Bahrain’s Albaraka Banking Group reduced the size of a scheduled March sukuk (Islamic bond) offering to $250 million-$300 million from the planned $500 million, its Chief Executive Officer Adnan Ahmad Yousuf announced.

The cost of borrowing through sukuk has risen since anti-government protests began in Egypt two weeks ago on concern political instability may spread throughout the Middle East.

Albaraka is a leader in the financial jihad: The bank will spend $200 million to fund expansion in India and China, and $50 million in Indonesia, where Albaraka already has an office. The Manama-based lender also plans to open its first branch in Paris in 2012 with an initial capital of $136.5 million.


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