Standard & Poor's reduced Al Baraka's rating from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, particularly Egypt and Jordan. Operating environment and credit conditions …
<p>Standard & Poor’s Ratings Services has lowered its long- and short-term counterparty credit ratings on Bahrain-based Al Baraka Banking Group (ABG) to 'BB+/B' from 'BBB-/A-3'. The outlook is negative. The rating action follows S&P's review of the wider implications of deteriorated sovereign creditworthiness in the past 12 months in some countries in the Middle East and North Africa (MENA) , where ABG operates, especially Egypt and Jordan. The ratings agency lowered its assessment of ABG's risk position to "adequate" from "strong," owing to its operations in high-risk MENA countries. The ratings remain supported by ABG's strong business position, and its average funding and adequate liquidity position. The negative outlook reflects S&P's view that ABG’s capitalization could deteriorate to levels deemed as weak if, for instance, Egypt defaults and further economic stress materializes in Jordan.</p>
<div>
<div>Source: </div>
<div>
<div>
<p><a href="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829" title="http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829">http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=62829</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&layout=button_count&show_faces=false&action=like&colorscheme=light&width=100&height=21&font=&locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5527" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&count=horizontal&via=&text=Bahrain-based%20Al%20Baraka%20Banking%20Group%20lowered%20to%20%26%23039%3BBB%2B%2FB%26%23039%3B%20on%20high%20MENA%20sovereign%20and%20economic%20risks&counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5527" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&t=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&title=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&t=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&title=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&title=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks&summary=Standard+%26amp%3B+Poor%E2%80%99s+Ratings+Services+has+lowered+its+long-+and+short-term+counterparty+credit+ratings+on+Bahrain-based+Al+Baraka+Banking+Group+%28ABG%29+to+%27BB%2B%2FB%27+from+%27BBB-%2FA-3%27.+The+outlook+is+negative.+The+rating+action+follows+S%26amp%3BP%27s+review+of+the+wider+implications+of+deteriorated+sovereign+creditworthiness+in+the+past+12+months+in+some+countries+in+the+Middle+East+and+North+Africa+%28MENA%29+%2C++where+ABG+operates%2C+especially+Egypt+and+Jordan.+The+ratings+agency+lowered+its+assessment+of+ABG%27s+risk+position+to+%22adequate%22+from+%22strong%2C%22+owing+to+its+operations+in+high-risk+MENA+countries.+The+ratings+remain+supported+by+ABG%27s+strong+business+position%2C+and+its+average+funding+and+adequate+liquidity+position.+The+negative+outlook+reflects+S%26amp%3BP%27s+view+that+ABG%E2%80%99s+capitalization+could+deteriorate+to+levels+deemed+as+weak+if%2C+for+instance%2C+Egypt+defaults+and+further+economic+stress+materializes+in+Jordan.%0A&source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5527&title=Bahrain-based+Al+Baraka+Banking+Group+lowered+to+%26%23039%3BBB%2B%2FB%26%23039%3B+on+high+MENA+sovereign+and+economic+risks" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>
Bahrain-based Al Baraka Banking Group (ABG) announced net income increased by 15 per cent to $66 million, and total operating income by 16 per cent to $233 million in the first quarter of 2013 compared to the same period of 2012. Total assets increase…
Bahrain-based Al Baraka Banking Group B.S.C. (ABG) announced that it has achieved a net income of $235m in 2012, an increase of 11% on the income achieved in 2011. Other financial position items witnessed good increases as well, including total assets …
Turkish Al Baraka Turk Participation Bank has signed an Islamic finance deal of $450 million. Several major international banks took part in the deal. The facility includes 32 banks from 16 countries around the world, among which Standard Chartered Ban…
With the participation of a couple of major international banks, Al Baraka Turk Participation Bank has signed anIslamic finance deal worth $450 million making this a record. 32 banks from 16 countries are included in the facility. Among them are Standa…
Nine months ago Al Baraka Banking Group cancelled the debut sales of sukuk due to very high yields. Now that the situation has turned and Al Baraka Turk Katilim Bankasi again considers its previous intentions. It plans to offer $250 million (Dh917 mill…
An agreement was signed by Al Baraka Banking Group with the World Bank in order to launch joint programmes under a set of new Shari’ah-compliant finance initiatives.
The programmes have the purpose to foster sustainable development of Islamic economics…
The Ordinary and Extra-ordinary General Meetings of Al Baraka Banking Group took place on Wednesday 21st March 2012 in Manama, the capital of Bahrain. Discussions included: the report submitted by the Board of Directors on the Group’s activities during…
It seems that the Tunisian government has assembled a working group that will analyze how to develop Islamic finance in the country and that will look at the country’s legal framework.
The group contains representatives from the central bank, stock exc…
Oil futures settle higher on Tuesday, as doubts over the ability of Saudi Arabia and U.A.E. to significantly boost output and unrest in Ecuador and Libya help lift prices up for a third session in a row to their highest since mid-June.
"There's some nervousness that companies will miss their numbers or deliver negative guidance,” said Steve Sosnick, chief strategist at Interactive Brokers, about the coming earnings season.
Boston Beer Co. soon may have to lower its expectations for the year as the outlook for its hard-seltzer business "deteriorates further," analysts at Goldman Sachs said Tuesday.
Investors and traders attempting to navigate one of the most treacherous periods in financial markets in years are likely to be in for more volatility.