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Thursday, September 06, 2007

Al Baraka Spreads Financial Services

Al Baraka, which has been investing signficantly in Africa, is apparently also investing in India and China. See Below...

Bahrain's Al Baraka Banking Group, the world's fourth-largest Islamic financial services provider, will spend as much as $300 million to woo customers in India and China who want to invest their money according to Muslim tenets. Sheikh Saleh Abdullah Kamel is the founder

The $300 million will be spent in four years building the business in Asia and used for acquisitions or to provide "capital for our subsidiaries there,'' Adnan Ahmed Yousif, AlBaraka's chief executive officer, said in an interview last week. The venture in India will be the first by an Islamic bank from the Middle East in the South Asian nation, adding to the Bahraini lender's presence in 12 countries, he said.

The Rest @ Business Day Africa

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