Capital Intelligence Affirms QIIB's A- Rating with a Positive Outlook

Doha, April 11 (QNA) - Qatar International Islamic Bank (QIIB) announced that Capital Intelligence Ratings confirmed the bank's financial strength rating at 'A-' with a positive outlook. It also affirmed the banks long and short term foreign currency ratings at A and A2 respectively, clearly indicating the bank's strong position and credit worthiness. On the grounds of the QIIB rating affirmation, Capital Intelligence said that the bank maintained the profitability level of the operational activities and its high quality assets, as well as high levels of liquidity; in addition to maintaining the capital adequacy at a good level and working to its enhancement through the issuance of capital instruments eligible under the first tranche of the capital. QIIB Chief Executive Officer Abdulbasit Ahmed Al-Shaibei commented on the rating affirmation and said: "As an active participant of the Qatari banking sector, we at QIIB are pleased with every success we achieve. And every step confirms that we are moving forward and dealing with the developments based on the interest of our shareholders and customers and in line with the growth of Qatar's economy from which we draw our strength and gain consistent financial position." He added: "Qatar's economy proves yet again that it is vital and dynamic and one that is being able to cope with the various developments. We, at QIIB, are proud to be a part of this economy's success story and will always seek to participate in its development and provide everything that we can to support growth in various sectors. Our main strengths lie in paying our attention and focusing our activities on the domestic market since it contains very strong factors upon which we rely our various activities that do not exclude any sector. At the same time we give priority to infrastructure and other mega projects and attach great attention to small and medium enterprises as an important factor in promoting development." Al-Shaibei said: "QIIB's rating affirmation from Capital Intelligence reflects the strong initiatives made by the bank and the systematic and continuous implementation of the interim and strategic plans approved by our Board of Directors coupled with maximum efforts for taking advantage of low-risk opportunities, both internally and externally." QIIB was founded in 1990 as the second Islamic Bank in Qatar and is currently the third largest bank in terms of assets and market value. QIIB began its operations effectively in 1991. The bank is listed on the Qatar Stock Exchange and provides comprehensive banking services to its customers through a network of branches encompassing various regions of Qatar. The bank has diverse regional and international partnerships. (QNA)