S&P Affirms QIB Rating at A-/A-2 with Stable
Outlook
March 26,
2019
Standard & Poor’s (S&P) has affirmed Qatar Islamic Bank’s (QIB)
issuer credit rating at ‘A-/A-2’ with a stable outlook.
S&P, one of the top international rating agencies in the world,
said: “The rating reflects our views of the bank’s robust
corporate banking franchise and favorable position as Qatar’s
largest Islamic bank with a rapidly expanding position in the
retail segment. QIB’s sound financial performance, robust asset
quality and strong capitalization support the rating”.
The S&P report also highlighted that “QIB’s funding profile is
now more balanced because the bank has replaced Gulf
Co-operation Council (GCC) deposits with core deposits from
local entities (GREs). QIB’s stable funding ratio reached
113.1%, as of December 31, 2018. The bank’s liquidity is also
adequate, with about 9% of assets placed in liquid forms and
another 20% placed mostly in Qatari government sukuk.”
The report also reiterated that QIB’s long-term rating is in
line with the bank’s high systematic importance in Qatar and the
agency’s assessment of the Qatari government as highly
supportive to the domestic banking sector.
QIB has demonstrated steady financial growth over the past years
and has been setting a benchmark for Islamic banks in the region
with its embrace of cutting-edge banking technologies. The
bank’s customer-centric approach to both its product offering
and the overall banking experience is offered across its
renovated branch network and constantly developing digital
channels.
QIB’s Group CEO Bassel Gamal said: “We are pleased with the
affirmation of the rating by S&P, the rating speaks of the
strength and development of the local economy and banking
industry. At QIB, we have been able to maintain a stable and
healthy growth across all key performance indicators for the
last few years as we are committed to sustainability for the
benefit of all our stakeholders despite the regional and global
conditions.”
Established in 1982, QIB was the first Islamic bank in Qatar.
Today, it is the second largest bank, and the largest Islamic
bank in the country, with a market share of about 11% in terms
of total assets as of year-end 2018. The bank provides
Shariah-compliant products and services to corporates and
individuals primarily in Qatar.
|