Al-Baraka Bank ratings maintained

The Pakistan Credit Rating Agency (Pacra) has maintained the long-term rating of A- (single A minus) and short-term rating of A1 (A-one) of Al-Baraka Islamic Bank BSC (Pakistan branches). A bank spokesman said here on Wednesday that the ratings showed a low expectation of credit risk and strong capacity for timely payment of financial commitments.
The agency's analysts said the ratings also reflected the bank's maintained asset quality and an adequate risk absorption capacity. The Al-Baraka Islamic Bank, incorporated in Bahrain as an offshore bank, is a subsidiary of the Al-Baraka Banking Group.