Albaraka Banking signs agreement with Islamic International Rating

The Albaraka Banking Group B.S.C. (ABG) has signed an agreement with Islamic International Rating Agency (IIRA) to carry out a Shari'a Quality Rating (SQR).

Albaraka Banking signs agreement with Islamic International Rating

ABG is a Bahraini Joint Stock Company listed on the Bahrain Stock Exchange and Dubai International Financial Exchange and is one of the well-known Islamic banks.

ABG offers retail, corporate and investment banking and treasury services. The authorized capital of ABG is $1.5bn, while the total equity amounts to about $1.5bn and the total assets are $10.1bn. The Group has a wide geographical presence in the form of subsidiary banking Units in 12 countries.

The President & Chief Executive of ABG, Mr. Adnan Ahmed Yousif said that 'It is our corporate objective to be highly transparent and Shari'a compliant. We believe that getting a SQR will strengthen the bank and will make it more credible among Islamic investors and will give further assurance to our customers about our commitment to Shari'a compliance and will further assist us in meeting the highest standards in Shari'a compliance'.

'Shari'a Quality Rating is an independent opinion on the level of Shari'a compliance by an entity' said Mr. Jamal Abbas Zaidi, Chief Executive of IIRA. 'The rating is the result of a thorough assessment based on objectivity and independence and is carried out by rating experts and eminent Shari'a scholars of IIRA. This is a tool which will lead to improvement in the Islamic finance industry and will create a healthy competition which is useful and necessary for the growth of Islamic financial institutions on a sound foundation', added Mr. Zaidi.

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Güncelleme Tarihi: 09 Aralık 2007, 18:39
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