News of Bahrain

Al Baraka Turk to exercise call option on $200m #sukuk

Albaraka Türk Participation Bank has sent a notice of redemption to its certificate holders on 06 April 2018 for its US$200,000,000 outstanding sukuk. Albaraka General Manager Meliksah Utku said the early redemption of the sukuk before its maturity in 2023 reflects the bank's partnership-centric approach to sukuk investors. The redemption date of the sukuk will be 07 May 2018 and will be redeemed at the aggregate of the outstanding face amount plus accrued but unpaid periodic distribution. Issued in May 2013 as a Tier 2 subordinated and USD-denominated sukuk al murabaha, the certificates were rated CCC+ by S&P and carried a coupon of 7.75% per annum.

IIRA rates Al Baraka Bank #Syria strong for second year in a row

Al Baraka Bank Syria was granted a BBB investment grade rating by the International Islamic Rating Agency (IIRA). The bank was also assigned a sufficient credit capacity, with a rating of (71-75) as a total credit score. It also earned a strong credit rating, with a rating of 76-80 for the Asset Quality Management. The Bank’s corporate governance was assessed in the range of 66-70, and the Shari’a governance within the range (71-75). Mohammed Abdullah Halabi, CEO of Al Baraka Bank Syria said this result confirmed the accuracy of the strategy adopted by the Bank and the high quality performance of the management team.

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