Al Baraka pledges $635 million towards achieving UN Sustainable Development Goals as part of its Social Responsibility StrategyMay 19, 2016
Al Baraka Banking Group (B.S.C) launched its Social Responsibility Report for 2015 on May 19, 2016 at the Shaikh Saleh Kamel Hall at Al Baraka Headquarters Bahrain Bay, in the presence of number of prominent figures including Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group and H.E. Mr. Amin El Sharkawi, United Nations Resident Coordinator and UNDP Resident Representative.
Al Baraka Goals for 2016-2020 are linked to the United Nations' Sustainable Development Goals 2030, making Al Baraka one of the first global financial institutions to make progress towards the SDGs. Al Baraka subsidiaries have set their social responsibility targets for the coming five years (2016-2020). These priorities (job creation, education, and healthcare), support and are linked with the United Nations' Sustainable Development Goals 2030.
The Al Baraka Goals seek to:
1. Create over 51,000 jobs by 2020 through financing a number of businesses and projects in the countries where Al Baraka operates.
2. Finance and support over $ 434 million in various healthcare projects and initiatives.
3. Finance and support up to $ 191 million in education-related projects and activities.
The Al Baraka Goals are linked with the following United Nations' Sustainable Development Goals 2030, of which there are 17.
At this occasion Mr. Adnan Ahmed Yousif said, "We are very proud to continuously demonstrate our keen commitment to contributing to the communities that we serve and operate in. The United Nations' Global Goals for Sustainable Development provide a great opportunity for Islamic finance to demonstrate its increasing global relevance in a way that best reflects the Islamic values of finance and growth. It was, therefore, natural to align the Al Baraka Goals with the Global Goals".
H.E. Mr. Amin El Sharkawi stressed that "Implementing these goals will result in prosperity, peace, protecting the planet, and partnerships which in turn will benefit the people. Strong partnerships between all stakeholders are vital in succeeding towards the attainment of these goals. This includes the government, private sector and international and local non-governmental organizations all working together.
H.E. Mr. El Sharkawi added that, "We are pleased that Al Baraka Banking Group has achieved a milestone on this historical day. It is one of the first global financial institutions to make progress and commitments towards the SDGs."
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor's at BB+ (long term) / B (short term).
Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2.1 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 600 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.
The UNDP is the UN global development network, working in 177 countries and territories. In the Kingdom of Bahrain, UNDP provides technical support and assistance to national institutions and civil society towards achieving national priorities and addressing local challenges. UNDP assistance includes the building of systems and capacities within the public sector and the parliament, support of social strategies, the promotion of women's advancement, energy sufficiency and environmental sustainability. UNDP is continuing its work to support the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals.