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IIRA affirms ABC Islamic Bank’s ratings

The Islamic International Rating Agency (IIRA) has reaffirmed ratings assigned to ABC Islamic Bank at A+/A-1 on the national scale and A-/A-2 on the international scale, Arab News has reported. ABC Islamic Bank, a wholly-owned subsidiary of the Arab Banking Corp, has posted improving financial performance particularly in the first half of 2013, said IIRA. Moreover, certain non-performing accounts have been settled and higher quality new exposures have been taken, resulting in improved asset portfolio quality. Capital is sufficient for the foreseeable future and given the bank's growth projections, the rating agency said.