DOHA: Qatar Islamic Bank (QIB) has been affirmed by international credit rating agency, ‘Capital Intelligence’ (CI), with a Financial Strength Rating (FSR) of ‘A’ in its latest report, a press statement said yesterday.
The ‘A’ rating for QIB from CI reflects the bank’s strong Islamic banking franchise, evidenced by substantial growth in financings and customer deposits, a strong net financial income differential, and QIB’s good capitalisation.
The agency has attributed this positive trend to QIB’s strategic transformation which has provided greater momentum to operating profit, with more focus on profitable core businesses. In view of the bank’s financial profile, Qatar’s economic growth potential, and ongoing government support for all Qatari banks, the bank’s long and short term foreign currency ratings are affirmed at ‘A’ and ‘A2’, respectively, on stable outlook. Based on the strength of the Qatari government balance sheet, the support rating is affirmed at ‘2’.
QIB Group CEO, Bassel Gamal (pictured), said: “QIB’s strong ratings by CI, is a confirmation of the bank’s financial strength. The bank is steadily progressing towards accomplishing the objectives of the strategic plan that aims to enhance the bank’s growth by building a strong and stable financial institution and incorporating effective risk management principles.”
