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Sun 22 Nov 2009 12:43 PM

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The Middle East’s 25 smartest banks-Al Baraka Banking Group

The Middle East’s 25 smartest banks-Al Baraka Banking Group

Al Baraka Banking Group

was first rated by Standard & Poor's, the international rating agency, in 2007, which assigned it the investment grade rating of ‘BBB-' (Long term) / Stable Outlook / ‘A3' (Short Term), a significant achievement for an institution being rated for the first time.

Since then S&P has rated
Al Baraka Banking Group

every year, in every instance affirming the investment grade rating. This reflects the success of Al Baraka Banking Group as one of the most consistent performers in the region.

A Bahrain joint stock company listed on Bahrain and Dubai stock exchanges,
ABG

offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Sharia. The authorised capital of
ABG

is $1.5bn, while total equity amounts to close to $1.57bn.

The group has a wide geographical presence in the form of subsidiary banking units and representative offices in twelve countries, which in turn provide their services through more than 300 branches.

Earlier this month,
ABG

announced that it had posted a net profit of $45m in the third quarter of 2009 and $137m for the first nine months of year 2009. It also achieved a twelve percent growth in total assets, nine percent in liquid assets, twelve percent in finance and investments, fourteen percent in deposits and unrestricted investment accounts and six percent in total equity as of September 2009 compared to December 2008.

"The reaffirmation of
ABG

's rating is a significant achievement especially during these times of economic recession in the region and in the world," said Sheikh Saleh Abdulla Al Kamel, chairman of the Board of Directors.

"The reaffirmation of the rating indicates the financial strength of
ABG

as an institution and its ability to weather the adverse effects of the present conditions thanks to its strategies, its able executive management team at the head office and in all its subsidiaries."

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