Tagged: Jordan

Jordan Islamic Bank downgraded to ‘BB-‘; Outlook Negative

Jordan Islamic Bank downgraded to ‘BB-‘; Outlook Negative

Standard & Poor’s Ratings Services has lowered its long-term counterparty credit rating on Jordan Islamic Bank (JIB) to ‘BB-‘ from ‘BB’ and affirmed the short-term counterparty credit rating at ‘B’; the outlook is negative. The rating action follows S&P’s downgrade of Jordan in May 2012. As per their methodology, the ratings on JIB are capped at the level of Jordan’s long-term foreign currency sovereign credit rating, because it is the bank’s country of domicile. This mainly reflects JIB’s material exposure to domestic sovereign risk, which indirectly accounts for a significant portion of JIB’s earning assets and equity. JIB is considered to be “moderately strategic” to its parent group, Bahrain-based Al Baraka Banking Group. However, JIB does not benefit from any notches of parent support because of the constraint imposed by the foreign currency sovereign ratings.

Arab Bank issues third sustainability report

Arab Bank issues third sustainability report

Arab Bank recently issued its annual sustainability report for the third consecutive year; the report is a summary of the bank’s performance and achievements on the social, economic and environmental levels for the year 2012. Arab Bank is the first Jor…