Moody’s Credit Rating Agency Affirms QIIB Rating at A2 with Stable
Outlook
21 May 2020
Qatar International Islamic Bank ‘QIIB’ announced that the Moody's
Credit Rating Agency has affirmed the bank's credit rating at A2 with a
stable outlook, which assures the Bank's strong financial position and
its ability to face the various market challenges.
Moody's indicated in further details that its rating based on a number
of factors, most important of which is that QIIB is one of the
leading banking institutions in the State of Qatar mainly in the retail
sector. The Bank continued to maintain its quality assets and moderate
profitability as well as stable liquidity and outstanding
capitalization.
The agency stated that the bank enjoys a considerable credit points
based on resilient funding resources supported by strong concession
relied on large local retail market share with high potentials for
receiving government support whenever needed.
His Excellency Sheikh Dr. Khalid bin Thani bin Abdullah al-Thani,
Chairman and Managing Director of QIIB, commenting on the rating by
Moody’s said “the rating at this remarkable level reflects Moody's
affirmation on the strength of the Qatari economy and the confidence in
its ability to face all types of future challenges on domestic and
foreign levels".
"We are surely pleased with the Bank’s ability to continue its
distinctive performance while achieving remarkable results which was
evidently reflected among all performance indicators as disclosed
earlier. The same has been reverberated in Moody’s rating which was
relied on real strength foundations distinguished QIIB over a long
period of time.
His Excellency affirmed that QIIB is moving forward in strengthening its
financial positions and well-established correlations with the business
sector locally via financing diversified projects that add value to the
national economy, and internationally through establishing partnerships
with low-risk and good-return businesses.
His excellency emphasized that the local banking sector enjoys a high
solvency and managed through prudent policies is capable of achieving
more advancement, more gains and able to confront and overcome emerging
challenges as it has proven to be resilient and efficient which
qualifies it to continue its lead locally and internationally.
Mr. Abdulbasit Al Shaibei, CEO of QIIB, clarified that QIIB has always
adopted a strategy that is based on the local market being confident
that the potentials and the merits provided by the Qatari economy are
the best in the region. This is beside our willingness to be part of the
success story of our country. Our strategy has proven to fructify on all
levels and we are proud today of our robust financial position and also
being part of the success story of national economy.
Mr. Al Shiabei added "the Bank’s rating by the eminent global credit
rating agencies at these high levels qualifies us to adapt to market
challenges and new market conditions as well as envisage balanced
approaches that guarantee conformity with various global assessments to
qualify the Qatari economy accomplish balance in the period to come
despite the volatility in the global markets”.
The CEO noted that
QIIB maintains a remarkable operational efficiency, focuses on the local
market in its operational strategy as well implementing interim and
strategic plans in accordance with the best standards.
The bank also deals realistically with all the challenges and is able to
turn these challenges into opportunities to rethink all the options that
allow it to succeed in enhancing the performance and maintaining
positive financial indicators that serve customers and benefit
shareholders
Mr. Al Shaibei stated that the Qatari economy has succeeded to overcome
the blockade and left it behind. The sage government’s policies have
turned the blockade into rich opportunities, positively reflected on the
various economic sectors, particularly the banking sector. The economy
is now able to provide solutions in various fields, foremost of which is
banks which in turn are required to promote their performance to match
that of Qatar's dynamic and prosperous economy.