Al Baraka Group
A Bahrain-headquartered international Islamic financial group serving retail, corporate, treasury and investment banking customers through banking subsidiaries in multiple countries.
Last updated October 30, 2026
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Overview
Al Baraka Group B.S.C. is a Bahrain-based international Islamic financial group whose activities are conducted through banking subsidiaries and affiliated institutions in multiple jurisdictions. The group focuses on financial services structured according to Islamic finance principles and has been associated with the wider Dallah Al Baraka system founded by Saudi businessman Saleh Abdullah Kamel. Its operating model differs from that of a single-country commercial bank: local banking institutions carry out business under their own licenses, regulatory frameworks and, in some cases, local brand names. The group provides or has provided retail banking, corporate banking, treasury and investment banking services. These activities can include personal accounts and financing, business finance, trade-related services, liquidity and treasury products, investment services and other Sharia-compliant financial solutions. The exact product range varies by subsidiary and market. The international network has included operations in the Middle East, North Africa, South Asia and Southern Africa, with banking entities using the Al Baraka name as well as names such as Jordan Islamic Bank and Albaraka Türk. The current corporate entity was established and registered in Bahrain on 27 June 2002 under a Central Bank of Bahrain license. It subsequently became a publicly traded Islamic financial group. In 2006, the company launched an initial public offering that raised more than US$630 million and its shares began trading on both the Bahrain Bourse and Nasdaq Dubai. In 2017, it issued US$400 million of Tier-1 Islamic sukuk, listed on the Irish Stock Exchange. The company underwent a regulatory and naming transition in 2022. After approval to convert its license from a wholesale bank operating according to Islamic principles to a Category 1 investment business firm operating according to Islamic principles, it changed its official name from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C. Shareholders approved a proposed delisting and conversion from a public shareholding company to a closed shareholding company in November 2023, subject to regulatory approvals. Its shares were delisted from the Bahrain Bourse in July 2024. Al Baraka Group should be distinguished from the broader collection of institutions that have used the Al Baraka name or operated within the Dallah Al Baraka system. The group’s network and ownership relationships have changed over time, and local subsidiaries remain subject to the laws and supervisory requirements of their respective countries. The group is therefore best understood as a cross-border Islamic financial platform rather than as a uniformly branded retail bank in every market.
History
Al Baraka Group developed from the international Islamic finance activities associated with the Dallah Al Baraka system established by Saleh Abdullah Kamel. The wider network included Islamic banking institutions in several regions, some of which were created or acquired before the modern Bahrain-listed group was incorporated. The current Al Baraka Group B.S.C. was established and registered on 27 June 2002 under a license issued by the Central Bank of Bahrain. The group’s growth reflected the expansion of Islamic banking beyond its original Gulf markets. Through subsidiaries and associated institutions, it built a presence across North Africa, the Middle East, South Asia and Southern Africa. Several operations used the Al Baraka name, while others retained established local identities. Examples included Jordan Islamic Bank, Albaraka Türk and banking institutions in Algeria, Egypt, Lebanon, Pakistan, Sudan, South Africa, Syria and Tunisia. This structure allowed local entities to operate under national banking laws while participating in a broader Islamic finance network. A major capital-markets milestone came in 2006, when Al Baraka launched an initial public offering that raised more than US$630 million. Its shares began trading in September of that year on the Bahrain Bourse and Nasdaq Dubai. The listing gave the group a public-market profile and provided a platform for international investors to participate in a Bahrain-headquartered Islamic financial institution. In 2017, the group issued US$400 million of Tier-1 Islamic sukuk, which was listed on the Irish Stock Exchange. The group’s governance changed in June 2020 when Abdullah Saleh Kamel became chairman, succeeding his father, Saleh Abdullah Kamel. The company later adjusted its legal and regulatory identity. In July 2022, following regulatory approval to change its license from a wholesale bank operating according to Islamic principles to a Category 1 investment business firm operating according to Islamic principles, it changed its official name from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C. The group also faced differing regulatory circumstances across its operating markets. In Lebanon, the Central Bank of Lebanon took control of Al Baraka Bank Lebanon in November 2022 and removed the powers of the existing board and executive management. This event illustrates the importance of separating the Bahrain parent’s corporate history from the regulatory status of individual subsidiaries. In November 2023, shareholders approved the proposed delisting of the company from the Bahrain Bourse and its conversion from a public shareholding company to a closed shareholding company, subject to regulatory approvals. The shares were delisted from the Bahrain Bourse in July 2024. The group’s corporate identity remains active, but its post-delisting structure and the precise status of all international subsidiaries require current corporate and regulatory documentation for a complete assessment.
