ABG, LBF join hands

Manama : Al Baraka Banking Group (ABG) has signed a Memorandum of Understanding (MoU) with the Libyan Foreign Bank (LFB) to collaborate in all banking areas.

The MoU was signed by Adnan Ahmed Yousif, President and Chief Executive of ABG and Chairman of Al Baraka Türk Participation Bank on behalf of Al Baraka Banking Group and Mohamed A. Ben Yousef, General Manager of LFB on behalf of the Libyan Foreign Bank.

The signing ceremony was held at the headquarters of Al Baraka Türk

Participation Bank in the presence of a number of officials in the two institutions led by Meliksah Utku, the General Manager of Al Baraka Türk Participation Bank.

The MoU aims to establish a close cooperation framework through which the two parties can activate joint initiatives and banking activities, as well as prepare technical cooperation programs in the future. 

It also includes the exchange of knowledge by Al Baraka Banking Group, which will benefit the Libyan Foreign Bank in the field of Islamic banking, enhance cooperation in correspondent banking and commercial finance operations between the two banks as “preferred trading partners” and further cooperation in liquidity management, investments, exchanging information and ideas and making use of the network of resources available to each Party.

On the occasion, Adnan Ahmed Yousif said, “Al Baraka has historical and strong relations with the Libyan banks and the Libyan market, especially the Libyan Foreign Bank, which plays a leading role in Libya, Africa, Asia, Europe and America and owns main participations in 40 banking and financial institutions in all these countries. Al Baraka Banking Group, which has a good presence in the Libyan market through its representative office, has a strong presence around the world and has 703 branches through its banking units in 15 Arab, Asian and African countries. 

The Group will soon open its banking unit in Morocco and have well-planned programs to expand in Africa and Asia, based on long-standing Islamic banking experience, deep knowledge of the markets in which its units are located, with a strong network of relationships, wide financial and human resources and a rich record of excellent financial performance. 

Therefore, it is natural to look forward to working with the Libyan Foreign Bank to integrate our large resources and potentials in all forms and fields of banking to achieve mutual benefit and to improve the integrated work models among the Arab banking institutions.”