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Al-Baraka Bank Group Appoints New Chairman

Al-Baraka Bank offices in Beirut, Lebanon (File photo: Reuters)
Al-Baraka Bank offices in Beirut, Lebanon (File photo: Reuters)
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Al-Baraka Bank Group Appoints New Chairman

Al-Baraka Bank offices in Beirut, Lebanon (File photo: Reuters)
Al-Baraka Bank offices in Beirut, Lebanon (File photo: Reuters)

Al-Baraka Banking Group (ABG) appointed Abdullah Saleh Kamel as the board's new chairman, succeeding late Sheikh Saleh Abdullah Kamel, the group's founder who passed away last month.

The Group is based in Bahrain and the Central Bank of Bahrain issued a statement approving the appointment.

For more than 30 years, Abdullah has been working in the financial, business, and investment sectors and has accompanied the establishment of his father’s projects, including al-Baraka Banking Group.

The Group is one of the most prominent institutions in Islamic banking, where Abdullah served as vice-chairman for years. He was also chairman of the Group’s executive committee, contributing to the development of frameworks and strategies.

Abdullah Kamel hold the executive presidency of Dallah al-Baraka Group in Saudi Arabia. He also chairs the boards of directors of a number of companies with different activities in investment, real estate, finance, and media, including: Aseer Company, Amlak Real Estate Development and Finance, Okaz Press and Publishing Corporation, and the vice-chairman of King Abdullah Economic City Emaar.

Abdullah thanked the board for appointing him to the position, affirming that he would continue in his father's approach, adhering to the principles of modern Islamic banking.

CEO of al-Baraka Adnan Ahmed Youssef said that Abdullah is one of the founders of the group and has the full confidence of its board, adding that the approval of the board of directors for his appointment is a guarantee that the group will continue the same approach of its founder.

Al-Baraka Banking Group (ABG) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

With a capital of $2.5 billion, ABG offers retail, corporate, treasury, and investment banking services in its subsidiary banking units and representative offices in 17 countries.

Al-Baraka Banking Group has operations in 700 branches in: Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.

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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo

Britain's Treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing.
The Treasury said Friday that Rachel Reeves will travel to Beijing and Shanghai and will meet with her Chinese government counterpart, Vice Premier He Lifeng, Reuters reported.
Reeves' trip is expected to revive the China-UK Economic and Financial Dialogue — annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years.
A series of spying allegations from both sides, China’s support for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony, have soured ties.
Bank of England Governor Andrew Bailey and the UK Financial Conduct Authority's chief executive, Nikhil Rathi, are also in the delegation, according to the Treasury. Representatives from some of Britain’s biggest financial services firms will join the trip.
Officials did not provide details, but media reports have said senior executives from HSBC Holdings and Standard Chartered were included.
Reeves' visit comes after Foreign Secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
The meetings form part of a bid by Starmer, who was elected as leader in July, to strengthen political and economic ties with China, the UK's fifth-largest trading partner.
Officials said Starmer wanted a “pragmatic” approach to working with Beijing on global stability, climate change and the transition to clean energy.
But some in the opposition Conservative Party have criticized his stance and said trade ties should not come at the expense of national security and human rights concerns.
British political leaders and intelligence chiefs have warned repeatedly of the security threats that China poses. Calls to tackle the challenge grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out “covert and deceptive activity” for China's ruling Communist Party, according to officials.
Nevertheless, Lammy told reporters in London on Thursday that “there are many areas of trade that don’t impact on national security.”
He said Reeves “will repeat many of the messages that I took to China.”
“What we’ve said is in this complex relationship with a global superpower, we are guided by three Cs”: challenge, compete and cooperate, for example in areas including health and climate challenges, Lammy added.