News   

   2010
   
 

JORDAN ISLAMIC BANK RATED BY S&P FOR THE FIRST TIME

 

 JORDAN ISLAMIC BANK RATED BY S&P FOR THE FIRST TIME

Al Baraka Banking Group (ABG) announced that S&P has rated Jordan Islamic Bank for the first time, assigning it a long term counterparty credit rating of BB / B (Short Term) with a Stable Outlook. Jordan Islamic Bank is a subsidiary of Al Baraka Banking Group and is the largest Islamic Bank in Jordan. Jordan Islamic Bank is 66% owned by Al Baraka Banking Group B.S.C. which has shown a strong commitment to all its subsidiaries. The S&P country rating for the Hashemite Kingdom of Jordan is also BB / B with a Stable Outlook.

S&P remarked that the rating of Jordan Islamic Bank reflected the overall resilience of the bank, its good track record in terms of asset quality, satisfactory funding and liquidity profile supported by a strong retail franchise and leading position in the Islamic banking market in Jordan. S&P added that the strategy of the bank emphasises on sustained growth and further enhancement of the systems and integration within the Al Baraka Banking Group.

Speaking on this occasion, Mr. Adnan Ahmed Yousif, the President & Chief Executive of ABG and the Chairman of Jordan Islamic Bank stated, “The rating of Jordan Islamic Bank by S&P for the first time is indeed a significant step for the bank in its move towards a wider profile and business positioning. The bank has show excellent growth in all its financial fundamentals over the years and has shown consistently good results even through the current economic downturn."

Mr. Musa Shihadeh, Vice Chairman and Chief Executive Officer of Jordan Islamic Bank stated that the bank has a strong and faithful customer base as it conducts its activities strictly with the glorious Shari’a, adding value to the economy and all of its stakeholders. It has a well diversified financing portfolio covering many sectors of the economy. The rating by S&P is an endorsement of the excellent manner in which the bank is perceived in the Jordanian and international markets and will give it the impetus to do even better in the future.

Al Baraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain and Nasdaq Dubai stock exchanges. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari'a. The authorised capital of ABG is US$1.5 billion, while total shareholders 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, Jordan; Albaraka Islamic Bank, Bahrain; Albaraka Islamic Bank, Pakistan; Banque Albaraka D'Algerie, Algeria; Albaraka Bank Sudan, Sudan; Albaraka Bank, South Africa; Albaraka Bank Lebanon, Lebanon; Bank Et-Tamweel Al-Tunisi Al-Saudi, Tunisia; the Egyptian Saudi Finance Bank, Egypt; Albaraka Turk Participation Bank, Turkey; Albaraka Bank Syria and a representative office in Indonesia.

 

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