IslamicFinance.de

Dagong Global Credit Rating and Islamic International Rating Agency (IIRA) have jointly maintained the ratings of AlBaraka Banking Group (ABG) at BBB+/A3. At the same time, IIRA has re-affirmed the national scale ratings of ABG at A+/A2. Outlook on the assigned ratings has been revised to 'stable' from 'negative' indicating the macroeconomic and political stability in ABG’s core countries. ABG operates through a globally diversified franchise spread across 11 jurisdictions in Europe, Africa and Asia. ABG’s ratings derive strength from the recent tier 1 Sukuk issuance this year. While the Group’s subsidiaries are individually governed by their supervisors, the Group maintains close coordination and oversight. Furthermore, Bahrain's institutional framework for Islamic banks ensures adherence to a strong framework for Shari'ah governance.

The Islamic International Rating Agency (IIRA) and Dagong Global Credit Rating Company (Dagong) have jointly maintained foreign and local currency ratings assigned to the Al Baraka Banking Group (ABG) on the international scale at BBB+/A3. The national scale ratings of ABG are assessed at A+(bh)/A2(bh) and denote its creditworthiness relative to the local environment. Political stability and policy continuity remain areas of concern in ABG’s core countries including Algeria, Jordan and Egypt, and most notably Turkey. On this account, outlook on the ratings is assessed as 'Negative'. Despite the increasing operating risks, the Group’s overall profitability remains steady and wealth creation capability is relatively strong.