The global rating agency Moody’s has affirmed QIIB ‘s rating at ‘A2’ with a stable outlook, QIIB announced yesterday. Moody’s affirmation of the QIIBrating confirms the strength of the bank’s financial position and its ability to meet different market challenges, QIIB said. In its affirmation of the bank’s rating, Moody’s indicated that it was based on a number of factors, the most important of which is that QIIB is one of the leading Islamic banking institutions in the State of Qatar, especially in the retail sector.
The credit rating agency stated that the bank has significant credit strengths based on its resilient funding profile backed by a strong concession based on a large share of the local retail market and that there is a very high probability of receiving government support in case of need.
On Moody’s affirmation of QIIB rating, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, the QIIB Chairman, and Managing Director, stated, “This rating, at a remarkable degree, is part of Moody’s assertion of the strength of the Qatari economy and confidence in its ability to face various challenges – both domestic and foreign.”
“Certainly, we are happy with our ability to continue our outstanding performance and achieve good results that were clearly reflected in the various indicators that we disclosed in the last period, and we found resonating on Moody’s rating, which was based on real strengths enjoyed by QIIB for a long time”, Sheikh Dr. Khalid said.
QIIB is moving forward in promoting its financial positions and strengthening its cooperation with different business sectors locally through financing various projects that provide added value to the national economy as well internationally through partnerships with low risks and good return.
“The local banking sector, with its high solvency and prudent policies, according to which it is managed, is capable of achieving more progress, more gains to overcome any unexpected and sudden challenges, as it has proven that it has the flexibility and efficiency that qualifies it to continue to lead locally and internationally,” Sheikh Dr. Khalid added.
Dr. Abdulbasit Ahmad Al Shaibei, the QIIB CEO, said that “QIIB has always relied on its strategy, focusing on the local market as we confidence that the opportunities and benefits provided by the Qatari economy are the best in the region, as well as our desire to be part of our country’s success story. This strategy paid off at all levels, so today we are proud for two reasons; first, its affirmed our strong financial position and the second is that we are part of the success of our wider national economy ”
“Our rating by the respected global credit rating agencies at high levels qualifies us to be able to adapt the challenges of the markets, and to find ways to correspond with the various global outlooks that qualify the Qatari economy to achieve the desired balance during the coming period, despite the ongoing volatility in the global markets.”
The CEO noted that “QIIB maintains a remarkable operational efficiency, focusing on the local market in its business strategy, as well implements interim and strategic plans in accordance with the best standards, deals realistically with all challenges”
“The bank also deals realistically with all the challenges and is able to turn these challenges into opportunities to rethink all the options that allow it to succeed in enhancing the performance and maintaining positive financial indicators that serve customers and benefit shareholders”, the CEO said.
Dr. Al Shaibei pointed out that the Qatari economy, which succeeded over the blockade and left it behind, the government’s policies have turned into rich opportunities, positively reflected on the various economic sectors, particularly the banking sector.
“This economy is able to provide solutions in various fields, foremost of which is that banks, in turn, are required to raise their performance to match that of Qatar’s dynamic and prosperous economy.”
QIIB was established in 1990 as the second Islamic bank in the State of Qatar and is currently the third-largest Islamic bank listed on the Qatar Exchange (QE) in terms of assets and market value. Effectively, the bank initiated its operations in 1991.
QIIB provides integrated banking services to clients through a network of branches spanning across the country. Moreover, the bank was able to establish an advanced digital infrastructure and e- channels services that have elevated its banking services to a whole new level. Also, QIIB has extensive regional and international partnerships.
Source from: The Peninsula Qatar