Moody's raises its outlook of QIIB to stable
QIIB announced that Moody's has affirmed the bank rating at A2 and changed its outlook to stable, reflecting the strength of the Qatari economy in its various institutions, especially the banking sector.
Moody's stated that it founded the grounds of QIIB upgrade and the improvement of its outlook to stable reflects the resilience in its financial position and performance, as it managed to maintain strong asset quality and capital buffers and its liquidity buffers remained solid.
Moody's said: “The change of the Bank's outlook to stable is based on the operational environment flexibility in Qatar and the ability of the Qatari government to support local banks to stay unaffected by the regional conflict which only impacted the foreign inflows, compensated later on by the government. It is doubtful that the continuous conflict will affect the credit situation of the State of Qatar, whose outlook for the economy has been upgraded to stable and confirmed at Aa3 recently”.
Commenting on the Bank rating and the upgrade of the Bank`s outlook to stable. QIIB Chief Executive Officer Dr Abdulbasit Ahmad al-Shaibei said: “This important event is founded primarily on the high soundness and solidity of the Qatari economy, interpreted by Moody's itself when it confirmed the strong rating of the Qatari economy and adjusted its future outlook to stable.”
“We are an active component of the Qatari banking sector and we are pleased to be organically connected with the positive changes in the outlook of the Qatari economy, which proved after a year of blockade that it is a bouncing and dynamic economy capable of overcoming all challenges and transforming these challenges into opportunities and growth figures”, he added.
“The success banking sector including the different Qatari economy sectors which recognised by international rating agencies, is a message to the whole world “We are able to progress “ . Thanks to the support and patronage of His Highness the Amir of Qatar, Sheikh Tamim Bin Hamad Al Thani for his great efforts ,the Qatari government as well as all sincere Qataris to achieve the country's development and progress. Together we are able to overcome all obstacles and challenges and turn the challenges into opportunities, projects and growth figures.” Dr. Al-Shaibei added.
QIIB established in 1990 as the second Islamic bank in Qatar and is currently the third largest Islamic bank in terms of assets and market capitalization. The bank started operations in 1991 and listed on the Qatar Exchange. It provides integrated banking services to its customers through a network of branches across the country Qatar. The Bank boosts several regional and international partnerships.