Fitch Ratings Affirms QIIB Rating At “A”
With a “Stable” Outlook
March 17, 2019
Qatar International Islamic Bank
(QIIB) announced that Fitch Ratings has affirmed the bank’s
rating at ‘A’ with a ‘stable’ outlook, an attests the bank's
strong financial position and its consistency with the high
indicators achieved by various economic sectors in Qatar.
Fitch pointed out that QIIB’s rating
at this high level is certainly due to various factors, first of
which is the high sovereign credit rating of the Qatari economy
and the ability of the Qatari government to provide support to
banks when needed, as it previously did when the government
showed strong commitment towards banks and public sector
companies, supported by large sovereign revenues and reserves.
Fitch stressed on the fact that this
rating is also due to “the quality of QIIB assets, appropriate
capital structure, strong profitability, sound financing, good
liquidity, good share of the Islamic banking market and strong
presence in the retail sector.”
Commenting on the bank's high rating,
QIIB Chief Executive Officer Dr. Abdulbasit Ahmad al-Shaibi
said: “The Qatari economy is the strong basis on which we built
our solid financial position. We are pleased we were able to
capitalize on this strength that have a positive impact on
various economic sectors and different growth figures”.
He added: “Global credit rating
agencies’ acknowledgement of our strong financial position also
indicates the strength of the Qatari banking sector, the
soundness of the measures taken by the government and the
supervisory authorities, the efficiency of the plans implemented
in this sector, the low risks and the ability to cope with
various challenges.”
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