Stable Outlook for RHB Islamic Bank
June 27 2006

RATING Agency Malaysia Bhd (RAM) has assigned respective long- and short-term general bank ratings of AA3 and P1 to RHB Islamic Bank Bhd.

The long-term rating carries a stable outlook.

The ratings reflect RHB Islamic's good asset quality, favourable liquidity position and adequate capitalisation, RAM said in a statement.

The ratings are also premised on the continuous support expected from its parent, RHB Bank Bhd, currently rated AA3/P1 by RAM.

RAM said RHB Islamic has the distinction of being the first full-fledged Islamic bank of a commercial banking group in Malaysia.

RHB Islamic registered pre-tax profit of RM60.15 million in its first 11 months of operations as an Islamic financial institution.

Courtesy Business Times Malaysia

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