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S&P reaffirms ABG's investment grade rating

04/06/2009 02:49:15 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

nama June 2, 2009: Al Baraka Banking Group (ABG) Al Baraka Banking Group (ABG) announced today that S&P has reaffirmed ABG ABG 's investment grade rating of BBB- / A-3 (Short Term) with a Stable Outlook. S&P, the reputed international rating agency completed the annual rating review of the recently.

Speaking on this occasion, Shaikh Saleh Abdulla Al Kamel, Chairman of the Board of Directors stated, "The reaffirmation of ABG ABG 's rating is a significant achievement especially during these times of economic recession in the region and in the world. The reaffirmation of the rating indicates the financial strength of ABG ABG as an institution and its ability to weather the adverse effects of the present conditions thanks to its strategies, its able executive management team at the Head Office and in all its subsidiaries. I am sure that the announcement will be received well by the markets as this further endorses that ABG ABG is an institution that is strong and is on the move towards expanding its presence in the different markets as well as entering new ones."

Mr. Adnan Ahmed Yousif, the President & Chief Executive of ABG ABG stated that he was extremely pleased with the outcome of the rating review of S&P who have confirmed the efficacy of ABG ABG 's strategies during these turbulent times, of maintaining a high level of liquidity, following conservative policies of credit and risk management and yet effecting cautious yet opportunistic expansion in our markets. He thanked the executive management team at the Head office and at the various subsidiaries for supporting him in this endeavour.

He added that the reaffirmation of the rating gives ABG ABG the impetus to pursue its expansion policies in markets that welcome Islamic banking. The latest development in the progress of ABG ABG is the expansion into Syria by way of the formation of Al Baraka Bank, Syria - we will shortly announce the launch of an Initial Public offering for US$ 100 million to invite the public investors in Syria to participate with us in this attractive venture. Another important project this year is the launch of a new corporate identity for ABG ABG across the various markets we operate in. Once conditions are conducive, we plan to effect a cautious expansion policy - we intend to open 59 new branches in Egypt, Algeria, Sudan, Turkey and Pakistan.

The year 2009 has witnessed an encouraging start for ABG ABG with net profits of US$ 43 million for the first quarter of the year, an increase of 5.1% when compared to the fourth quarter of 2008. The total assets of the Group as of March 31, 2009 were US$ 11 billion with increases in customer deposits and other accounts. The shareholders equity amounted to US$ 1.52 billion as of the end of March 2009.

Albaraka Banking Group (ABG) Albaraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain and Dubai stock exchanges. ABG 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 ABG is US$1.5 billion, while total equity amounts to about US$1.57 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 (under formation) and a representative office in Indonesia. -Ends-

© Press Release 2009 omar 1.1:zy

Source: AJP

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