Standard & Poor’s (S&P) reaffirmed Al Baraka Turk Participation Bank’s long-term counterparty credit rating of BB / B (short-term) with a negative outlook, following its recent annual review, according to a statement issued by the Albaraka Banking Group (ABG), which is the major shareholder in the bank.
The rating signifies a positive view of Al Baraka Turk Participation Bank and its strong financial fundamentals and position in the Turkish market. The rating reaffirmation is also a confirmation of Al Baraka Turk Participation Bank’s good performance that has been consistent over the years.
“The reaffirmation of Al Baraka Turk Participation Bank’s ratings by S&P is a considerable accomplishment and points to its strength as an institution that has shown significant flexibility in these times of financial and political uncertainty across the world,” the Chairman of Al Baraka Turk Participation Bank Adnan Ahmed Yousif said.
“The rating reaffirmation indicates the success of Al Baraka Turk in pursuing growth and development in all of its business lines despite the challenging market conditions both domestic and international,” Fahrettin Yahşi, Board Member and General Manager at Al Baraka Turk Participation Bank’s, said.
Al Baraka Turk Participation Bank, headquartered in Istanbul, is one of the leading participation banks in Turkey with a total of 134 branches across the country and total assets of $ 5.96 billion. With more than a quarter-century of experience in the Turkish market, Al Baraka Turk Participation Bank is focused on pursuing growth through the support of its main shareholder Al Baraka Banking Group (ABG), one of the fastest growing leading financial groups in the Middle East.