Al Baraka Islamic Bank, Mazad Bahrain join hands

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Al Baraka Islamic Bank has 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 deal was signed at the bank's headquarters, in the presence of Hamad A. Al Oqab - Chief Executive Officer of Al Baraka Islamic Bank, Raeda Murad - Head of Special Assets Department at Al Baraka Islamic Bank, and Talal Al Araifi - Chief Executive Officer of Mazad Bahrain along with a number of senior officials. Al Baraka CEO Al Oqab stated: "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".

Mazad CEO Al Araifi said they the company seeks to apply its expertise in electronic auction management which offer the highest levels of transparency and fairness.