The Capital Intelligence Capital Credit Agency confirmed the credit ratings of Qatar Islamic Bank (QIB), while granting a stable future look.
The company kept the classification of long-term assets denominated in foreign currencies at the degree of “-Aa”, classification of short-term assets at “A1+”, and classification of the bank’s independence at “-A”.
The classification of the main financial position standard has also been confirmed at the “-A” and the exceptional support level at “high”.
The long -term classification of the bank’s assets comes with 3 degrees higher than its independent classification, and this indicates a great possibility to obtain exceptional government support if needed.
This is due to the strong registry of the Qatari government in supporting the local banking sector, as well as its main contributions to all Qatari banks.
This support also reflects the financial government’s ability related to its sovereign classifications of the State of Qatar, the AA degree for long -term and A1 +for Sunday’s short and a stable future look.
The independent bank classification depends on multiple factors, most notably the strong financial situation supported by the quality of assets and stable and strong profitability on the operating and net levels, in addition to the solid capital and good liquidity.
The bank also has a major competitive advantage thanks to its position as a pioneer in the Islamic banking sector and one of the largest banks in Qatar, which enhances its ability to absorb losses and achieve stable financial results, yet the bank faces limited challenges related to the financing directed to the real estate sector, the focus of loans and deposits.
Qatar Islamic Bank QIB is the first Islamic bank in Qatar, and was established in 1982 and its shares were listed on the Qatar Stock Exchange in 1997, to become one of the most prominent players in the Islamic banking sector at the local and international levels, with its commitment to providing innovative financial solutions in line with Islamic law.
