International Islamic’s fiduciary score has been assessed in the range of ‘70-75’ (out of 100), which IIRA said reflects strong fiduciary standards wherein rights of fund providers are adequately defined and protected.
Islamic International Rating Agency (IIRA) has assigned a “national scale rating” of A+/A-1 (QR) to Doha-based International Islamic (QIIB).
On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-1. These ratings have been assigned on the basis of International Islamic’s strong credit fundamentals.
Further, International Islamic’s fiduciary score has been assessed in the range of ‘70-75’ (out of 100), which IIRA said reflects strong fiduciary standards wherein rights of fund providers are adequately defined and protected.
The fiduciary score is an aggregation of scores assigned to its three sub-sections, namely corporate governance, shariah governance, and asset manager quality.
It captures the role of the management of the institution as Mudarib, the entity’s governance practices and compliance with Shariah principles adopted by the bank.
The assigned fiduciary score incorporates International Islamic’s well developed corporate governance framework which is supported by a sound risk management infrastructure, financial planning process and well-articulated systems and controls.
At the same time, active oversight pursued by the board as well as a stable and experienced management team have been critical to the financial progress achieved by the bank. Composition of the board could be broadened to enhance representation of all shareholders and for inclusion of independent directors.
Currently, International Islamic bank operates with some 15 branches and 70 ATMs across Qatar with fully functional electronic services suites via the bank’s internet banking or phone banking, and a 24 hours call centre.
Recently, the number of directors on International Isalmic’s Board of Directors has been increased to 11 to further enhance the role of board committees.