Dr. Al-Shaibei: The strength of the Qatari economy gives us a distinguished position to continue strengthening our financial position

QIIB announced that the Capital Intelligence Ratings (CI Ratings) has affirmed its long term rating of the bank at (A+) with a stable outlook.

In its rating rationale with respect of QIIB, Capital Intelligence noted the bank has many strengths, including the quality of assets and strong profitability, especially with regard to return on assets, and the bank also enjoys a strong customer deposit base.

The ratings agency indicated that the bank has sound capital adequacy, and its non-performing debt ratio is better than most of its local peers. In addition to that there is a great possibility of government support in case of need.

Capital Intelligence believes that QIIB will be able to continue to achieve better than average results, especially with the outstanding operating efficiency (low cost to income ratio) that the bank enjoys.

QIIB also enjoys good liquidity, in addition to the fact that non-domestic deposits are at a minimum with the bank.

Commenting on Capital Intelligence's recent affirmation of QIIB's rating, Chief Executive Officer Dr. Abdulbasit Ahmad Al-Shaibei expressed his satisfaction on the affirmation of QIIB’s long term rating at (A+) with a stable outlook. 

Dr. Al-Shaibei emphasised, "This affirmation underscores Qatar International Islamic Bank's alignment with the ongoing progress and prosperity of the Qatari economy across diverse sectors."

He remarked, "Our robust financial standing owes much to the resilience of the Qatari economy, positioning us strongly to reinforce our financial stability and fulfill the objectives outlined in our interim and strategic plans." 

Dr. Al-Shaibei affirmed that, the financial results recently disclosed by the bank for the year 2023 confirm that what Capital Intelligence relied on is a logical reflection of the great development the bank has achieved over the past years. 

He described these results as a testament to the significant strides made by the bank, its adept response to market challenges, and the cultivation of a successful business model characterised by elements conducive to sustained exceptional growth rates.

Dr. Al-Shaibei emphasised, "QIIB's strong ratings underscore our commitment to maintaining our strategy, which prioritises the local market and the wealth of opportunities it presents. Concurrently, we remain steadfast in our cautious risk mitigation approach and adopting best-in-class banking practices, leveraging advanced technology to optimise our operational capabilities to the fullest."