JEDDAH, 26 April 2005 — The ordinary general assembly and the extraordinary general assembly of Albaraka Banking Group (ABG) met at the group’s headquarters last week. They announced the official launching of the group after it had satisfied all requirements and obtained the Bahrain Monetary Agency’s stamp of approval.
Adnan Yousif, board member and CEO, chaired the meeting on behalf of the board Chairman Saleh Abdullah Kamel. “The agenda of the first Annual General Meeting included the director’s report, the Shariah Supervisory Board report, in addition to the auditor’s report presented by the office of Ernst & Young and included the consolidated financial statements and the profit & loss account of the group for the period from incorporation in July 2002 to Dec. 31, 2004,” Yousif said.
The group accounts reflected total assets of $4.2 billion and a net income of $27.3 million.
Yousif said that the second extraordinary general meeting approved an increase of $305 million in the group’s paid up capital representing the in-kind shares of Albaraka Group in the Albaraka Banking Group subsidiaries represented by: Banque Albaraka D’Algerie, Algeria, Al Amin Bank, Bahrain, Albaraka Islamic Bank, Bahrain, The Egypt Saudi Financial Bank, Egypt, Jordan Islamic Bank, Jordan, Albaraka Bank Lebanon, Lebanon, Albaraka Bank Ltd., South Africa, Bank Et-Tamweel Al Saudi Al Tunisi, Tunisia, and Albaraka Turkish Financial House, Turkey.
