DOHA: Fitch Rating has upgraded Qatar International Islamic Bank (QIIB) Long-term Issuer Default Ratings (IDR) to 'A' from 'A-', said QIIB in a press release today.
The upgrade of QIIB's IDR is driven by a revision of its Support Rating Floors (SRFs), added the statement.
QIIB Chief Executive Officer, Abdulbasit Ahmed Al-Shaibei said, "We are pleased about the Fitch Ratings’ upgrade for our bank. Considerable efforts made towards the effect have paid off and it reflects the short and long term strategy laid by the QIIB Board of Directors.
"The ratings denote the independent strength of the global companies and reflect the fact that we are an integral part of the national economy. We are proud to be part of the success and wish to keep up with it, actively," he added.
Al-Shaibei stressed that the Fitch rating gives us more confidence and presents us well before our esteemed shareholders and customers. This shows that we have done well in various stress tests that are undertaken to gauge the health of the banking system. This is highly important in the context of global market conditions. The efforts taken by Qatar Central Bank to enhance the strength and durability of the local banks and support them need to be commended.
Al-Shaibei noted, "As we have always reiterated, our primary focus is on the local market. We will continue to be driven by our obligation to national economy and provide ethic-based banking to our society.
"We will consider investment opportunities abroad only after due diligence, taking into account the interests of our shareholders. We will assess whether such a decision will increase their earnings. We will continue to play an effective role in contributing to the national economy and providing benefits to our customers and shareholders" he said.
The credit rating process is designed to provide information to investors and stakeholders of an entity on its relative creditworthiness via an independent evaluation and opinion on an entity and its ability to fulfill its financial obligations, and/or the quality of the securities or financial products issued by the entity. (QNA)
