Islamic International Rating Agency (IIRA)

Dagong and IIRA maintain the Ratings of Al Baraka Banking Group and revise the Outlook Upwards

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.

IIRA maintains ratings of #Bahrain Islamic Bank

Islamic International Rating Agency (IIRA) has reaffirmed ratings of Bahrain Islamic Bank (BIsB) at BBB/A2 on the national scale and BBB-/A3 on the international scale. IIRA added that the bank’s rating outlook is constrained by the macroeconomic environment and tougher industry conditions for banks in the Gulf. Given the presence of external, regional concerns, the outlook on international scale ratings is assessed as Negative. Impairment in recent financings remains minimal, indicating improvement in the bank's business underwriting capability. However, overall asset quality concerns remain notable. IIRA has assigned BIsB a Fiduciary Score of 71-75, which signifies that the rights of various stakeholders are adequately protected.

Dagong and IIRA maintain the ratings of Al Baraka Banking Group

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.

IIRA reaffirms ratings of Kuveyt Turk Participation Bank: August 2016

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Kuveyt Turk Participation Bank (KTPB) at "AA(tr)/A1+(tr)" on the national scale. Ratings on the international scale have also been reaffirmed, with foreign currency rating at "BBB-/A3" and the local currency rating at "BBB/A3". Outlook on the assigned ratings is "Stable". Ratings of KTPB are underpinned by its strong institutional ownership, which is led by Kuwait Finance House. The impact of regional instability on Turkey’s banking industry has been manageable so far. However, the industry may face challenges in the coming periods.

IIRA upgrades national scale ratings of Kuveyt Turk Katilim Bankasi

Islamic International Rating Agency (IIRA) made an upgrade to the ratings of Kuveyt Turk Katilim Bankasi (KTKB) on the national scale from 'A/A-2' (tr) (Single A/ A-Two) to 'A+/A-1' (tr) (Single A Plus/ A-One). Both foreign and local currency ratings have been reaffirmed on the international scale at 'BBB-/A-3' (Triple B Minus/ A-Three) and 'BBB/ A-3' (Triple B/ A-Three), respectively. The outlook on the ratings is said to be stable. Even though the Turkish economy has shown resilience in the backdrop of global economic challenges, due to the policy measures taken in 2011, it can expected for the GDP growth to endure moderation.

IIRA appointed Ms. Sabeen Saleem as Acting Chief Executive Officer

Islamic International Rating Agency (IIRA) appointed Ms. Sabeen Saleem, CFA as the Acting Chief Executive Officer of IIRA on February 2, 2012.
Ms. Saleem has 14 years of experience in financial risk assessments spanning Banks, Manufacturing Concerns, Fund Managers and Insurance Companies, with specialized focus on Islamic finance in all of these areas.

Islamic International Rating Agency (IIRA) maintains Shari'a Quality Rating of AA (SQR) for Dawood Islamic Bank Limited (DIBL)

Islamic International Rating Agency has maintained Shari'a Quality Rating of AA (SQR) for Dawood Islamic Bank Ltd. The rating reflects IIRA's opinion that the DIBL confirms to very high standards of Shari'a requirements in all aspects of Shari'a quality analysis.
The rating is supported by the fact that Dawood Islamic Bank Ltd (DIBL) has an effective Shari'ah Supervisory Structure consisting of a Shari'ah Supervisory Committee (SSC) and is headed by a well known and highly respected Shari'a scholar Professor Mufti Munib-ur-Rehman.

IIRA assigns Shari'ah Quality Rating of AA to Jordan Islamic Bank

This rating reflects IIRA's opinion that JIB conforms to very high level of standards of Shari'ah requirements in all aspects of Shari'ah quality analysis.
Islamic International Rating Agency (IIRA) has maintained its Shari'ah Quality Rating of AA (SQR) to Jordan Islamic Bank (JIB).
The rating maintained by IIRA is supported by the fact that JIB's Shari'ah Supervisory Board (SSB) consists of four highly qualified and experienced Shari'ah scholars who hold regular meetings and considers wide-ranging issues.

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