Fitch Ratings has affirmed QIIB’s rating at ‘A’ with a ‘stable’ outlook reflecting the bank’s strong financial position and its consistency with the high indicators achieved by various economic sectors in Qatar, QIIB announced yesterday.
Fitch pointed out that QIIB’s rating at this high level is certainly due to various factors, the 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 Shaibei (pictured), said, “The Qatari economy is the source of strength from which we build our solid financial position. We are pleased to capitalise on these strengths that have a positive impact on various economic sectors and different growth figures”.
He said, “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”.
QIIB CEO affirmed that: “This rating is an indication that the high level of confidence in QIIB at the local, regional and international levels has been based on solid foundations with regard to various indicators. This was clearly evident to us during our recent issuance of a sukuk worth $500m and its subsequent listing on the London Stock Exchange. The issuance largely appealed to investors from countries around the world, some of whom were dealing with Qatari banks for the first time, thus oversubscribing the issuance by more than seven times”.
“We are committed to implementing our strategy, which focuses on the local market for deriving its strength and stability and maintaining low risks, in addition to our desire to contribute to the boom and growth of the Qatari economy in the best possible ratios”.
The CEO expressed his optimism for future, stressing that “All the circumstances and factors make us optimistic, as the global confidence is firmly established in the Qatari economy. The implementation of large and mega projects is in full swing, throwing up huge opportunities and benefits. The government’s plans for economic diversification are very successful, which help achieve daily positive indicators. These have been successively reflected in independent and credible economic reports and analysis by experts who affirm that the future of the Qatari economy is indeed bright and prosperous.”
