Doha-Mubasher: Fitch Ratings upgraded the long-term issuer default rating (IDR) of Qatar International Islamic Bank (QIIB) from ‘A’ to ‘A+’ with a stable outlook, reflecting the bank’s financial strength and liquidity.
The upgrade is mainly attributed to the strong rating of Qatar by Fitch at ‘AA’ with stable outlook, according to a statement released by the bank.
QIIB CEO Abdulbasit Ahmad Al Shaibei said that the credit rating upgrade of QIIB reflects the sound and strong economy of Qatar, as well as the bank’s successful strategic plans.
The new regulations of the country’s strong banking sector and the opportunities offered by the national economy support QIIB’s activities which are mainly focused on the domestic market, CEO added.
QIIB’s ordinary general meeting, held on 15 March, approved the issuance of additional Tier1 Sukuk worth QAR 3.0 billion, which will support solvency indicators and reinforce the bank’s expansion.
The bank maintains a strong capital adequacy according to Basel 3 at18.8% in December 2014.
