Standard & Poors' (S&P) reaffirmed Al Baraka Banking Group (ABG) at BB+ (long term) and B (Short term), upgrading the Outlook to Stable, according to a statement issued by ABG.

The world premier rating agency commented that ABG's business position is considered strong, reflecting superior geographic diversification in earnings compared with its peers as well as the competitive benefits its derives from its Islamic banking status.

“The rating outcome is yet another testimony to the consistent performance of our group across all these years with good asset quality and growth based upon conservative risk that is so necessary in the current business and economic environment,” said Al Baraka president & chief executive Adnan Ahmed Yousif.

The Bahrain-based leading international Islamic banking group is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, and listed on Bahrain Bourse and Nasdaq Dubai stock exchanges.