Al Baraka bank has reached a momentous milestone in its existence. More than three decades since inception, its leadership hopes the Islamic bank will reap many more rewards for its noble intention.
In an interview marking 35 years since the bank was established, CEO Mohammed Kaka noted how most of its staff were themselves younger than the bank.
“A lot of good things have happened over 35 years in the history of the bank,” he stated, hoping that “a lot more” was in store.
For now, he said, the focus was on ensuring they offered “financial solutions without compromising clients’ religious beliefs and their ethical beliefs”.
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One of the founders of Al Baraka, Adv. AB Mahomed S.C, recalled the process that went into building a bank that catered for Muslim clients.
He said the idea that brought the bank to life was that “we must apply the principles of Islam in our day-to-day lives, particularly in business, in issues relating to our homes, [and] the manner in which we earn our provisions”.
For this reason, he said, the formation of Al Baraka was necessary.
“I felt very strongly that we need to apply for an institution that is properly regulated. We do not want any favours from the state. Islam can be applied anywhere in the world, otherwise, we say, Allah made a mistake.”
Mohammed Kaka (CEO) Adv. AB Mahomed S.C (founder) and Naushaad Khan (34 years with Al Baraka Bank) spoke to Inayet Wadee in commemoration of the bank’s 35-year existence. Watch the full interview here.
