The Bahrain based leading international Islamic banking group Al Baraka Banking Group (B.S.C.) announced that Standard & Poors’ (S&P) the premier rating agency in the world had re-affirmed ABG’s rating of BB+ (long term) and B (Short term), upgrading the Outlook to Stable.
S&P commented that ABG’s business position is strong, reflecting superior geographic diversification in earnings compared with its peers as well as the competitive benefits its derives from its Islamic banking status.
The bank’s strategy is driven by its growth and the risks are mitigated by the quality of management and knowledge of its key markets. S&P added that the bank’s financing book is highly granular and ABG displays resilience in its asset quality.
Commenting on the reaffirmation of the ratings by S&P, the President & Chief Executive of ABG Mr. Adnan Ahmed Yousif said that the rating outcome is yet another testimony to the consistent performance of our group across all these years with good asset quality and growth based upon conservative risk parameters that is so necessary in the current business and economic environment.
Al Baraka Banking Group (B.S.C) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is jointly rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national scale with a Stable outlook by Islamic International Rating Agency & Dagong Global Credit Rating Company Limited, and by Standard & Poor’s at BB+ (long term) / B (short term) with a Stable outlook. Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$ 1.5 billion, while total equity is at about US$ 2 billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in fifteen countries, which in turn provide their services through over 560 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, including two representative offices in Indonesia and Libya.