MANAMA: Bahrain-based Al Baraka Banking Group has won a top award.
It received the top prize at the Hawkamah Union of Arab Banks 2010 Bank Corporate Governance Awards.
Three prizes were awarded at the Growth of Corporate Governance in the Region Conference, in Muscat.
Thirty-five banks from the Middle East and North Africa (Mena) region competed for the awards, which included three prizes for the three best banks.
Al Baraka won the first prize for its implementation of and compliance with corporate governance principles at its head office and subsidiary banks.
The judging panel included three international corporate governance experts from PricewaterhouseCoopers, Global Governance
The prize also recognised Al Baraka's contribution to the development of Islamic banking, its outstanding achievements in the field and for its regional as well as global standing.
"It is an international recognition of the achievements of the group, its high international status and contributions towards the implementation of corporate governance systems which will contribute to the further development of Islamic banking," Al Baraka president and chief executive Adnan Ahmed Yousif said.