Fitch affirms QIIB’s rating at A- and raises its outlook to positive

Fitch Ratings affirmed Qatar International Islamic Bank’s rating at /-A/, and raised its outlook for the bank from stable to positive.

The agency stated that changing its future view of the bank is based on the strength of the Qatari economy and its ability to achieve more opportunities and growth in various sectors, including the banking sector, as well as providing government support to banks when needed.

And Fitch Agency confirmed last September, in its periodic report on affirming QIIB’s rating, that the bank’s rating is at /A/ based on a number of reasons related to the bank and its indicators, or the environment in which it operates, as QIIB enjoys the quality of assets and capital. Adequate core money, funding and stable liquidity. A strong Islamic deposit franchise also supports the bank’s financing profile which is mainly made up of domestic retail deposits with very low dependence on external financing. The agency indicated that QIIB’s profitability measures are stronger than its direct counterparts due to high profit margins and good benefits, and the bank’s position strengthens cost management with an improvement in the operating environment since 2021.

Dr. Abdulbaset Ahmed Al Shaibi, QIIB’s CEO, said that changing the bank’s outlook from stable to positive confirms that the bank is moving in the right direction, and that its indicators are strong, its steps are well-considered, and the policies it follows bring the desired results.

He added: We owe this progress and this high rating to the strength of the Qatari economy, which gives all sectors, including the banking sector, a safety umbrella with high credibility and reliability and provides growth opportunities that are among the best regionally and internationally. He stressed the bank’s continuation of working according to a strategy that focuses on the local market and investing in the opportunities available in it, as well as managing foreign investment opportunities according to a highly efficient risk policy, which was clearly reflected in the bank’s indicators that were praised by the various credit rating agencies, the most recent of which was the Fitch rating agency. Which boosted the bank’s future outlook from stable to positive. He stressed that QIIB will continue to work to strengthen its financial position and respond to competition factors and other factors in the market, with special attention to working to achieve more progress in the field of operational efficiency, by enhancing the role of technology and digital transformation , in line with the best internationally approved standards.