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Al Baraka Banking Group B.S.C. (ABG) has converted its current Islamic Wholesale Bank licence in Bahrain to a Category 1 Islamic Investment Firm licence, its subsidiary Al Baraka Bank Egypt said in a bourse filling on Wednesday.
The licence conversion comes in line with Al Baraka’s future strategy and business model and to benefit from the regulatory framework of the Central Bank of Bahrain (CBB) for wholesale banks and investment firms.
Accordingly, the Group’s commercial name has been changed from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C.
