Albaraka Seeks $100 Million Indonesia Acquisition This Year

Albaraka Banking Group BSC, a Bahraini Islamic lender, is seeking to buy about 75 percent of an Indonesian bank before the end of this year, Chief Executive Officer Adnan Yousif said.

Albaraka is in talks with the Chinese shareholders of the non-Shariah compliant bank and expects to invest as much as $100 million in the deal, Manama-based Yousif said in a phone interview today. He declined to provide the bank’s name.