Doha: Moody’s Ratings has affirmed Qatar International Islamic Bank QIIB rating at (A2/Prime-1) with a stable outlook, confirming that the bank has high liquidity, strong profitability and solid capitalization.
In its report on ratings affirmation of QIIB, Moodys stated: “The bank has a strong profitability underpinned by its well-established Islamic assets with banking privilege, strong liquidity reserves, sound capital and good operational efficiency. Moreover, the stable outlook of the bank rating on the long-term balances our expectations that the bank will maintain its strong profitability”.
The agency added: “the bank has a resilient financing profile, supported by a privilege focused on retail, sound liquidity buffers and sound capital, as well the bank’s position is fostered by a highly probable government support when needed.” Commenting on Moodys affirmation of QIIB rating at (A2/Prime-1) with stable outlook, QIIBs chief executive officer Dr. Abdulbasit Ahmad Al Shaibei said: “Moody’s affirmation
of QIIB at this rating reflects our outstanding performance, strong financial position, and alignment with the prosperity and growth witnessed by Qatars economy in various fields. Our financial strength is supported by Qatar’s renowned regional and international economic position”.
“QIIB maintains its key financial indicators, achieves stable growth, expands its customer base, responds to various competitive factors in markets, and benefits from the rich opportunities provided by the Qatari economy. The bank also responds appropriately to emerging market pressures and conditions. We were able to often turn challenges into opportunities. We are thus optimistic that the strength of our position and credit ratings will continue to achieve outstanding rates, ” Dr Al Shaibei added.
“Moody’s expectation that QIIB will maintain its strong profitability reflect confidence, in comparison to our success in translating the plans and strategies approved by the Bank’s Board of Directors, which take exceptional care of t
he local market while benefiting from external opportunities that are of high feasibility”, he said.
QIIBs chief executive officer added: “We are optimistic that the Bank will continue its upward trajectory for various indicators and will continue to capitalize on the successful trends in the global banking market, especially in the digital transformation field where we have made significant leaps, and have had a tangible impact on increasing our operational efficiency.”
Source: Qatar News Agency