“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,” S&P in a statement said.
“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,” Shaikh Saleh Abdullah Al Kamel, Chairman of the Board of Directors, said.
“I am 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,” Adnan Ahmed Yousif, the President and Chief Executive of ABG, said.
“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,” he added.
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 $1.5 billion, while total shareholders’ equity amounts to about $1.8 billion.