Al Baraka Bank Examines Types of Transactions

Shari'a board of Al Baraka Islamic Bank, Bahrain, held it's meeting in Karachi to review and examine the types of transactions carried out with respect to documentation and procedures adopted by the bank in Bahrain and Pakistan.

Shari'a Board of the Bank is headed by Dr Abdul Sattar Abu-Guddah, who holds a PhD in Islamic Law from Al Azhar University, and who is also an active member of Islamic Fiqh Academy, Jeddah and Accounting & Auditing Standards for Islamic Financial institutions (AAOIFI), Bahrain. Dr Guddah is the member of a number of Islamic financial institutions. The other members of the Board are Sheikh Essam Ishaq, Dr Abdul Lateef Al-Sheikh and the Board is assisted by Sheikh Waleed Al-Mahmood, in Bahrain and Moulvi Hassan Kaleem in Pakistan.

The Board holds such supervisory meetings every six months, and it was agreed in the meeting to hold at least a meeting once a year in Pakistan. AlBaraka Islamic Bank is a part of the Saudi conglomerate Dallah Al Baraka engaged in Islamic Banking & Finance for the past 25 years in 22 countries. AlBaraka Islamic Bank has been operating in Pakistan since 1991. Presently, it has four branches and plans are afoot to open few more in the next three years.