S&P REAFFIRMS ALBARAKA TURK PARTICIPATION BANK'S CREDIT RATING
Standard & Poors (S&P) reaffirmed Al Baraka Turk Participation Bank's long term counterparty credit rating of BB / B (Short Term) with a negative outlook, following its recent annual review.
The rating signifies a positive view of Al Baraka Turk Participation Bank and its strong financial fundamentals and position in the Turkish market. The rating reaffirmation is also a confirmation of Al Baraka Turk Participation Bank‚Äôs good performance that has been consistent over the years.
The Chairman of Al Baraka Turk Participation Bank Mr. Adnan Ahmed Yousif said "The reaffirmation of Al Baraka Turk Participation Bank's ratings by S&P is a considerable accomplishment and points to its strength as an institution that has shown significant flexibility in these times of financial and political uncertainty across the world.
" Al Baraka Turk Participation Bank‚Äôs Board Member & General Manager Fahrettin Yahşi stated ‚ÄúThe rating reaffirmation indicates the success of Al Baraka Turk in pursuing growth and development in all of its business lines despite the challenging market conditions both domestic and international.‚ÄĚ
Al Baraka Turk Participation Bank, headquartered in Istanbul, is one of the leading participation banks in Turkey with a total of 134 branches across the country and total assets of TL 10.76 billion (US$ 5.96 billion). With more than a quarter-century of experience in the Turkish market, Al Baraka Turk Participation Bank is focused on pursuing growth through the support of its main shareholder Al Baraka Banking Group (ABG), one of the fastest growing leading financial groups in the Middle East.
Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poor‚Äôs investment grade long term counterparty credit rating of BBB- / A-3 (Short Term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of Al Baraka is US$1.5 billion, while total equity amounts to about US$1.8 billion.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 400 branches. Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.