Wednesday, 28 July 2021 01:38 GMT

Dukhan Bank ratings reflect Qatari economy's strength and robustness: Chairman


(MENAFN - Gulf Times) Sheikh Mohamed bin Hamad bin Jassim al-Thani in a report to the bank's Annual General Meeting on Wednesday said Moody's had confirmed the Dukhan Bank's long-term credit rating at A2 / Prime-1, with a stable outlook, alongside Fitch's affirmation at ‘A'   Dukhan Bank's ratings reflect the strength and robustness of the Qatari economy as well as the bank's independent credit, which exhibits strong financial assets position and an ability to play a leading role in the Islamic banking sector in Qatar, said its chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani.
Sheikh Mohamed in a report to the bank's Annual General Meeting on Wednesday said Moody's had confirmed Dukhan Bank's long-term credit rating at A2 / Prime-1, with a stable outlook, alongside Fitch's affirmation at ‘A'.
In the fourth quarter of 2020, Dukhan Bank was chosen among the 10 safest banks in the Middle East and the 10 safest Islamic banks in the GCC. The annual rankings of the safest banks in the world, taken from The American Global Finance magazine, have been a reliable measure of financial security for more than 25 years.
The best banks are selected based on evaluation of long-term ratings from international credit rating agencies: Moody's, Standard & Poor's, and Fitch; as well as the quality of the banks' financial performance.
Sheikh Mohamed highlighted the vital role Dukhan Bank played in responding proactively to the economic impact of the pandemic. This included the launch of the (Covid-19) National Guarantee Programme under the directive of the Qatar Central Bank to alleviate the financial pressure on private companies and small and medium sized enterprises (SMEs).
He also referred to other measures taken by the bank in a pragmatic and systematic manner within the framework of its crisis management plan in terms of protecting its staff as well as its customers.
These measures included transferring most of the daily banking transactions from the branches to electronic platforms whilst ensuring smooth banking services, strengthening customers' confidence in online banking services. This has been developed through focused awareness campaigns via social media urging everyone to fully commit to the preventive instructions issued by authorities concerned.
In the context of its aspirations to emerge as 'Qatar's Bank of Choice' and to confirm this position, the new identity announced by the bank in October 2020 came in light of a significant positive digital transformation witnessed by the bank, to provide operational efficiency, profitability and a safe and seamless banking experience for its customers.
This step is also reflected in an evolution in the bank's methodology in terms of creating products and services that are aimed at enabling customers to carefully plan their financial present in line with urgent individual needs, he said.    

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