Al Baraka Bank Egypt has announced plans to invest EGP 700mn ($14.2mn) through 2028 to accelerate its comprehensive digital transformation roadmap, Hazem Hegazi, CEO and Vice Chairman of the Sharia-compliant lender told Al Arabiya Business on June 29.
The move is part of a medium-term expansion strategy built around six core pillars designed to overhaul the bank's operational infrastructure.
The multi-year capital injection will fund an upgrade of the bank’s mobile and internet banking ecosystems, activate WhatsApp for Business solutions, and deploy AI-driven chatbots to optimise customer service response times and quality.
Hegazi confirmed that Al Baraka has already commenced the physical overhaul of its legacy systems, replacing its Core Banking System to build a more agile, high-efficiency digital operating model.
Recently, Al Baraka Bank Egypt filed a mandatory tender offer (MTO) with the Financial Regulatory Authority to acquire a majority stake of up to 90% in Al Tawfeek Leasing Company via a share swap agreement.
Al Baraka Group expanded its regional footprint by launching a cross-border banking system that allows customers to seamlessly open and manage accounts between Al Baraka Islamic Bank Bahrain and Al Baraka Bank Egypt. The Egyptian unit reported total operating income of EGP 2.27bn for Q1 2026, though its consolidated net profit dipped 14.4% year-on-year to EGP 816mn due to broader macroeconomic adjustments.
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