Bahrain-based Albaraka Banking Group is planning to launch a new identity early next year.

This was revealed on Wednesday by president and chief executive officer Adnan Ahmed Yousif at the group's sixth annual strategic meeting held at the Diplomat Radisson SAS Hotel, Residence and Spa, said a report in our sister publication, the Gulf Daily News.

Yousif chaired the meeting, which was attended by the CEOs and general managers of the banks affiliated to the group.

The meeting also discussed a number of key topics including plans for expanding the group's office in Indonesia and Albaraka Bank Syria (under formation), development of the IT systems in the group and affiliated units, development of risk policies and procedures and the progress made on the implementation of of Basel II.

'The new identity represents a major landmark in the group's new strategy which aims to continue improving the services it provides to its clients, while at the same time continue with the launching of the new IT systems in the group,' Yousif said.

'The group accomplished a strategic achievement during the last few months when it commissioned its new IT system which will link it with all the affiliate units and integrate all their information databases.

'The new system will also help in increasing the business volumes between the units of the group and the exchange of information about all the activities, services and products offered by the units,' he said.

'The holding of the meeting at a time of acute financial and economic crisis that had serious impact upon major international financial institutions can, no doubt, be considered as a big success for the group.

'The group, thanks to the Islamic approach it follows in its banking and financial dealings, was able to continue achieving strong growth both in terms of operating income and volume of financing and investment business.

'The Islamic banking approach also enabled the group to continue with the implementation of its geographic expansion with great success. This, in turn, proves the soundness of the business strategies adopted by the group,' Yousif said.

Meanwhile, Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj met a delegation from the AlBaraka Banking Group led by Yousif.

Yousif briefed Al Maraj on the group's latest financial results, and their plans for the future.

Also present at the meeting was CBB Islamic financial institutions director Hussain Sharaf. - TradeArabia News Service