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Tribune news network
Doha
Fitch Ratings has affirmed Qatar International Islamic Bank (QIIB)’s rating at ‘A’ with a stable outlook, the bank announced in a statement on Wednesday.
QIIB said the rating once again highlights the strength of the bank’s various indicators, its financial position and conformity to Qatar’s economic potential.
In affirming the QIIB rating, Fitch identified several features, including the strength of the bank’s position among Islamic banks, its assets’ quality, strong profitability, quality of financing portfolio, growth in operational profits, improvement in operational efficiency and strong presence in the local retail sector.
Fitch pointed out that the strength of the Qatari economy and its classification, besides the Qatari government support to the banking sector including the QIIB whenever required, were the important factors in affirming the QIIB rating at A.
The government’s ongoing support to the Qatari banking sector and its equity participation in the local banks, shows its strong commitment to the local banks, Fitch said.
QIIB CEO Abdulbasit Ahmad al Shaibei said, “The premier rating agency has clearly stated that the strength of the Qatari economy and its strong indicators are catalysts in supporting various economic sectors, especially the banking sector.
“This sector is deriving its strength from the exceptional performance of our national economy, which continues to achieve the best growth rates, regionally and internationally”.
“We, at QIIB, are part of the Qatari economy, which emerges stronger amid challenges, especially when facing the unfair economic blockade on our country.
“We are thrilled to have leveraged our performance to contribute to the victory over this blockade, which has made our economy stronger, more dynamic and being able to achieve the highest targeted growth rates,” he added.
He said, “QIIB spares no effort in financing projects and activities that bring value addition to the national economy, which has provided the best growth opportunities and showed attractiveness to local banks and companies, as well as international banks and other companies.
“This promotes competition, fosters development in various fields and sectors, and supports the achievement of the vision and goals set out in the Qatar National Vision 2030”.
Doha
Fitch Ratings has affirmed Qatar International Islamic Bank (QIIB)’s rating at ‘A’ with a stable outlook, the bank announced in a statement on Wednesday.
QIIB said the rating once again highlights the strength of the bank’s various indicators, its financial position and conformity to Qatar’s economic potential.
In affirming the QIIB rating, Fitch identified several features, including the strength of the bank’s position among Islamic banks, its assets’ quality, strong profitability, quality of financing portfolio, growth in operational profits, improvement in operational efficiency and strong presence in the local retail sector.
Fitch pointed out that the strength of the Qatari economy and its classification, besides the Qatari government support to the banking sector including the QIIB whenever required, were the important factors in affirming the QIIB rating at A.
The government’s ongoing support to the Qatari banking sector and its equity participation in the local banks, shows its strong commitment to the local banks, Fitch said.
QIIB CEO Abdulbasit Ahmad al Shaibei said, “The premier rating agency has clearly stated that the strength of the Qatari economy and its strong indicators are catalysts in supporting various economic sectors, especially the banking sector.
“This sector is deriving its strength from the exceptional performance of our national economy, which continues to achieve the best growth rates, regionally and internationally”.
“We, at QIIB, are part of the Qatari economy, which emerges stronger amid challenges, especially when facing the unfair economic blockade on our country.
“We are thrilled to have leveraged our performance to contribute to the victory over this blockade, which has made our economy stronger, more dynamic and being able to achieve the highest targeted growth rates,” he added.
He said, “QIIB spares no effort in financing projects and activities that bring value addition to the national economy, which has provided the best growth opportunities and showed attractiveness to local banks and companies, as well as international banks and other companies.
“This promotes competition, fosters development in various fields and sectors, and supports the achievement of the vision and goals set out in the Qatar National Vision 2030”.
