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Tuesday, 10 July 2007

Profile 019 - Albaraka Bank - South Africa

Albaraka Bank, registered in South Africa since 1989, pioneered Islamic banking in this country in response to the need for a system of banking in line with Islamic economic principles. The bank is jointly owned by South African investors. DCD London & Mutual Plc, a company incorporated in England and Wales, and the Saudi Arabian-based Dallah Al Baraka Group, which - as part of its diversified business operations - has established one of the largest international Islamic banking groups in the world through the Albaraka Banking Group, Albaraka Bank's board comprises both local and international business people with individual professional and management abilities and collective expertise in the Islamic banking industry. All of Albaraka Bank's products and services promote the understanding and adoption of Islamic business principles and so contribute to the socio-economic development of the community. Since its inception, the bank has shown impressive growth. The bank's success may be attributed to its niche market's faith and confidence in its ability to implement and further develop a viable alternative to interest-based banking in South Africa. Albaraka Bank's track-record to date is indicative of a growing market's increasing acceptance of an alternative system of banking in South Africa.

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