Established in 1989, Al Baraka Bank is a commercial Bank providing a suite of Shariah-compliant products to communities across the country, as a practical and sustainable alternative to conventional banking.

Our products and services increasingly appeal to both Muslim clients and clients of other faiths and backgrounds. In employing a fair and just system of financial management, Al Baraka Bank’s  guiding principles are drawn from Shariah, thus upholding the idea of profit and loss-sharing, while prohibiting the payment or receiving of interest in any transaction.

Although embracing the era of digitalisation in a technologically-driven world, the Bank strives to maintain close personal contact with its clients and sets out to actively live the moral value of ‘partnership,’ while continuously endeavouring to create, develop and sustain long-term relationships with the people we serve.

This enables the Bank to cultivate close and meaningful dealings and exchanges to the benefit of both clients and the business.

With our head office located in Durban, our financial institution enjoys a national business footprint and is ideally positioned to offer clients a comprehensive bouquet of financial products and services.

As at 31 December 2024, Al Baraka Bank’s primary shareholders included the Bahrain-based Al Baraka Group B.S.C.(C) (64,51%), Johannesburg-based Timewest Investments (Pty) Ltd (7,67%), DCD London and Mutual plc (6,60%), Dominion (SA) (Pty) Ltd 
(6,01%), Sedfin (Pty) Ltd (3,33%) and Esanjo Capital Ltd (2,0%). Foreign and local shareholders represent the balance.

Al Baraka Bank’s board of directors comprises international and local business people and professionals, all with the requisite business skills, coupled with exceptional collective knowledge, expertise and experience in Islamic banking.

The Bank also has in place both an internal Shariah Department and an independent Shariah Supervisory Board. These bodies play a vital role in ensuring the Bank’s full compliance with Shariah in its everyday business activities. In addition, Al Baraka Bank is a member of the authoritative and respected international Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

The Bank’s financial products are accordingly reviewed and audited on a regular basis, giving effect to the ongoing maintenance of and adherence to Shariah.

ABG, through its shareholding in the South African subsidiary, has ensured that the local business unit has grown to become an integral part of the international Group.

In line with this, the Bank has developed and honed an enviable standing in South Africa’s financial sector as a financial services provider of high repute; one which demonstrates the professionalism, effectiveness and efficiency necessary to function at the leading-edge of Islamic banking in this country.

Al Baraka Bank in South Africa is a fully integrated subsidiary of Al Baraka Group B.S.C. ( C ) (“ABG”/the “Group”), a Bahrain-based financial institution and global leader in Islamic finance. The Group as a leading international Islamic financial group, provides its unique services in countries in which it has a presence.

Formerly Al Baraka Banking Group, the entity received approval to change its licence, becoming an investment business firm – Category (1) (Islamic Principles), effective 22 March 2022 and was renamed Al Baraka Group. In line with this change, the Group also redeveloped its Vision and Mission statements and values.

The licence change and Group name change in no way affects the business operations of its global subsidiaries, inclusive of Al Baraka Bank in South Africa.

ABG is a leading international Islamic financial Group with a presence in 13 countries as at 31 December 2024. Through its banking subsidiaries and associates, the Group provides services in retail, corporate, treasury and investment banking, all strictly in accordance with Shariah principles, through more than 600 branches.

Al Baraka Bank remains deeply committed to serving the financial needs of communities across South Africa, through an ethical customer-centric approach, tailored for the digital age. We remain aligned to the mission, vision and values of the Al Baraka Group B.S.C. (c), as set out below.

Vision

To be a global leader in innovative participation finance, offering an agile ethical financial system built for the digital age

Mission

To  fulfill the financial needs of communities across the globe by conducting business through an ethical customer-centric approach tailored for the digital age, based on our core beliefs and aimed at sharing the mutual rewards with our partners in business success: our customers, our employees, our shareholders, and our communities at large

Values

Partnership:

Our shared beliefs create strong bonds that form the basis of long-term relationships with customers and staff.

Agility:

We are fleet-footed to adapt to the Digital Age to meet the fast changing customer behavior and needs in a dynamic and challenging environment.

Innovation: 

We recognize that an ‘INNOVATION FIRST’ culture is necessary to be able to serve our customers on a ‘here and now’ basis in a fast changing world

Trust:

Our customers can experience peace of mind and rest assured that their financial interests are being managed by us to the highest ethical standards of participation finance.

Development:

By banking with our banking subsidiaries, our customers make a positive contribution to a better society - their growth and ours will sustain the greater good of society.

Al Baraka Bank in South Africa is a fully integrated subsidiary of Al Baraka Group, a Bahrain-based financial institution and a world leader in Islamic banking.

Islamic Banking caters to the increasing demand for alternatives to conventional banking methods and financial practices. The elementary concepts of Islamic Banking are: Risk-sharing, Transparency, Integrity and Social Responsibility. The essential distinction between Islamic and conventional banking, is in the association a bank has with its client, and the commitments that regulate that association. The Islamic Bank is a trader, an investor, a leaser, and a service provider to its client. 

Al Baraka Bank’s board of directors comprises international and local business people, all with the requisite business skills, coupled with exceptional collective knowledge of and expertise and experience in Islamic banking. The bank also has in place both an internal Shariah Department and an independent Shariah Supervisory Board. These bodies play a vital role in ensuring the bank’s full compliance with Shariah in its every-day business activities. In addition, Al Baraka Bank is a member of the authoritative and respected international Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The bank’s financial products are accordingly reviewed and audited on a regular basis, giving effect to the ongoing maintenance of and adherence to Shariah.

At Al Baraka Bank, we endeavour to provide our clients with contemporary products and services, without compromising on the values that the Shariah outlines. The offerings are for any individual or company who seek a different method of managing their finances.

Click here for more information