Tagged: Al Baraka Banking Group

Bahrain-based Al Baraka Banking Group lowered to ‘BB+/B’ on high MENA sovereign and economic risks

Bahrain-based Al Baraka Banking Group lowered to ‘BB+/B’ on high MENA sovereign and economic risks

<p>Standard &amp; Poor&rsquo;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&amp;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&amp;P's view that ABG&rsquo;s capitalization could deteriorate to levels deemed as weak if, for instance, Egypt defaults and further economic stress materializes in Jordan.</p>
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Record Islamic finance deal agreed in Turkey

Record Islamic finance deal agreed in Turkey

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…

Record Islamic finance deal agreed in in Turkey

Record Islamic finance deal agreed in in Turkey

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…

Tunisia sets up Islamic finance working group

Tunisia sets up Islamic finance working group

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…