Moody’s confirms rating of Qatar International Islamic Bank at A2/Prime-1
Date
7/23/2024 4:22:35 AM
(MENAFN) Moody’s Ratings has reaffirmed the rating of Qatar International Islamic Bank (QIIB) at (A2/Prime-1) with a stable outlook, indicating the bank’s robust financial health. According to Moody’s report, QIIB is distinguished by its high liquidity, strong profitability, and solid capital base. The affirmation reflects the bank's well-established Islamic financial assets, substantial liquidity reserves, sound capital, and efficient operational management.
Moody’s highlighted that QIIB's strong profitability is supported by its Islamic banking model, which continues to offer a competitive edge. The agency's stable outlook for QIIB suggests that the bank is expected to maintain its strong profitability over the long term. Moody’s also noted the bank’s resilient financing profile, emphasizing its focus on retail banking, robust liquidity buffers, and solid capital. Additionally, QIIB's position benefits from the strong likelihood of government support if necessary.
In response to the affirmation, QIIB’s CEO, Dr. Abdulbasit Ahmad Al Shaibei, expressed satisfaction with the maintained high credit ratings. He attributed this positive assessment to the bank’s exceptional performance, solid financial standing, and its alignment with Qatar’s economic prosperity. Dr. Al Shaibei emphasized that QIIB’s financial strength is reinforced by Qatar’s significant regional and international economic position.
He also pointed out that QIIB consistently upholds key financial indicators, achieves stable growth, expands its customer base, and adapts to competitive market conditions. The bank effectively turns market challenges into opportunities, and Dr. Al Shaibei is optimistic about continuing to achieve excellent financial results and maintaining strong credit ratings in the future.
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