By: Amr Adel

Manama - Mubasher: Al Baraka Banking Group plans to issue long-term sukuks’ issuance worth $300 million to boost capital, said Adnan Ahmed Yousef, CEO.

“The group currently runs talks with number of banks to manage the issuance that is expected to take place by the first quarter of 2017,” added Adnan on the sideline of an Islamic banking conference

The group studies expansion in Indonesia through buying local bank there, noted Adnan.

The group also plans to penetrate the Chinese market for the first time amid the growing demand on the Islamic banking services there, added CEO.

Elaborated, the group executive said they expect to secure the permit of operating in Morocco before the end of the current year.

“We expect to start operations in Morocco by the first quarter of 2017,” said Adnan.

The group also plans to increase the number of its branches to 25, 1,000 by 2017 and 2020 respectively amid it plan to boost its revenues to $2 billion.