IslamicFinance.de

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.

A branch of al-Baraka Bank Syria had been opened on Thursday in the coastal Tartous city with the participation of official and economic figures. Governor of the Central Bank of Syria (CBS) Adib Mayaleh affirmed in a press statement that banks in Syria have had an effective contribution to national economy, considering it a sign of growth and recovery despite the critical stage that Syria is passing through. Several branches of a number of banks are under construction in different areas in Syria, Mayaleh added. For his part, Mohammed Halabi, Chief Executive Officer of Al Baraka Bank Syria highlighted the importance of opening the bank’s tenth branch in Syria.

Al Baraka Bank Syria and Arabia Engineering & Contracting (AEC) have signed an agreement for the construction of the bank’s headquarters in Damascus. The agreement was signed by Al Baraka Bank Syria CEO Mr Mohammed Halabi , and Nizar Obaid, CEO of AEC. The bank said the nine floor-building will be the first of its kind in Syria; built on eco-friendly’ principles. Al Baraka Bank Syria’s latest results show assets rising by more than 68 per cent in Q3 2013 to a record SYP 71.219 billion with profits of SYP 3.683 billion.