The Islamic International Rating Agency (IIRA) has reaffirmed ratings assigned to ABC Islamic Bank at A+/A-1 (Single A Plus/A-One) on the national scale and A-/A-2 (Single A Minus/A-Two) on the international scale. 

 

The national scale ratings denote our assessment of the bank’s ability to meet its obligations in a timely manner within the context of the domestic market and notwithstanding the sovereign risk elements. The international scale ratings provide an assessment of the bank’s credit worthiness while taking into account sovereign level risks. Outlook on the ratings is ‘Stable’, the agency said. 

 

The overall Fiduciary Score has been assessed in the range of (76-80), which denotes ‘strong fiduciary standards’, it said. 

 

The fiduciary score is an aggregation of scores assigned to its three sub-sections, namely Corporate and Shariah Governance, and Asset Manager Quality. 

 

ABC Islamic Bank has posted improving financial performance particularly in the first half of 2013. Moreover, certain non-performing accounts have been settled and higher quality new exposures have been taken, resulting in improved asset portfolio quality. Capital is sufficient for the foreseeable future and given the bank’s growth projections, the statement said.

 

As a wholly owned subsidiary of the Arab Banking Corporation (ABC), ABC Islamic benefits from its parent’s strong regional franchise, it said. –TradeArabia News Service