Mubasher: Al Baraka Banking Group (ABG), listed on Bahrain Bourse and the Egyptian Exchange (EGX), has launched an inter-franchise collaboration portal to enhance business opportunities for customers in Egypt and Pakistan.
The partnership between Al Baraka Bank-Egypt and Al Baraka Bank Pakistan is expected to support the commercial endeavours of both sides by strengthening ties and enhancing communication between Pakistani exporters and Egyptian importers, according to a press release.
The banking group’s initiative also aims to stimulate international foreign exchange inflows into the banking systems of Pakistan and Egypt.
This initiative aligns with the group’s commitment to fostering collaboration among its units, in line with its plans to launch collaboration portals in subsidiaries across diverse markets including Bahrain, Turkey, Algeria, Jordan, and Tunisia.
Houssem Ben Haj Amor, Group CEO of Al Baraka Group, said: “The launch of this collaboration portal reinforces the unwavering dedication of both Al Baraka Bank Egypt and Al Baraka Bank Pakistan to achieving the Group’s goals.”
“This collaboration builds upon our record of internal partnerships aimed at promoting international trade among stakeholders and solidifying relationships with international customers and stakeholders,” Amor added.
He further noted: “Through a multifaceted approach, we aim to enhance communication between exporters and suppliers, fostering favourable conditions that encourage trade exchange between our units which will ultimately contribute to driving global economic development.”
It is worth highlighting that Al Baraka Bank-Egypt posted a consolidated net profit after tax of EGP 553.27 million in the first quarter (Q1) of 2024, up from EGP 445.68 million in Q1-23.
