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Islamic International Rating Agency (IIRA) has assigned investment grade, national scale ratings of BBB-(lb)/A3(lb) (Triple B Minus / A Three) to AlBaraka Bank Lebanon S.A.L (ABBL). Outlook on the assigned ratings is 'Stable'. The fiduciary score has been assessed in the range of '71-75', reflecting adequate fiduciary standards wherein rights of various stakeholders are adequately protected. ABBL was incorporated in 1992 as the first Islamic bank operating in the Republic of Lebanon. ABBL has sought to diversify its financings outside Lebanon, thereby mitigating the effects of the slowdown in the Lebanese economy. Owing to the market dynamics and management caution, ABBL maintains a highly liquid asset profile.

Islamic International Rating Agency (IIRA) has reaffirmed its Shari’ah Quality Rating of AA (SQR) assigned to Jordan Islamic Bank (JIB). Rating derives strength from JIB’s evident commitment to Shari’ah compliance, which stems at the helm of the institution and is cultivated across management cadres. It is in majority owned by Albaraka Banking Group (ABG). The rating is also supported by Jordan’s effective regulatory Shari’ah governance standards, which with recent revisions are closely aligned with best practice. The bank has been proactive in adopting the revisions in central bank guidelines, and their full implementation is targeted to be achieved within the ongoing year.

Al Baraka Banking Group (ABG) has announced that Islamic International Rating Agency (IIRA) has assigned national scale investment grade credit ratings of 'A- (SD)/A-2 (SD)' (A Minus/A Two) to Al Baraka Bank Sudan (ABBS or 'the bank'), its majority owned subsidiary in Sudan operating since 1984. Outlook on the assigned rating is 'Stable'. IIRA observed that ABBS maintains sizable liquid reserves, with solid liquidity and that asset quality indicators have improved and are better than the banking sector average. The bank achieved a general improvement in profitability, driven by consistent increase in gross revenue supported by low cost of deposit funding. The rating has taken into account the various economic and financial challenges faced by banks in Sudan.

Islamic International Rating Agency (IIRA) has assigned national scale credit ratings of 'A- (SD)/A-2 (SD)' (Single A Minus/A Two) to Al Baraka Bank Sudan (ABS). Outlook on the assigned rating is 'Stable'. Ratings derive strength from the bank's franchise and an overall conservative approach to business. Its retail presence in Sudan, is reflected in a cost effective deposit base. Ratings take into account the various economic and financial challenges faced by banks in Sudan. ABS derives strategic guidance from its parent's international experience and established banking processes and systems. The fiduciary score has been assessed in the range of '71-75', whereby rights of various stakeholders are adequately defined.

Islamic International Rating Agency (IIRA) has assigned national scale credit ratings of ‘A- (SD)/A-2 (SD)’ (Single A Minus/A Two) to Al Baraka Bank Sudan (ABS). Outlook on the assigned rating is ‘Stable’. Ratings derive strength from the bank’s franchise and an overall conservative approach to business. While impairment is high in absolute terms, overall asset quality indicators have improved on a timeline basis. The bank features general improvement in profitability, with revenues growing consistently. Capitalization levels remain notably higher than the minimum required and industry average. However, given risks in the general environment, reinforcement of capital as envisaged under the bank’s strategy would strengthen its risk profile and support future balance sheet growth.

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.

Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Kuveyt Turk Participation Bank (KTPB) at ‘AA(tr)/A1+(tr)’ (Double A / A One Plus) on the national scale. Ratings on the international scale have also been reaffirmed, with foreign currency rating at ‘BBB-/A3’ (Triple B Minus / A Three) and the local currency rating at ‘BBB/A3’ (Triple B / A Three). Outlook on the assigned ratings is ‘Stable’. The assigned ratings take into account KTPB’s sound financial risk profile, against the backdrop of continued business expansion. Overall profitability position is also healthy; however, efficiency indicators have lagged behind larger players.

Dagong Global Credit Rating Company Limited (Dagong) and Islamic International Rating Agency (IIRA) have jointly reaffirmed the international scale credit rating of Al Baraka Banking Group (ABG) at 'BBB+/A3' (Triple B Plus / A Three). In addition, IIRA has reaffirmed ABG 's national scale rating at 'A+(bh)/A2(bh)' (Single A Plus / A Two). Outlook on the assigned ratings is 'Stable'. IIRA has also reassessed the group's overall fiduciary score in the range of '76-80', which indicates strong fiduciary standards and a well developed governance structure. Ratings assigned to ABG derive strength from the group's relatively strong wealth creation ability given increasing demand for Islamic banking services and ABG 's prominent position in the global Islamic banking segment.

Ratings assigned to Jordan Islamic Bank derive strength from the institution’s strong franchise as the largest retail Islamic bank operating in the Hashemite Kingdom of Jordan. The bank’s financial risk profile is also healthy, with strong and improving asset quality indicators, sufficient profitability position, and sizable liquid reserves. Leverage indicators of the institution are at a comfortable level. Jordan’s macroeconomic environment, however, remains challenging against the backdrop of regional instability. The bank has been proactive in incorporating changes in the code of corporate governance for Islamic banks issued by the Central Bank of Jordan.

Islamic International Rating Agency (IIRA) has assigned an international scale rating of 'B-/B' (Single B Minus / Single B) and national scale rating of 'A-(eg)/A2(eg)' (Single A Minus / A Two) to AlBaraka Bank Egypt. Outlook on the assigned ratings is 'Stable'. The fiduciary score has been assessed in the range of '66-70', reflecting adequate fiduciary standards wherein rights of various stakeholders are adequately protected. Ratings assigned to ABBE derive strength from the franchise of Albaraka Banking Group (ABG) as the bank's principal owner. The bank's sound liquidity and profitability indicators in addition to favorable and improving asset quality lend support to the ratings assigned.

