IIRA Assigns Fiduciary Ratings to Bank AlJazira
Islamic International Rating Agency (IIRA) has assigned a national scale rating of A /A-1 to Bank AlJazira (BAJ). On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-2. Outlook on the rating is ‘Stable’. The fiduciary score has been assessed in the range of ’71-75′, reflecting adequate fiduciary standards. BAJ has grown at a CAGR of 19% in terms of asset size over the last three years through continuous expansion in branches and business acquisition. Moreover, the bank has broadened its business base with an enhanced presence in the corporate segment and a growing exposure towards the retail market. However, it remains sensitive to concentration related risks. The bank has a well developed corporate governance framework in place with effectively functioning board and management level committees.