By Waseem Camroodeen
A special dinner was held by Al Baraka Bank at LMA’s Hall on Wednesday, 19th February to express gratitude to Lenasia for its contribution to the institute’s immense success during 30+ years of Islamic Banking in South Africa.
The programme director, Ismail Yuseph, GM Corporate indicated that the bank had acquired in excess of 10 000 clients from Lenasia and surrounding communities during this period.
He introduced keynote speaker, Mr. Shabir Chohan, Chief Executive of Al Baraka Bank, who indicated in his opening that by moving the Lenasia Branch from the LTA Plaza (Rose Avenue) to Trade Route Mall “was moving the bank away from the community, however we later realised that this was not the best decision taken and we rectified this by relocating the bank to Signet Terrace where the branch has been ever since”.
Chohan enthusiastically revealed that the worldwide growing phenomenon of Islamic banking is worth almost R35 billion in ‘deposits’ and R10 billion in ‘advances’ in SA, with Al Baraka Bank enjoying 18% of the deposit shares and a massive 53% of the advances.
With our government said to be very interested and supportive towards Islamic banking, Chohan elucidated upon the mythical ‘Sukuk’ investment - a trendy, successful Islamic bond where “returns are generated from assets” of which Al Baraka prominently issued R200 million-worth between 2014 and 2018. Last year, the Reserve Bank authorized Al Baraka to issue further Sukuks worth R400 million, with R107 million being raised for it in December alone!
In terms of technology, Chohan said Al Baraka’s fervently developing a long-overdue mobile app and he spoke of an imminent public announcement whereby its card-holding bank clients could now even use Pick ‘n Pay stores to deposit R5000 cash at a time.
He concluded by saying Al Baraka Bank endeavours to significantly grow in the Lenasia region where “there’s great potential”.
After indulging in some starters, patrons witnessed some convivial, insightful and vibrant ‘product and services’ presentations by three Lenasian Al Baraka members, affectionately called the ‘A-team’: Aslam Ahmed (Gauteng Corporate Manager); Aadila Soni (Transactional Banking Consultant); and Abed Ali Mia (Sales Manager, Lenasia branch).
Invited guests enjoyed a splendid supper with catering courtesy ‘Fabulous Functions by Nadia’ assisted by affiliated waitrons who received widespread praise for their courteous and professional hospitality.
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