Islamic International Rating Agency ( IIRA ) has assigned ratings of 'A/A1' (Single A / A One) to Dubai Islamic Bank ( DIB ) on the international scale. On the national scale, ratings have been assessed at AA-(ae)/A1+(ae) (Double AMinus / A One Plus). Outlook on the assigned ratings is 'Stable'. Ratings are supported by DIB 's strong franchise and retail market presence, ensuring steady access to cost effective funding. The recent tier-1 capital issue in early 2015 has reinforced capital adequacy ratio to 18.5%. The fiduciary score has been assessed in the range of '76-80', which indicates strong fiduciary standards, wherein rights of various stakeholders are well defined and protected.

Islamic International Rating Agency (IIRA) has reaffirmed national scale credit ratings of Bank of Khartoum (BOK) at 'AA-/A-1' (Double A Minus / Single A One). 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. Ratings derive strength from the bank's strong franchise and retail presence in Sudan, with an established history of rapid assets growth since acquisition by the present shareholders and into 2014. The bank maintains sizable liquid reserves, though liquidity management is constrained by systemic concerns.

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 is supervised by an eminent Shari'a Supervisory Board, which comprises both Jordanian residents for ease of access, and those present on the group's Unified SSB, for international reach. The SSB regularly reviews activities of the bank to ensure Shari'a compliance. Transparency of financial reporting vis-à-vis investment accounts and corporate governance disclosures are mainly in line with the recommended best practices by IFSB.

Islamic International Rating Agency ( IIRA ) has reaffirmed the ratings of Jordan Islamic Bank ( JIB ) on the national scale at A+/A1 (jo) (Single A plus/A One). Ratings of JIB on the international scale have also been reaffirmed with the foreign currency rating at 'BB+/A3' (Double B Plus/A Three) and the local currency rating at 'BBB-/A3' (Triple B Minus /A Three). Outlook on the ratings is 'Stable'. Ratings are supported by JIB 's strong franchise and retail presence. Stability at Board and management level has reinforced the organizational culture and has allowed uninterrupted implementation of the bank's business strategy. Regional instability may however continue to be a significant challenge.

Islamic International Rating Agency (IIRA) has reaffirmed the Takaful Financial Strength (TFS) rating of The Islamic Insurance Company (TIIC) in Jordan at 'A' (Single A). Outlook on the assigned rating is 'Stable'. The fiduciary score has been reassessed in the range of '71-75', which indicates that protection factors are adequate. The assigned rating derives strength from TIIC 's franchise as a Shari'a compliant operator that builds on the reputation of its parent, Jordan Islamic Bank, and which forms part of the Al Baraka Banking Group. Established in 1996, the company has grown at a steady rate and presently commands a market share of about 4% in Jordan's overall insurance sector.

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. Outlook on the ratings is 'Stable'. IIRA has also reassessed BIsB's fiduciary score at '65-70'. There has been gradual improvement in the bank's funding access, as well as an improved earning capacity. Meanwhile, the bank has maintained strong control on operating expenses, which is beginning to reflect in overall profitability. However, prior year losses have depleted equity levels and recapitalization is required not only to financially reinforce the bank, but also to benefit from a growing market and expand business operations.

The Islamic International Rating Agency (IIRA) has reaffirmed a national scale rating of A+/A-1(sr) (A plus/A-One) to Bank AlJazira ( BAJ), incorporated in the Kingdom of Saudi Arabia. IIRA has also reaffirmed the bank's international scale ratings at A-/A-2 (A Minus/A-Two). Outlook on the ratings is 'Stable'. BAJ has posted continued business growth over the years. Moreover, capital adequacy ratio (CAR) has remained consistently above 15% over the last 5 years, sustaining the increased business levels. BAJ 's fiduciary score has been assessed in the range of '71-75', reflecting adequate fiduciary standards. The overall governance framework and practices are largely at par with international best practices.

The Islamic International Rating Agency (IIRA) has assigned international scale credit ratings to Gulf Finance House (GFH) at 'BB' (Double B) in the medium to long-term and at 'B' (Single B) in the short-term. On the national scale, ratings have been assessed at BB+/B (Double B Plus / Single B). The rating outlook for the Bank has been assessed as 'Positive'. IIRA has assessed the rating outlook for the institution as 'Positive' that hinges on developing a steady stream of core revenues and sustaining improvements to capital structure. The fiduciary score has been assessed in the range of '61-65'. Certain weaknesses of the bank's governance framework have been identified that require to be addressed.

Islamic International Rating Agency (IIRA) has lowered the foreign currency international scale and local currency credit rating of Bank Asya to respectively B+ and BB- (previously BB+ and BBB-), in response to the weakened financial profile of the institution. IIRA has also revised the bank's national scale rating to BB+ from A. IIRA said the bank's opportunities to raise fresh capital and to reach liquidity in the market have decreased. It can no longer endure this situation. The credit rating agency Moody's also adjusted the ratings of the bank downward in a statement released in the last week of August.

The Islamic International Rating Agency (IIRA) has reaffirmed the ratings of Bahrain-based ABC Islamic Bank at A+/A-1 on the national scale (long-term and short-term respectively), and A-/A-2 on the international scale with a 'Stable' outlook. The ratings agency said the overall fiduciary score of the bank has been assessed to be in the range of '76'“80' and indicates a well developed governance structure and strong fiduciary capacity, wherein rights of various stakeholders are well-protected. As the bank's business prospects continue to improve, enhancement in earnings is likely to be sustainable, the IIRA said. The bank's balance sheet has remained strong, sustained by sound capitalisation related indicators, it added.