27-12-2020
Fitch Ratings Agency issued its periodic report on Qatar International Islamic Bank rating, as it indicated the strength of the bank’s rating at “A” with a stable outlook, based on the bank’s financial data at the end of the third quarter of 2020, which confirms that QIIB was able to maintain its position Strong financial system, and responded in an appropriate manner to the emerging challenges, and was consistent with the high solvency of the Qatari economy in its various sectors.
Fitch affirmed, "QIIB enjoys high quality in its assets with a very low percentage of non-performing financing. The bank has also managed to maintain stability in profitability. The bank’s financial position also supports the bank’s structure, which consists mainly of domestic deposits with a significant decrease in deposits and external financing."
Fitch noted, "Profitability measures in the Islamic International are strong compared to their domestic counterparts. The bank also maintained good operating cost management with a high quality investment portfolio and a clear reduction in the risk index in the bank."
Commenting on Fitch’s rating report, Dr. Abdul Basit Ahmed Al Shaibi, CEO of QIIB, said: “We are very happy with this classification for several reasons, the most important reason is that it represents proof of our success in facing market factors and risks during the past period, which witnessed a lot of volatility at the global level, but our dependence on the local market, and our reliance on the strength of the Qatari economy, has proven its usefulness and efficiency, because this economy in numbers and facts is the best regionally and internationally.
He added: "We have implemented a strategy based on strengthening the bank's financial position in facing various risks, with a focus on raising operational efficiency to the highest level, accelerating the process of digital transformation in line with the emerging factors in the banking market, and the latest solutions that respond to customer requirements, keep pace with their aspirations for fast banking services, and are efficient and flexible."
QIIB Chief Executive explained: “The horizons set by the strategy approved by the bank’s board of directors focus mainly on the local market and cooperation with various economic sectors in the country, which for us is a central point of support linked to the high confidence factors enjoyed by the various local business sectors. With an active dynamic that provides unlimited opportunities for the banking sector to consolidate its positions and achieve sustainable growth, with the lowest expected risk ratios. "
He also affirmed: “In the coming stage, QIIB will continue to implement its strategy in the short and long terms, in order to ensure the improvement of the various indicators of the bank and its budget items, and to provide a banking experience of international standards to various categories of its individual and corporate clients.”
It is noteworthy that QIIB achieved at the end of the third quarter of the current year ending on 30/9/2020 a net profit of 785 million riyals, while the total assets of the bank amounted to 59.3 billion riyals, and the size of the financing portfolio was 39.2 billion riyals, and the volume of deposits reached 36.0 billion, and the earning per share is 0.52 riyals, and the capital adequacy ratio "Basel III" reached 17.2%.