Best Islamic Bank twice in the last
with Islamic values and provides a mutual five years, acknowledging its leadership in
assistance framework, giving clients peace of mind providing Shariah-compliant financial solutions
while ensuring adherence to Islamic principles. and its ongoing contributions to the Islamic
Digital Products: Embracing digital banking industry.
transformation, innovative digital banking Exceptional Financial Growth: In 2023, Al Baraka
solutions enhance convenience and accessibility Bank South Africa reported a remarkable 121%
for clients. These include online and mobile increase in net profit before tax, reflecting
banking and digital account management. strong financial performance and strategic
Each product is carefully designed to comply with growth in a challenging market.
Shari’ah principles, ensuring clients can bank and Pioneering Sukuk Issuance: In alignment with
invest with confidence. With its extensive range its commitment to expanding Shariah-compliant
of ethical banking, investment, and insurance investment opportunities, Al Baraka successfully
solutions, Al Baraka Bank South Africa is well- launched a sukuk (Islamic bond).
positioned to meet the evolving financial needs of These achievements highlight Al Baraka’s innovative
its diverse clientele.
approach and commitment to setting new standards
Competitive Edge in ethical and responsible banking. Through award-
Al Baraka’s competitive advantage lies in its winning service, financial growth, and product
commitment to Islamic banking principles, innovation, the bank continues to solidify its position
providing clients with a unique and ethical choice as a leader in South Africa’s Islamic banking sector.
in the South African banking market. This approach Future Goals and Vision
fosters trust and loyalty among clients, as they can
bank confidently, knowing that the bank’s products Al Baraka Bank South Africa is focused on a future
and services comply with Shariah law. Moreover, Al that continues to champion sustainability, digital
Baraka emphasises personalised service and a deep innovation, and community engagement.
understanding of its clients’ values and financial In all its future endeavors, Al Baraka Bank South Africa
needs, setting it apart from conventional banks. remains dedicated to being a trusted partner to its
The bank’s competitive positioning is also clients and an active contributor to the country’s
strengthened by its international footprint as part of sustainable development. Guided by its foundational
the Al Baraka Group, which provides access to global values and a commitment to ethical banking, Al
expertise, resources, and innovative solutions. This Baraka is well-positioned to continue its legacy of
backing enables Al Baraka Bank South Africa to responsible growth and meaningful impact in the
continuously evolve and introduce new products years to come.
www.albaraka.co.za 29
