IslamicFinance.de

Islamic International Rating Agency ( IIRA ) has reaffirmed its Shari'a Quality Rating of AA (SQR) assigned to Jordan Islamic Bank ( JIB ). This rating indicates JIB 's conformance to very high standards of Shari'a compliance in all aspects of Shari'a quality analysis. The bank has traditionally been supervised by an eminent Shari'a Supervisory Board. Moreover, the bank's Board of Directors has an adequate representation of independent directors, while recommended Board committees are also in place. Transparency of financial reporting by the bank with regards to investment accounts and corporate governance disclosures are generally in line with the recommended best practices by IFSB. However, diversification of Islamic financing structures in the portfolio is recommended by Shari'a scholars.

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank (Kuwait Finance House–Turkey) on both the short-term and long-term scale to AA-/A-1+ from A+/A-1 previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 and foreign currency assessment at BBB-/A-3. Outlook on the ratings is ‘Stable’. According to IIRA, a significant ratings driver is the fact that the bank stands to benefit from strategic and financial support if needed, both implied and explicit. Additionally, the board and management of the bank have remained stable, with several of the key personnel having been associated with the bank for a number of years.

Islamic International Rating Agency has upgraded the national scale ratings of Kuveyt Turk Participation Bank on both the short-term and long-term scale to AA-/A-1 + (Double A Minus /A-One Plus) from A+/A-1 (A Plus/A-One) previously. Ratings on the international scale have been reaffirmed with local currency ratings at BBB/A-3 (Triple B/A-Three) and foreign currency assessment at BBB-/A-3 (Triple B Minus/ A-Three). Outlook on the ratings is 'Stable'. The ratings draw on recent, continued business expansion, reinforced by fresh capital provided by the bank's sponsors. Organization level improvements in terms of strengthening the control areas and adding focus to certain business functions, has also been noted.

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 (SR) to Bank AlJazira. On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is ‘stable’. The fiduciary score has been assessed in the range of ‘71-75’, reflecting adequate fiduciary standards. The assigned credit ratings incorporate the bank’s improving asset quality and standalone profitability as well as an adequate liquidity profile and capitalization levels. However, BAJ, like other banks in Saudi Arabia, remains sensitive to concentration related risks. While large single exposures are likely to persist in the portfolio, segment-wise broadening will overtime reduce its possible impact, in case of impairment in large financings.

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 to Bank AlJazira (BAJ). On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is 'Stable'. The fiduciary score has been assessed in the range of '71-75', reflecting adequate fiduciary standards. BAJ has grown at a CAGR of 19% in terms of asset size over the last three years through continuous expansion in branches and business acquisition. Moreover, the bank has broadened its business base with an enhanced presence in the corporate segment and a growing exposure towards the retail market. However, it remains sensitive to concentration related risks. The bank has a well developed corporate governance framework in place with effectively functioning board and management level committees.

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 (QR) (A plus/A-one) to Qatar International Islamic Bank (QIIB). On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-1 (A minus/ A-one). Outlook on the rating is 'Stable'. The fiduciary score has been assessed in the range of '70-75', reflecting strong fiduciary standards wherein rights of fund providers are adequately defined and protected. The fiduciary score captures the role of the management of the institution as Mudarib, the entity's governance practices and compliance with Shariah principles adopted by the bank.

The Islamic International Rating Agency (IIRA) has assigned a national scale long-term credit rating of 'AA-' (Double A Minus) to Bank of Khartoum (BOK) with a short-term rating of 'A-1' (A One). The outlook on the assigned rating is 'stable'. The fiduciary score has been assessed in the range of '70-75', reflecting adequate fiduciary standards wherein rights of various fund providers are adequately defined and protected. BOK is the first financial institution to have been rated in Sudan.

The Islamic International Rating Agency (IIRA) situated in Bahrain has upgraded the credit rating of Jordan Islamic Bank (JIB) on the national scale, whereas the international scale ratings of JIB have been reaffirmed. The outlook on the ratings is 'stable'. The report issued by the agency also reaffirmed JIB's Sharia Quality Rating of AA, which confirms the bank's conformance to very high standards of Islamic Shari'a principles in its dealings and finances.

Jordan Islamic Bank's Shari'a Quality Rating (SQR) was reaffirmed as AA by the Islamic International Rating Agency (IIRA). This is an indication that the bank conforms with very high standards of Shari'a compliance in regard of all aspects of Shari'a quality analysis. JIB, owned in majority by the Al Baraka Banking Group (ABG), is set to maintain and enhance the level of compliance with the spirit of Shari'a principles in Islamic finance.

Islamic International Rating Agency has assigned a national scale long-term rating of A+ to ABC Islamic Bank (E.C). The short-term rating is A-1 and the international ratings - A-/A-2. There is a "Stable" outlook on the ratings. The fiduciary score has been assessed to be in the range of (75-80), and points to strong fiduciary capacity and a well developed governance structure, in which the rights of the stakeholders are well defined and protected.