The international credit rating agency Moody's has affirmed QIIB's rating for the second consecutive year at A2, which is a sign of strength of the bank's financial position.
Moody’s decision to affirm the ratings of QIIB reflects the resilience in the bank’s financial performance underpinned by continued strong asset quality and capital buffers.
Moody's reports refers to the affirmation of QIIB’s A2 issuer ratings was based on a range of considerations, including that although the bank is facing the same challenges in the operating environment as other Qatari banks, they expect the bank’s performance to be relatively resilient as it is one of the oldest Islamic banks in Qatar, with solid retail-focused franchise, stock of liquid assets which, despite some pressure, are expected to remain at high level. In addition to that, the bank has maintained high capital buffers.
The affirmation of QIIB’s A2 issuer ratings are Moody’s view of a continued very high likelihood of Qatari government support in case of need.
Abdulbasit Ahmad Al Shaibei (pictured) , CEO of QIIB, said: “QIIB’s rating affirmation at this good level is a natural reflection of the strength and high quality of the Qatari economy and an evidence of the confidence in the strength of this economy in various circumstances and against any unexpected developments and risks.”
“We are part of the prospering Qatari banking sector. And we are proud of our contribution in supporting the national economy through our participation in financing different projects in vital sectors that work in a harmonious and homogeneous way in order to achieve the best results for the Qatari society and the realization of the vision and guidelines of our leadership, especially the Qatar National Vision 2030,” he added.
Al Shaibei reiterated that "QIIB enjoys a strong and solid financial position reflected by its results, growth numbers and various items on its balance sheet, as well as its ability to expand the customer base and the confidence, which it domestically and internationally enjoys in the banking sector. This is in addition to our strategic partnerships made locally, regionally and internationally that promote growth opportunities and reduces risks to the minimum.”
QIIB’s Chief Executive Officer stated that “The bank continues to focus and pursue strategic plans approved by the Board of Directors, either by locally continuing to finance various projects or expanding externally through entering new promising markets based on detailed feasibility studies”.
Al Shaibi also said that the opening of Umnia Bank in Morocco is the result of a partnership among QIIB, Crédit immobilier et hôtelier (CIH) and the Moroccan Deposit and Management Fund.
Umnia Bank has established an operational strategy that focuses on expanding to the various cities in the Kingdom of Morocco and offers innovative and diversified banking products including daily banking solutions, financing, investment, deposit and savings.
