Global credit rating agency Fitch announced it has affirmed Qatar International Islamic Bank (QIIB) to ‘A’ with a stable outlook. The rating is based on the bank\u2019s financial data submitted at the end of the third quarter this year.<\/p>\n\n\n\n
The report said the bank maintained its strong financial position and responded in a sound manner to emerging challenges.<\/p>\n\n\n\n
The bank worked in line with the high solvency of the Qatari economy in its various sectors.<\/p>\n\n\n\n
Fitch said the bank’s profitability measures are strong compared to its local counterparts.<\/p>\n\n\n\n
In addition, the bank maintained good operating cost management with a high-quality investment portfolio and a clear reduction in risk index.<\/p>\n\n\n\n
Fitch said QIIB is of high quality in its assets with a very low percentage of non-performing financing.<\/p>\n\n\n\n
The bank has maintained stable profitability, and its financial position supports its deposit structure, Fitch said.<\/p>\n\n\n\n
The official Qatar News Agency said the rating confirms the strength of the Qatari economy.<\/p>\n\n\n\n
Qatar International Islamic Bank was established in 1991 in Doha and commits to the Sharia principles. And, the bank provides services to the corporate and individual sectors.<\/p>\n\n\n\n
In line with Sharia principles, the bank does not deal with interests. Still, it provides banking services in Qatar more than any other bank.<\/p>\n\n\n\n
Especially, after the bank developed its system. Customers can get their services through their mobile phones.<\/p>\n\n\n\n
The bank profits rely the local market. But, it takes advantage of international markets to increase its profits and raise the value of its shareholders\u2019 shares.<\/p>\n\n\n\n
Abdul Basit Ahmed Al Shaibi, the bank’s CEO, said Fitch’s rating is evidence of success in market challenges.<\/p>\n\n\n\n
“Our dependence on the local market, and our reliance on the strength of the Qatari economy, has proven its usefulness and efficiency,” Al-Shaibi said.<\/p>\n\n\n\n
He added that the Qatari economy in numbers and facts is among the best regionally and internationally.<\/p>\n\n\n\n
He said the Bank’s strategy focus mainly on the local market and cooperation with various economic sectors.<\/p>\n\n\n\n
In the coming stage, QIIB will procced with its short and long term strategies. This, he said, will ensure the development of various indicators.<\/p>\n\n\n\n
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