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The Pakistan Credit Rating Agency Limited
Press Release

Date
25-Jun-22

Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraw Entity Ratings of AlBaraka Bank (Pakistan) Limited

Rating Type Entity
Current
(25-Jun-22 )
Previous
(25-Jun-21 )
Action Withdraw Maintain
Long Term - A
Short Term - A1
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the entity ratings of AlBaraka Bank (Pakistan) Limited, PACRA withdraws the entity ratings of AlBaraka Bank (Pakistan) Limited with immediate effect.
-

About the Entity
ABPL is operating with a network of 178 branches. AlBaraka Islamic Bank B.S.C., Bahrain the majority shareholder (59.13%) in ABPL, is a subsidiary (92%) of AlBaraka Banking Group (ABG). The Board constitutes six representatives of sponsoring groups and three independent directors. Mr. Ahmed Shuja Kidwai - the CEO & President - is a professional banker having a long association with ABG. The management team comprises of experienced professionals.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.