News   

   2010
   
 

S&P REAFFIRMS AL BARAKA TURK PARTICIPATION BANK'S RATING

 S&P REAFFIRMS AL BARAKA TURK PARTICIPATION BANK'S RATING

Al Baraka Banking Group (ABG) announced that S&P has reaffirmed Al Baraka Turk Participation Bank's long term counterparty credit rating of BB / B (Short term). The Outlook is Stable.

In their rating S&P remarked that the ratings reflected the good track record of Al Baraka Turk Participation Bank in the participation banking market in Turkey, its adequate funding resources supported by a strong deposit franchise and limited market risk and expect the bank to maintain its asset quality and capitalization at the current levels. They added however that the ratings are constrained by the country rating of Turkey which is BB. Al Baraka Turk Participation Bank is 56.6% owned by the Bahrain based Al Baraka Banking Group B.S.C. which has shown a strong commitment to its subsidiaries notably through ongoing capital support and risk management discipline.

Speaking on this occasion, Mr. Adnan Ahmed Yousif, the President & Chief Executive of ABG and the Chairman of Al Baraka Turk Participation Bank stated, "The reaffirmation of Al Baraka Turk Participation Bank's ratings have reflected the steady performance the bank has made over the years, registering an even greater growth since its Initial Public Offering in 2007 that was oversubscribed 32 times. The bank is a leader in the Turkish participation (Islamic) banking market and we expect to see more growth from the bank in years to come." He congratulated the management team at the bank and wished the bank all success in the future.

Mr. Fahrettin Yahsi, Board Member & General Manager of Al Baraka Turk Participation Bank added that by the reaffirmation, S&P has endorsed Al Baraka Turk Participation Bank's excellent and strong business model of retail, SME and corporate banking covering the breadth of the country. He added that the bank had grown remarkably over the years while serving the needs of every segment of the market and its customers well.

Al Baraka Banking Group is a Bahrain Joint Stock Company listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading international Islamic bank with Standard & Poor's long and short-term credit ratings of BBB- and A-3 respectively. Al Baraka Banking Group offers retail, corporate / investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of Al Baraka Banking Group is US$1.5 billion, while total equity amounts to about US$1.7 billion.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 300 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank – Bahrain, Al Baraka Islamic Bank – Pakistan, Banque Al Baraka D'Algerie, Al Baraka Bank Sudan, Al Baraka Bank Limited - South Africa, Al Baraka Bank Lebanon, Al Baraka Bank Tunisia, Al Baraka Bank Egypt, Al Baraka Turk Participation Bank - Turkey, Al Baraka Bank Syria and a Group representative office in Indonesia.

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