For the third year running Al Baraka Bank Syria deserves a strong credit rating from IIRA
Private B2B-SY
The International Islamic Rating Agency (IIRA) has awarded Al Baraka Bank Syria for the third year in a row an investment grade rating of BBB according to DFRA standard, based on the bank's operating environment under macroeconomic indicators taking into account social and political conditions.
This rating puts Al Baraka Bank Syria in an advanced position for the local banking sector in terms of the possibility of covering the risks of the sovereign level to a large extent, in addition to adequate credit capacity by evaluating it within the range of (71-75) as a total credit score, and a strong credit rating by evaluating it in the range of (76-80). This reflects the Bank's level of prudence and its ability to meet fiduciary responsibility towards investors.
The Agency also considered that the Bank's governance and Shari'a practices are appropriate, with strong representation of the Board of Directors, and high levels of financial and non-financial disclosures. The Corporate Governance of the Bank was evaluated in the range of (66-70) and the Shari'a Governance was evaluated in the range of (71-75). .
Mr. Adnan Ahmed Yousif, Chairman of Al Baraka Bank Syria, said: `` For the third consecutive year, the Bank has received this assessment, which confirms the solidity of its financial position and the continuous improvement in the size of its operations. ''
In the same context, Mr. Mohammed Abdullah Halabi, Chief Executive Officer of Al Baraka Bank Syria, said: "The results due to this classification reflect Al Baraka Bank Syria's compliance with the international classification standards in doing business on the one hand, and the soundness of the strategies adopted on the other hand."
Al-Halabi added that getting such a classification under the difficult economic and operational conditions we live in today is the result of a conscious and committed team capable of implementing the highly developed strategies.
It is noteworthy that «Al Baraka Bank Syria» won the award of the CPI Financial Foundation as the best bank in the field of sustainable development initiative in the Middle East in 2019.
It is worth mentioning that the International Islamic Rating Agency is an independent company based in the Kingdom of Bahrain and conducts credit ratings for banks and financial institutions around the world.It is owned by a renowned group of international rating institutions and a group of prestigious banks such as Capital Intelligence and Islamic Development Bank.
