The Islamic International Rating Agency (IIRA) has reaffirmed Al Baraka Bank Tunisia’s (ABBT) ratings on the international and national scales, with a ‘Stable’ outlook, it said on Wednesday.
IIRA added that the ABBT is assigned a foreign currency rating of ‘BB-/B’ (Double B Minus / Single B), and a local currency rating of ‘BB/B’ (Double B / Single B), on the international scale. On the national scale, ABBT’s rating has been maintained at ‘BBB+ (TD) /A2 (TD)’ (Triple B Plus (TD) / Single A Two (TD)).
The bank’s overall fiduciary score is in the range of ‘71 – 75’, which implies that the rights of various stakeholders are adequately protected. The fiduciary score is a composite score of three sub-sections, namely ‘Asset Manager Quality’, ‘Corporate Governance’ and ‘Shari’ah Governance’, said the rating agency.
ABBT was established in 1983 as the first Islamic bank in Tunisia and the Maghreb region. It offers both offshore and local retail banking services, following its conversion to a resident universal bank in 2013.
