Al Baraka Bank South Africa Celebrates Inter-Franchise Collaboration with Al Baraka Bank Pakistan to Boost Trade Opportunities

19 September 2023 - Al Baraka Bank South Africa is pleased to announce a significant milestone in its journey of fostering global economic cooperation. The first-of-its-kind Webinar on the Launch of Al Baraka Group Inter-Franchise Collaboration and Portal, held on 12th September 2023, marked an extraordinary initiative to connect exporters from Pakistan with importers in South Africa, aimed at enhancing trade avenues between the two nations.

Chaired by Mr. Houssem Ben Haj Amor, CEO of Al Baraka Group, the Webinar unveiled a portal designed to bridge the gap between Al Baraka Bank Pakistan Limited and Al Baraka Bank South Africa, facilitating trade collaborations. Mr. Amor also revealed plans for similar collaborations with 10 other countries, further strengthening Al Baraka's global footprint.

The event witnessed the presence of prominent figures from the business community who shared a positive outlook for the potential outcomes of this groundbreaking initiative. Distinguished dignitaries, including Dr. Ishrat Hussain, Former Governor of the State Bank of Pakistan; Mr. Akhtar Jawaid, Executive Director of Banking Policy at the State Bank of Pakistan; His Excellency Mr. Mthuthuzeli Madikiza, High Commissioner of South Africa in Pakistan; and His Excellency Mr. Aftab Hasan Khan, High Commissioner of the Islamic Republic of Pakistan in South Africa, graced the occasion, highlighting its significance.

Mr. Muhammad Atif Hanif, CEO of Al Baraka Bank Pakistan Limited, emphasized the importance of this collaboration in boosting Pakistan's foreign exchange inflows during challenging times. He expressed optimism that the program's launch would open new possibilities and synergies for expanding outreach and diversifying Pakistan's export markets. Mr. Hanif also shared Al Baraka Group's plans to replicate this initiative with its subsidiaries in Bahrain, Turkey, Egypt, Algeria, Jordan, and Tunisia.

Speaking on the occasion, Mr. Shabir Chohan, CEO of Al Baraka Bank South Africa, said, "This initiative signifies a pivotal moment in our mission to strengthen global economic bonds. The collaboration with Al Baraka Bank Pakistan and the launch of this program are integral steps towards fostering international trade. We believe this partnership will benefit Pakistan and South Africa and set a precedent for future collaborations within the Al Baraka Group."

The event encompassed four physical locations, with participants gathering in Karachi, Pakistan, and across three South African cities: Durban, Johannesburg, and Cape Town. Additionally, it was conducted as a comprehensive webinar, uniting all four locations digitally. This multifaceted approach underscored Al Baraka Bank South Africa's unwavering dedication to its local and global stakeholders. As the host of this pioneering webinar, ABL SA demonstrated its firm commitment to establishing cross-border connections and catalysing economic prosperity on a global stage.

Al Baraka Bank South Africa looks forward to the positive impact of this collaboration, as it continues to play an active role in strengthening trade ties between Pakistan and South Africa.

For media inquiries, please contact:

Mr Nasir Seedat 

Mobile: 082 930 6666 - Email: nasirs@albaraka.co.za  

Al Baraka Bank South Africa, a subsidiary of Al Baraka Group B.S.C, is committed to delivering Shari'ah-compliant banking solutions that empower individuals and businesses. With a presence in key South African cities and a strong global network, ABL SA strives to provide innovative financial products and services that contribute to the economic well-being of its customers and the communities it serves.