Al Baraka pledges $635m for UN Sustainable Devpt Goals

Manama : Following up on the earlier announcement of November 2015, Al Baraka Banking Group (B.S.C) has proudly launched its Social Responsibility Report for 2015. 

It has also launched Al Baraka Goals for 2016-2020, which are linked to the United Nations’ Sustainable Development Goals 2030, making it one of the first global financial institutions to make progress towards the SDGs. 

The event was held in the Shaikh Saleh Kamel Hall at Al Baraka Headquarters, Bahrain Bay, in the presence of number of prominent figures including Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group and Amin El Sharkawi, United Nations Resident Coordinator and UNDP Resident Representative. 

Al Baraka has contortioned over $ 2 billion in funding and financing of social responsibility programmes such as: philanthropic programme, economic opportunities and social investments programme, qard hasan programme, and time commitment programme across its global network.

Its subsidiaries have set their social responsibility targets for the coming five years (2016-2020). These priorities (job creation, education, and healthcare), support and are linked with the United Nations’ Sustainable Development Goals 2030. 

The Al Baraka Goals seek to: create over 51,000 jobs by 2020 through financing a number of businesses and projects in the countries where Al Baraka operates; finance and support over $ 434 million in various healthcare projects and initiatives; Finance and support up to $191m in education-related projects and activities.

Ahmed Yousif said, “We are very proud to continuously demonstrate our keen commitment to contributing to the communities that we serve and operate in. The United Nations’ Global Goals for Sustainable Development provide a great opportunity for Islamic finance to demonstrate its increasing global relevance in a way that best reflects the Islamic values of finance and growth”. 

Sharkawi added “Implementing these goals will result in prosperity, peace, protecting the planet, and partnerships which in turn will benefit the people. Strong partnerships between all stakeholders are vital in succeeding towards the attainment of these goals. This includes the government, private sector and international and local non-governmental organizations all working together.”