What it does: retail, consumer, corporate and investment banking services based on the principles of Islamic banking.
Best known for: Al Baraka Bank is the result of the first merger among three Islamic banks in Pakistan.
Staff stats: More than 2,800 employees.
The good bits: Al Baraka Bank prefers young candidates for entry-level roles like branch service officers. The company is a subsidiary of Al Baraka Banking Group which operates in 17 countries, which implies an established business.
The not so good bits: The company’s median salaries for entry-level roles are lower than the industry average in Pakistan. Internships for trainee officers will require a three-year training contract.
Hiring grads with top marks in: accounting, banking and finance; business and marketing; human resources and law; communications and media; engineering and information technology.
Al Baraka Bank opened for business in 2010 after the merger of Al Baraka Islamic Bank Pakistan, Emirates Global Islamic Bank (Pakistan) and the branch operations of Al Baraka Islamic Bank Bahrain. Six years later, the bank further improved its Islamic banking operations in Pakistan by consolidating Burj Bank Ltd.’s operations with the company.
Since then, the bank has grown into a financial institution with more than PKR 123 billion of assets and more than 197 branches in 97 cities and towns in the country. Al Baraka Bank operates as a subsidiary of Al Baraka Banking Group, which has several other banking units in 17 countries in Asia, Europe, the Middle East and North Africa.
Graduates can apply online or by sending their resumes to the company if there are no available vacancies. Al Baraka Bank doesn’t seem to advertise its employment opportunities on its website, unlike other companies. However, the bank recruits university students who have a Bachelor’s or an MBA in Accounting, Banking or Finance. You should be not more than 26 years old and have a minimum CGPA of 2.7 to qualify for an entry-level role.
A written exam that will test your knowledge and skills comprises questions and tasks on English essay and comprehension; economics and finance; problem-solving and logical reasoning; and IQ and analysis. The company invites students to apply even if they are still in the process of graduation.
You should be willing to sign a three-year training bond if you plan to be a trainee officer at the bank. Branch service officers are some of the entry-level jobs at Al Baraka Bank that don’t require work experience. Employment opportunities for those with mid-level experience (e.g. at least three years) include assistant managers, preferably individuals with a master’s degree in any discipline. Branch managers at the company must have at least eight years of experience, including two years in the same position.
Area managers should have between 10 and 15 years of experience. Regional HR managers must have an MBA and a minimum of eight years’ work experience. The company prefers to hire individuals with a background in engineering as regional heads for the general service delivery segment.
Al Barak Bank’s average salary is PKR 99,000. By comparison, the minimum salary in the industry is around PKR 60,700 while median salaries reach up to PKR 110,000.
Entry-level roles such as branch service officers at the company earn an estimated average of PKR 25,000 every month. Senior trade officers and senior office administrators earn around PKR 35,000 on average per month. The median salary for relationship managers ranges from around PKR 43,000 to PKR 67,000 per month.
Management roles including branch managers and operations managers earn between PKR 70,000 and PKR 82,500. Upper-level management like vice presidents and senior vice presidents earn around PKR 224,000 and PRK 272,000 per month, respectively. The company pays PKR 700,000 on average to department heads every month. Company benefits include provident and gratuity funds, medical and financial assistance.
The bank is an equal opportunity employer that doesn’t discriminate against a person’s gender. Some employees described the company’s work environment as healthy and professional, although others believe that the benefits can be better. The bank also provides employees with the freedom to make decisions, depending on the role. Work schedules last between eight and nine hours.
Al Baraka Bank’s peers in Pakistan’s Islamic banking sector include Meezan Bank Ltd, Askari Bank Ltd, Bank Alfalah Islamic and BankIslami Pakistan Ltd.
The company’s sustainability and social responsibility align with Al Baraka Banking Group’s guidelines. Some of the company’s projects include the following:
Graduates who have prior knowledge about Islamic banking principles will have an edge at Al Baraka Bank. Those who are willing to settle on a below-average salary for an entry-level position, in exchange for job security and benefits, should consider this company. However, recent graduates who are over 26 years old will find it difficult to join the bank.