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Bahrain Islamic Bank (BisB) has been assigned Baa 1 long-term and Prime-2 short- term local and foreign currency issuer ratings as well as a D+ bank financial strength rating (BFSR) by Moody's Investor Service.
"This is the first time that the renowned agency has assigned ratings to an Islamic bank in the Kingdom of Bahrain," said Khalid Abdulla Al Bassam, chairman of BisB.
"The ratings report is a significant milestone for the bank and we are extremely satisfied with it, particularly in the current economic environment.
This reinforces BisB's leading position in Bahrain's Islamic banking industry and is recognition of its strong fundamentals in a number of different areas.
"Moody's ratings recognise the rapid catch-up process the bank underwent from 2005 to 2008, recording high compound annual growth in assets of 37 per cent.
BisB had previously leveraged its strong brand and sound reputation to only a limited degree, but in the early years of the current decade it has implemented major organisational changes and a committed hiring program that resulted in senior, experienced officers joining the bank in recent years," said Anouar Hassoune, lead analyst at Moody's.
"The significance of our ratings is further augmented by the timing of the report as everywhere in the world banks are bracing for an economic slowdown", said Mohammed Ebrahim, chief executive of BisB. "The stable outlook is an affirmation that we are well-equipped to weather the storm and will continue with our strategy for organic growth and expansion."
According to Moody's report, the D+ BFSR, which maps to a baseline credit assessment of Ba1 under Moody's analysis methodology, reflects BisB's growing franchise as Bahrain's leading Islamic bank.
