Between 2010 and 2016 ABPL added 61 branches taking the branch network to 150.
Today with a vast network of over 200 branches across Pakistan, ABPL has assets in excess of Rs.
The Islamic Banking industry has witnessed tremendous growth over the past five years; this merger will further catalyze the growth by establishing ABPL as an even stronger institution in the Islamic Banking sphere.
ABPL is part of Al Baraka Banking Group (ABG), a Bahrain Joint Stock Company, listed on Bahrain and NASDAQ Dubai stock exchanges.
Outlook on the assigned ratings has been revised from stable to positive as JCR-VIS expects continued momentum in the recovery of financial indicators of the bank to translate into improved positioning of ABPL vis-a-vis peer banks, going forward.
For addressing these challenges, ABPL has been aggressively working to contain its cost of deposits in addition to which growth in high margin segments is being pursued to enhance return on assets.
With assets in excess of Rs67 billion; a workforce of 1,400 professionals and a network of 94 branches in 42 cities and towns across Pakistan, ABPL is also devoted in providing customers with a range of Shariah compliant products to suit their banking needs.
The JCR-VIS Credit Rating Company Limited has also reaffirmed the entity ratings of ABPL at 'A/A-1' (Single A/A-One) in 2012.
Capitalizing on excellent knowledge of regional and local markets, ABPL
's products fully comply with Shariah principles approved by the Bank's renowned Shariah Advisory Committee.
Al Baraka Bank (Pakistan) Limited (ABPL
) has been one of the pioneers of Islamic banking in Pakistan, dating back two decades.
The merger, a first in the Islamic Banking sector in Pakistan, positions ABPL
to play an important role in further growing an industry which has witnessed tremendous growth over the last 5 years.