Al Baraka Bank, Egypt is a leading Islamic bank operating in Egypt for almost 40 years. The bank serves Cairo, Alexandria, and Delta through its network of thirty-six branches. Al Baraka Bank offers Sharia-compliant banking services, including personal and corporate banking, investment banking, and treasury services.
The bank has received several awards, including being listed in Forbes’ list of Egypt’s Top 50 Companies in 2022 and 2023. Al Baraka Bank Egypt’s success can be attributed to its commitment to providing innovative and customer-focused financial solutions, as evidenced by its designation as the Fastest Growing Islamic Bank by Global Business Outlook Magazine in 2022.
Customers of Al Baraka Bank in Egypt can transact financial and non-financial things online through this digital platform. Almost all banking services that are typically only accessible through branches are now accessible online thanks to this service, including deposit booking, fund transfers, and other services. The bank also offers a Sharia-compliant World Credit Card that gives customers access to a range of benefits that suit their everyday lifestyle, luxury, and travel.
History and Overview
Foundation and Growth
Al Baraka Bank Egypt is an Islamic bank operating in Egypt for almost 40 years. It was established in 1980 as a joint venture between Al Baraka Banking Group and local investors. Since then, the bank has been growing steadily, expanding its network to 36 branches covering Cairo, Alexandria, and Delta.
The bank’s growth has been recognized by various institutions. In 2022, it was awarded by Global Business Outlook Magazine as the Fastest Growing Islamic Bank. Additionally, it was listed in Forbes’ list of Egypt’s Top 50 Companies in 2022 and 2023.
Al Baraka Banking Group
Al Baraka Bank Egypt is the Egyptian investment arm of Bahrain-based Al Baraka Banking Group. Across 17 countries in the Middle East, Asia, and Africa, the group is a prominent provider of Islamic banking services and products that adhere to Sharia law. Its offerings encompass commercial banking, investment banking, and asset management.
The group’s total assets stood at $26.6 billion as of 31 December 2023. It has a strong financial position and a solid track record of profitability. Its success is driven by its commitment to Islamic values and principles and its focus on innovation and customer satisfaction.
In conclusion, Al Baraka Bank Egypt is a well-established and reputable Islamic bank with a strong growth and profitability track record. Its success is underpinned by its affiliation with the Al Baraka Banking Group, a leading Islamic banking institution with a global presence.
Banking Services
Personal Banking
Al Baraka Bank Egypt provides its clients with various personal banking services. These services include deposit accounts, credit cards, personal loans, and investment products. A range of deposit accounts, including time, current, and savings accounts denominated in EGP or other currencies, are available to clients.
Additionally, the bank provides a selection of credit cards with various features and advantages, like cashback, reward points, and purchase discounts. Clients can also apply for personal loans with competitive interest rates and flexible repayment terms.
To access these services, clients can visit one of the bank’s branches or use the digital platform provided by the bank. The digital platform lets clients make financial or non-financial transactions online, including fund transfers, deposit booking, and other services.
Corporate Banking
Al Baraka Bank Egypt offers its clients a range of corporate banking services. These services include financing solutions, cash management, trade finance, and treasury services. The bank provides financing solutions to help businesses meet their capital requirements, such as working capital finance, term finance, and project finance.
The bank’s cash management services help businesses manage their cash flows efficiently with services such as collections, payments, and liquidity management. The bank also offers trade finance solutions to support businesses’ import and export activities, such as letters of credit, guarantees, and export finance.
The bank’s treasury services provide clients access to Sharia-compliant investment products, such as Sukuk, Murabaha, and Musharaka. These products allow clients to invest their funds in a Sharia-compliant manner while earning competitive returns.
Sharia-Compliant Products
As a Sharia-compliant bank, Al Baraka Bank Egypt offers a range of products and services that comply with Islamic principles. These products include deposit accounts, financing solutions, and investment products.
The bank’s deposit accounts are based on the principles of Mudaraba and Wakala, where the bank acts as an agent or a partner to the client. The bank also provides financing solutions based on the principles of Musharaka and Murabaha, where the bank shares the profits and the risks with the client.
Clients can also invest their funds in Sharia-compliant investment products, such as Sukuk, Islamic bonds that provide a fixed return based on the underlying assets. In addition, the bank provides Sharia-compliant mutual funds, which make investments in a variety of Sharia-compliant assets.
In conclusion, Al Baraka Bank Egypt provides clients with various banking services, including personal banking, corporate banking, and Sharia-compliant products. The bank’s services are designed to meet the needs of its clients, whether they are individuals or businesses. The bank’s commitment to Sharia compliance ensures that its products and services align with Islamic principles, providing clients with various ethical and responsible banking options.
Digital Banking
E-Banking Services
Customers can easily manage their finances with the range of digital banking services that Al Baraka Bank, Egypt, provides. To access the bank’s e-banking services, customers must register using their National ID and email address. Customers can use their username and password to log in after registering.
The bank’s e-banking services allow customers to perform various financial and non-financial transactions online, including fund transfers, bill payments, and account balance inquiries. Customers can also view their transaction history and download account statements.
