IslamicFinance.de

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bank AlJazira (‘BAJ’) on the international scale at ‘A-/A2’ (SingleA Minus/A Two) and at ‘A+(sa)/A1(sa)’ (Single A Plus/A One) on the national scale. Outlook on the assigned ratings is ‘Stable’. The fiduciary score has also been reassessed in the range of ’71-75’, reflecting adequate fiduciary standards wherein rights of various stakeholders are adequately protected. The consistent growth in business volumes at BAJ, facilitated by expansion in branch network has been noted. The bank’s low net impairment ratio and sufficient liquidity held, lends support to the assigned ratings. Although financing counterparty concentration remains higher than desired levels, an improving trend has been noted. Capitalisation is adequate and above the regulatory minimum.