COMMUNITY NEWS
IBDAR BANK ASSIGNED ‘BB’ LONG-TERM AND ‘B’ SHORT-TERM RATING
Jan 30, 2018 9:43 AM
Manama, Bahrain 29 January 2018: Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced that is has been assigned a ‘BB’ Long-Term Foreign Currency Rating and ‘B’ Short-Term with a ‘Stable’ Outlook rating by international credit rating agency Capital Intelligence Ratings.
In its press
announcement, Capital Intelligence Ratings said that the ratings were driven by
the Bank’s solid capital adequacy, comfortable liquidity position, extended
debt maturity profile and low leverage, in particular the limited borrowings in
relation to total capital.
Born out of the merger of three Bahrain-based Islamic investment banks (Elaf Bank, Capivest and Capital Management House), Ibdar Bank has since evolved into one of the largest Shari’a compliant investment banks in Bahrain. The Bank’s largest shareholder is Kuwait Finance House with a significant 30.08% interest. Separately, KFH’s Bahrain-based operation owns a further 4.71% of shares, which raises KFH’s effective stake in IB to 34.79%. KFH is the second largest bank in Kuwait, with total assets of USD53.9 billion in 2016. Ibdar Bank is engaged in Capital Markets, Treasury, Aviation, Real Estate, Asset Management, and Advisory services.