Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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.
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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.