Al Baraka Islamic Bank – Ratings Affirmed

Ref: B H 0 01 2 3 CRA00-01 2 7 June 20 2 4

Al Baraka Islamic Bank – Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) of Al Baraka Islamic Bank (AIB) at ‘B’ and ‘ b- ’, respectively . The Outlook for these ratings remains Negative . At the same time, CI Ratings has affirmed AIB’s Short-Term Foreign Currency Rating a t ‘ B ’ , and C ore F inancial S trength (CFS) rating at ‘b – ’ . The E xtraordinary Support Level (E SL ) remains at Moderate.

AIB’s LT FCR is set one notch higher than the BSR given the moderate likelihood of extraordinary support from the Central Bank of Bahrain (CBB). Although we deem the Bahraini government to be willing to provide extraordinary support (despite AIB’s lack of systemic importance), its financial capacity…