Al Baraka Islamic Bank Signs a Joint Cooperation Agreement with Mazad Bahrain
Al Baraka Islamic Bank, one of Bahrain's leading Islamic financial institutions, recently signed an auction services agreement with Mazad, the Kingdom's leading auction services provider, to collaborate on regulating and managing the sale of assets preserved or pledged by the bank.
The signing ceremony took place at Al Baraka Islamic Bank's headquarters, in the presence of Mr. Hamad A. Al Oqab - Chief Executive Officer of Al Baraka Islamic Bank, Ms. Raeda Murad - Head of Special Assets Department at Al Baraka Islamic Bank, and Mr. Talal Al Araifi - Chief Executive Officer of Mazad Bahrain along with a number of senior officials.
Commenting on this occasion, Mr. Hamad A. Al Oqab - Chief Executive Officer of Al Baraka Islamic Bank stated: "we are pleased to announce our new partnership with Mazad Bahrain, which reflects the bank's ongoing efforts to provide absolute transparency in all of our banking practices and operations related to listing the Bank’s assets in Mazad auction. We are confident that by transferring ownership of these assets to new investors upon resale, new development opportunities will emerge, contributing to the Kingdom's economic growth".
Mr. Talal Al Araifi - Chief Executive Officer of Mazad Bahrain, also commented on this partnership by saying: “we are very pleased with our partnership with Al Baraka Islamic Bank, the first of its kind with one of the leading banking sector institutions in the Kingdom. As Mazad seeks to apply its expertise in electronic auction management which offer the highest levels of transparency and fairness".
He added: “We are continuously working to diversify our asset sale portfolio based on our corporate values of transparency and sustainability. We also always seek through cooperation with various institutions in Bahrain by contributing to sustainability and growth of our national economy".
Mazad Bahrain is one of the companies founded in 2017 under the umbrella of Bahrain Mumtalakat Holding Company with the goal of organizing public and electronic auctions, to become the leading destination in the Kingdom in the field of providing auction services in collaboration with prestigious international auction companies.
For any further information, kindly visit our website at www.albaraka.bh or call us at 13300400.