- 2024
Bahrain Bourse delisting
[1]The group's shares were delisted from the Bahrain Bourse in July 2024.
- 2023
Shareholders approve proposed delisting
[1]Shareholders approved the proposed delisting from the Bahrain Bourse and conversion to a closed shareholding company, subject to regulatory approvals.
- 2022
Corporate name and license transition
[1]The company adopted the name Al Baraka Group B.S.C. after receiving approval to convert its Central Bank of Bahrain license to an Investment Business Firm Category 1 license operating according to Islamic principles.
- 2020
Chairmanship changes
[1]Abdullah Saleh Kamel became chairman, succeeding Saleh Abdullah Kamel.
- 2017
Tier-1 Islamic sukuk issued
[1]The group issued US$400 million of Tier-1 Islamic sukuk, listed on the Irish Stock Exchange.
- 2006
Initial public offering and dual-market trading
[1]The group completed an initial public offering that raised more than US$630 million. Trading began on the Bahrain Bourse and Nasdaq Dubai in September 2006.
- 2002
Current Bahrain corporate entity registered
[1]Al Baraka Group B.S.C. was established and registered in Bahrain on 27 June 2002 under a Central Bank of Bahrain license.
- 1980
Egyptian operation established
[1]The Egyptian banking operation associated with the network began operating in 1980.
- 1978
First international operation in Jordan
[1]Jordan Islamic Bank began operating as the group's first international operation, according to the group's historical network description.
Products and positioning
International Islamic financial group
Retail banking
Islamic retail banking
Sharia-compliant services for individual customers, including personal accounts, payments, consumer financing and other retail financial needs. Product availability and structure differ among subsidiaries because each institution operates under local regulation.
Corporate banking
Islamic corporate banking
Banking services for companies and institutions, including business accounts, working-capital and investment financing, trade-related facilities and cash management. Specific offerings depend on the relevant subsidiary and its license.
Treasury
Treasury services
Treasury and liquidity-related services delivered within Islamic finance constraints. These activities may support institutional customers and the group's banking network, although the precise instruments and mandates are determined by applicable regulatory and Sharia governance frameworks.
Investment banking
Investment banking
Investment banking and financial-services activities structured around Islamic principles. The category includes institutionally oriented financing and investment services, with the scope varying according to the group's corporate license and the permissions of local subsidiaries.
Islamic capital markets · 2017
Tier-1 Islamic sukuk
In 2017, the group issued Tier-1 Islamic sukuk as a capital-markets instrument. The issue was reported at US$400 million and was listed on the Irish Stock Exchange.
Brand decisions
2023
Approve delisting and conversion to a closed shareholding companyStrategyBackground
The company proposed ending its public listing and changing its corporate form.
Action taken
Shareholders approved the proposed delisting from the Bahrain Bourse and conversion from a public shareholding company to a closed shareholding company, subject to regulatory approvals.
Aftermath
The shares were subsequently delisted from the Bahrain Bourse in July 2024.
2022
Convert banking license and change corporate nameStrategyBackground
The company sought a regulatory structure reflecting its transition away from its previous wholesale-bank classification.
Action taken
After approval from the relevant Bahraini authorities, it converted its license to an Investment Business Firm Category 1 license operating according to Islamic principles and changed its name from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C.
Aftermath
The change established the group's current official corporate identity and regulatory classification.
Sources1 sources
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