MANAMA: The Bahrain based leading international Islamic banking group, Al Baraka Banking Group (B.S.C.) (ABG), announced that Standard & Poor’s (S&P) had re-reaffirmed ABG’s rating of BB (long term) and B (Short term).
S&P commented that ABG’s strength was its superior geographic diversification when compared to its peers and the competitive benefits it derives from its status as an Islamic bank. The quality of ABG’s management, clarity of strategy and strong track record of operations are also seen as positive factors, and so is its granular financing book.
Adnan Ahmed Yousif, the President and Chief Executive of the ABG, said that the rating outcome is a testimony to the consistent performance of the Group since many years, with the future looking positive.
Al Baraka Banking Group is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is 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 rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating. ABG offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is US$ 2.5 billion. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Saudi Arabia and Morocco, in addition to a Digital bank in Germany, two branches in Iraq and two representative offices in Indonesia and Libya.
