S&P Reaffirms ABG's Investment Grade Rating Under The New Rating Methodology
Al Baraka Banking Group (ABG) announced today that Standard & Poors (S&P) reaffirmed ABG's investment grade long term counterparty credit rating of BBB- / A-3 (Short Term) with a Negative Outlook, according to a new rating methodology just introduced by S&P and applied to all institutions rated by it. S&P stated that ABG has a strong business position, superior geographic diversification and competitive benefits derived from its Islamic status. S&P added that the Group's risk position is strong and reflects primarily the high granularity in the financing book as well as high geographic diversification which have enabled the Group to have resilience in its asset quality, and that the Group's liquidity is strong.
Speaking on this occasion, Shaikh Saleh Abdullah Al Kamel, Chairman of the Board of Directors stated, "The reaffirmation of ABG's ratings yet again per the new methodology adopted by S&P is a significant achievement, especially as it signifies the inherent strength of ABG as an institution that has shown strong resilience in these times of financial and political uncertainty across the world."
Mr. Adnan Ahmed Yousif, the President & Chief Executive of ABG stated that he was happy at ABG being rated yet again as investment grade - a feature that has been consistent since 2007 when the rating was first done by S&P. This clearly indicates the success of our strong business model that has weathered the numerous economic downturns in the world witnessed in the past few years, by posting consistent results and growth. He thanked the executive management team at the Head Office and the subsidiaries for supporting him in this endeavour.
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$1.8 billion. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in thirteen countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Jordan; Al Baraka Islamic Bank, Bahrain; Al Baraka Bank Pakistan Limited; Banque Al Baraka D'Algerie, Algeria; 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 representative offices in Indonesia and Libya.