Ibdar bank assigned ‘BB’ long-term and ‘B’ short -term rating by Capital

Manama : 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.

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.

Ibdar Bank’s Chief Executive Officer, Ayman Sejiny, said: “The stable outlook reflects the Bank’s positive revenue-generating ability which is underpinned by multiple sources of revenue.”

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%.