Doha: Qatar International Islamic Bank (QIIB) has announced that the Capital Intelligence Ratings (CI Ratings) has affirmed its long term rating of the bank at (A+) with a stable outlook.
In its rating rationale with regard to QIIB, CI noted the bank has many strengths, including the quality of assets and strong profitability, especially with regard to return on assets, and the bank also enjoys a strong customer deposit base.
The ratings agency indicated that the bank has sound capital adequacy. CI believes that QIIB will be able to continue to achieve better than average results, especially with the outstanding operating efficiency (low cost to income ratio) the bank enjoys. Non-domestic deposits are at a minimum with the bank, it said.
QIIB chief executive officer Dr Abdulbasit Ahmad Al Shaibei said the affirmation of QIIB’s long term rating at (A+) with a stable outlook underscores its alignment with the ongoing progress and prosperity of the Qatari economy across diverse sectors.
He remarked, “Our rob
ust financial standing owes much to the resilience of the Qatari economy, positioning us strongly to reinforce our financial stability and fulfil the objectives outlined in our interim and strategic plans.” Dr Al Shaibei noted the financial results recently disclosed by QIIB for 2023 confirm what CI stated as a logical reflection of the “great development the bank achieved” over the past several years.
He described these results as a testament to the significant strides made by the bank, its adept response to market challenges, and the cultivation of a successful business model characterized by elements conducive to sustained exceptional growth rates.
“QIIB’s strong ratings underscore our commitment to maintaining our strategy, which prioritizes the local market and the wealth of opportunities it presents. Concurrently, we remain steadfast in our cautious risk mitigation approach and adopting best-in-class banking practices, leveraging advanced technology to optimize our operational capabilities to the full
est,” Dr Al Shaibei added.
Source: Qatar News Agency