QIIB has announced that the credit rating agency Moody’s has affirmed the bank’s rating at ‘A2’ with a stable outlook, which confirms the strength of its financial position and ability to meet various market challenges.
In its affirmation of the bank’s rating, Moody’s indicated that it was based on a number of factors, the most important of which is that QIIB is one of the leading Islamic banking institutions in Qatar, especially in the retail sector.
The credit rating agency stated that the bank has “significant credit strengths based on its resilient funding profile backed by a strong concession based on a large share of the local retail market, and that there is a very high probability of receiving government support in case of need.”
On Moody’s affirmation of QIIB rating, bank chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani stated, “This rating at a remarkable degree is part of Moody’s assertion of the strength of the Qatari economy and confidence in its ability to face various challenges – both domestic and foreign.”
“Certainly, we are happy with our ability to continue our outstanding performance and achieve good results that were clearly reflected in the various indicators that we disclosed in the last period, and we found resonating on Moody’s rating, which was based on real strengths enjoyed by ‘QIIB’ for a long time.”
Sheikh Dr Khalid said, “The local banking sector, with its high solvency and prudent policies, according to which it is managed, is capable of achieving more progress, more gains to overcome any unexpected and sudden challenges, as it has proven that it has the flexibility and efficiency that qualifies it to continue to lead locally and internationally.”
QIIB CEO Dr Abdulbasit Ahmad al-Shaibei said, “QIIB has always relied on its strategy, focusing on the local market as we are confident that the opportunities and benefits provided by the Qatari economy are the best in the region, as well as our desire to be part of our country’s success story. This strategy paid off at all levels, so today we are proud for two reasons; first its affirmed our strong financial position and the second is that we are part of the success of our wider national economy.
He continued, “Our rating by the respected global credit rating agencies at high levels qualifies us to be able to adapt the challenges of the markets, and to find ways to correspond with the various global outlooks that qualify the Qatari economy to achieve the desired balance during the coming period, despite the ongoing volatility in the global markets.”
The CEO noted that “QIIB maintains a remarkable operational efficiency, focusing on the local market in its business strategy, as well implementing interim and strategic plans in accordance with the best standards, deals realistically with all challenges”
“The bank also deals realistically with all the challenges and is able to turn these challenges into opportunities to rethink all the options that allow it to succeed in enhancing the performance and maintaining positive financial indicators that serve customers and benefit shareholders”.
Al-Shaibei added, “The Qatari economy, which succeeded in combating the blockade and turned it into rich opportunities, positively reflected on the various economic sectors, particularly the banking sector. This economy is able to provide solutions in various fields, foremost of which is that banks in turn are required to raise their performance to match that of Qatar’s dynamic and prosperous economy.”
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