03/26/2019 | Press release | Distributed by Public on 03/26/2019 00:51
International credit rating agency, Standard & Poor's (S&P) has affirmed Qatar Islamic Bank's (QIB) Issuer Credit Rating at 'A-/A-2' with a Stable Outlook.
S&P, one of the top international rating agencies in the world, cited: 'The rating reflects our views of the Bank's robust corporate banking franchise and favorable position as Qatar's largest Islamic Bank with a rapidly expanding position in the retail segment. QIB's sound financial performance, robust asset quality and strong capitalization support the rating'.
The S&P report also highlighted that 'QIB's funding profile is now more balanced because the Bank has replaced Gulf Cooperation Council (GCC) deposits with core deposits from local entities (GREs). QIB's stable funding ratio reached 113.1%, as of December 31, 2018. The Bank's liquidity is also adequate, with about 9% of assets placed in liquid forms and another 20% placed mostly in Qatari government sukuk.'
The report also reiterated that QIB's long term rating is in line with the Bank's high systematic importance in Qatar and the agency's assessment of the Qatari government as highly supportive to the domestic banking sector.
QIB has demonstrated steady financial growth over the past years and has been setting a benchmark for Islamic Banks in the region with its embrace of cutting-edge banking technologies, and its customer-centric approach to both its product offering and the overall banking experience; offered across its renovated branch network and constantly developing digital channels.
'We are pleased with the affirmation of the rating by S&P, the rating speaks of the strength and development of the local economy and banking industry,' said Bassel Gamal, QIB's Group CEO, 'At QIB, we have been able to maintain a stable and healthy growth across all key performance indicators for the last few years as we are committed to sustainability for the benefit of all our stakeholders despite the regional and global conditions.'
Established in 1982, QIB was the first Islamic Bank in Qatar. Today, it is the second largest Bank, and largest Islamic Bank in the country, with a market share of about 11% in terms of total assets as of year-end 2018. The Bank provides Sharia'-compliant products and services to corporates and individuals primarily in Qatar.