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’s financial data submitted at the end of the third quarter this year.
The report said the bank maintained its strong financial position and responded in a sound manner to emerging challenges.
The bank worked in line with the high solvency of the Qatari economy in its various sectors.
Fitch said the bank’s profitability measures are strong compared to its local counterparts.
In addition, the bank maintained good operating cost management with a high-quality investment portfolio and a clear reduction in risk index.
Fitch said QIIB is of high quality in its assets with a very low percentage of non-performing financing.
The bank has maintained stable profitability, and its financial position supports its deposit structure, Fitch said.
The official Qatar News Agency said the rating confirms the strength of the Qatari economy.
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.
In line with Sharia principles, the bank does not deal with interests. Still, it provides banking services in Qatar more than any other bank.
Especially, after the bank developed its system. Customers can get their services through their mobile phones.
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’ shares.
Abdul Basit Ahmed Al Shaibi, the bank’s CEO, said Fitch’s rating is evidence of success in market challenges.
“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.
He added that the Qatari economy in numbers and facts is among the best regionally and internationally.
He said the Bank’s strategy focus mainly on the local market and cooperation with various economic sectors.
In the coming stage, QIIB will procced with its short and long term strategies. This, he said, will ensure the development of various indicators.