Capital Intelligence, a Cyprus-based credit rating agency, has upgraded its Long-Term Foreign Currency Rating (LT FCRs) for Qatar International Islamic Bank (QIIB) to (A+) with a stable outlook and highlighted the bank’s many strengths that have enhanced its credit rating.
In its report, which included upgrading the rating of QIIB, Capital Intelligence Rating stated that “The bank has strong financial solvency in general, and the bank managed post improved profitability at both the operating and net levels, and it also has strong liquidity. Most importantly, these upward revisions follow the upgrade of Qatar’s sovereign ratings (‘AA’/’A1+’/Stable) earlier this.
The rating agency also indicated that the rating upgrade has been based, in addition to what was mentioned, on the possibility of exceptional government support in case of need, and that the bank was able to develop a successful specialized business module.
Dr. Abdulbasit Ahmed al-Shaibei CEO – QIIB
“We are certainly pleased with this rating, because it indicates that we are fully consistent with the robust growth of the Qatari economy within which we draw our strength, and build on the rich opportunities it provides in various fields. The reasons cited by Capital Intelligence vis-a-vis QIIB rating upgrade indicate that the bank holds a distinguished financial position and continues to enhance its various indicators, including profits and capitalization and liquidity, which is reflected in our financial statements that we recently disclosed at the end of the year 2022.”
Mr. Al Shaibei added that “Rating upgrade in this particular period has many indications, one of which is the momentum that we were able to achieve, despite the challenges that have risen along with the markets at the global level, foremost of these are the challenges posed by the spread of COVID-19 pandemic in the recent past as well as the global turmoil resulting from geopolitical and economic challenges. It has resulted in high inflation, and difficulties in supply chains affected the markets.”
Dr. Al Shaibei pointed out that “Our strategy, which has always relied on the local market and participation in high-feasibility projects, as well as the adoption of a cautious risk policy, enabled us to maintain the growth trajectory. This has also helped us overcome various challenges, whether in foreign markets or those resulting from competition in the banking market, to which we were able to respond, especially through large-scale activity in digital transformation operations. This has clearly enhanced our operational performance, improved the work environment and given us a strong impetus forward.”
