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Doha, Qatar 24 June 2018: Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB), Qatar’s leading Islamic Bank, outlook to ‘stable’.
The report said “This action follows the revision of the Qatari sovereign's Outlook to Stable from Negative and affirmation of the country's Long-Term IDR at 'AA-' and reflects Fitch's view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The fiscal deficit has narrowed sharply and we expect it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace.”
The government has demonstrated a strong commitment to its banks and key public sector companies. The sovereign's capacity to support the banking system remains very strong owing to solid sovereign reserves and revenue, mostly from hydrocarbon production, despite lower oil prices.
Earlier this year, Fitch also affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A'. These ratings of QIB reflect its strong and well-established franchise in Qatar, with a market share of about 11% of total banking system assets at end-2017. It also factors in adequate profitability, sound asset-quality metrics, satisfactory capital ratios and sufficient liquid assets.
“QIB’s business focus in the local market. . We were the first Islamic bank to enter the Qatari market and for more than 3 decades later, we’re still the largest,” said Bassel Gamal, Group Chief Executive Officer for QIB. “Fitch ratings speak to the strength of Qatar’s economy and of the Islamic banking industry in the country. This latest rating affirms the Bank’s success in pursuing our long-term growth and performance objectives”.
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 above 10% in terms of total assets as of year-end 2017. The Bank provides Sharia compliant products and services to corporates and individuals primarily in Qatar.
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