To ensure the security of its e-banking services, Al Baraka Bank, Egypt, uses the most recent encryption technologies to safeguard client data and avoid unauthorized access. Clients are recommended not to share their passwords or usernames with third parties and to keep them private.
Mobile App Features
The mobile app for Al Baraka Bank in Egypt is accessible on iOS and Android platforms and provides a number of functionalities to assist users in managing their money while on the go. Customers must download the mobile app from Google Play or the App Store and then log in with their e-banking credentials to use it.
The mobile app allows customers to perform various transactions, including fund transfers, bill payments, and account balance inquiries. Customers can also view their transaction history and download account statements. The app also provides a number of features, such as savings calculators and budgeting tools, to assist users in managing their money.
Al Baraka Bank, Egypt, uses the most recent encryption technologies to safeguard customer data and stop illegal access to its mobile app. Clients are recommended to protect their mobile app login credentials and not divulge them to third parties.
Al Baraka Bank, Egypt is committed to providing customers with a safe and secure digital banking experience. With its range of e-banking services and mobile app features, customers can manage their finances with ease and convenience.
Branch Network
Al Baraka Bank Egypt has a robust branch network across Cairo, Alexandria, and Delta. The bank has been operating in Egypt for over 40 years and has 36 branches in the country.
Locations in Cairo
In Cairo, Al Baraka Bank has a strong presence with 19 branches in various neighborhoods. These branches are strategically located to ensure customers can easily access banking services. The bank’s branches in Cairo are equipped with modern facilities and staffed with experienced professionals committed to providing excellent customer service.
Expanding Reach
Al Baraka Bank is committed to expanding its reach and providing banking services to more customers in Egypt. The bank has plans to open more branches in other cities and regions in the country. This expansion will enable the bank to reach more customers and provide them with the necessary banking services.
The bank’s expansion plans align with its commitment to providing Sharia-compliant banking services to customers in Egypt. Al Baraka Bank Egypt is part of the Al Baraka Banking Group, which operates in several countries, including Jordan, Sudan, Turkey, and South Africa. The bank leverages the expertise and experience of the Al Baraka Banking Group to provide innovative and reliable banking services to customers in Egypt.
Al Baraka Bank Egypt has a strong branch network in Cairo and other regions. The bank is committed to expanding its reach and providing Sharia-compliant banking services to more customers in Egypt.
Customer Support
Contact Methods
Customers can get in touch with Al Baraka Bank Egypt’s customer support team in a number of ways. One of the most efficient ways to contact them is by calling their call center at 19373 or the international number +202-21600118. Customers can also email the bank or visit one of their branches.
If customers need to update their data, they can contact the Compliance Department via email at Compliance@alBaraka-bank.com.eg. This is a secure and efficient way to ensure that the bank has the most up-to-date information on file.
Service Quality
Al Baraka Bank Egypt is committed to providing high-quality service to its customers. The bank’s customer support team is knowledgeable and well-trained to handle any queries or issues that customers may have.
The bank also offers travel-related services such as travel insurance and foreign currency exchange. Customers can conveniently access these services through their branches or by calling the bank’s customer support team.
Al Baraka Bank Egypt is registered with the Industrial Development Authority (IDA) and complies with all relevant regulations and laws. This ensures that customers trust the bank to handle their financial needs securely and reliably.
The customer service team at Al Baraka Bank Egypt is readily available and adequately prepared to address any questions or concerns raised by clients. The bank is dedicated to offering top-notch service and abides by all applicable rules and legislation.
Frequently Asked Questions
How can I access online banking services for Al Baraka Bank in Egypt?
Al Baraka Bank Egypt offers online banking services to its customers. To access these services, customers must register for online banking on the bank’s website. Customers can access various services, such as fund transfers, bill payments, and account statements, by logging into their accounts after registering.
What are the career opportunities available at Al Baraka Bank in Egypt?
One of the top Islamic banks in Egypt, Al Baraka Bank Egypt, provides job seekers with a number of career opportunities. The bank has a careers portal on its website where job seekers can look for job openings and apply online. The bank offers various job opportunities across departments, such as customer service, marketing, and finance.
What is the contact number for Al Baraka Bank’s customer service in Egypt?
Customers can contact Al Baraka Bank Egypt’s customer service team by calling the bank’s toll-free number, 0800 222 333. Customers can contact the customer service team at any time of day or night for help with their questions and concerns.
Where can I find Al Baraka Bank branches in Egypt?
Al Baraka Bank Egypt has a network of 36 branches across Egypt, covering Cairo, Alexandria, and Delta. Customers can find the nearest branch by visiting the bank’s website and using the branch locator tool.
How can I obtain the financial statements of Al Baraka Bank Egypt?
Al Baraka Bank Egypt publishes its financial statements on its website. Customers can access these statements by visiting the bank’s website and navigating to the Investor Relations section.
What is the SWIFT code for Al Baraka Bank Egypt?
The SWIFT code for Al Baraka Bank Egypt is BRKEEGCX. This code is used to identify the bank when sending or receiving international wire transfers.
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