based Islamic bank's net income rose to $193 million with the final quarter of the year accounting for $46 million of that. Continued expansion helped Al Baraka Banking Group increase its net income by 15 percent last year. Total assets increased by 21 percent to $16 billion. Total finance and investments also rose by 21 percent to $11.4 billion from $9.4 billion last time. Customer deposit and other accounts and unrestricted investment accounts have witnessed a marked increase of 23 percent from $11 billion to $13.6 billion at the year end, indicating continued customer confidence and loyalty to the group and the growing customer base as a result of expansion in the branch network. The board is recommending dividend of five cents a share, amounting to $39.5 million, and a one-for-10 shares bonus, amounting to $79 million. "We are very proud to see continuing growth in the revenue and business of Al Baraka Banking Group and further elevation in its regional and global standing in spite of extremely difficult economic and financial conditions," said chairman Sheikh Saleh Abdullah Kamel. "We consider the outstanding results achieved in 2010 as an embodiment of the success of the business model that we followed since the founding of the group, a model that reflects the true values of Islamic banking and far-sighted business strategies, supported by outstanding management expertise,” he added.
