Safwa Islamic Bank’s Ratings Affirmed

Safwa Islamic Bank’s Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Safwa Islamic Bank’s (SIB) Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of ‘B+’ and ‘B’, respectively. At the same time, CI Ratings has affirmed SIB’s Bank Standalone Rating (BSR) of ‘b+’, Core Financial Strength (CFS) rating of ‘bb’, and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR remains Positive and Stable, respectively.

The Bank’s BSR is derived from a CFS rating of ‘bb’ and an Operating Environment Risk Anchor (OPERA) of ‘b+’ (indicating significant risk). Although SIB’s ESL is Moderate there is no uplift for the BSR as the latter is already at Jordan’s sovereign LT FCR level (‘B+’/Positive).

The ratings are supported by the Bank’s good – and increasing – market share of Islamic…