Al Baraka Islamic Bank has opened a new branch in Arad, Bahrain.

It was opened by Al Baraka Islamic Bank chief executive officer and board member Mohamed Issa Al Mutaweh in the presence of a number of senior bank officials.

'It's a happy occasion to open today our fifth branch in the area of Arad, which reflects the bank's plans to expand the bank's network of branches and ATMs in the main areas of Bahrain, as we seek to open more branches and ATMs in the coming period,' Al Mutaweh said.

This brings the total number of branches to five and ATMs to eleven machines in Bahrain in addition to 30 branches in Pakistan.

'The branch will provide all types of banking services to all individuals and corporate sectors including the opening of deposit and investment accounts and providing financing services through the 'Taqseet' product,' Al Mutaweh said.

'The product covers all the financing and investment needs of individuals and companies that includes financing the purchase of cars and other goods as well as mortgage financing for privateresidential or investment purposes.

'In line with its plan to develop talented Bahraini bankers, the bank appointed a number of qualified Bahraini employees to run this new branch.

In this regard, Hafid Qambar was appointed as manager of the branch at the head of a work team of Bahraini nationals. This is another step in strengthening the bank's Bahrainisation policy,' he added.

'The branch is situated in an ideal location because of the heavy traffic of people and shoppers and it is easily accessible from key neighbouring areas,' retail banking services and domestic branches assistant general manager Rashid Hassan Al Alaiwi said.-TradeArabia News Service