Al- Taif Islamic Bank – Ratings Affirmed with a Stable Outlook

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Ref: IQ03822CRA00-01 31 January 2024

Ref: IQ0 3 82 2 C RA00-0 1 31 January 2 0 2 4

Al- Taif Islamic Bank – Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed Al-Taif Islamic Bank’s (TIB) L ong- Term F oreign C urrency R ating (LT FCR) and S hort- T erm F oreign C urrency R ating (ST FCR) of ‘B-’ and ‘B’, respectively. The LT FCR Outlook is Stable. CI Ratings has also affirmed TIB ’s Bank Standalone Rating (BSR) of ‘b-’ with a Stable Outlook, Core Financial Strength (CFS) rating of ‘b’, and Extraordinary Support Level (ESL) of Uncertain. At the same time, CI has affirmed the Bank’s Long- and Short-Term Ratings on the Iraq National Scale of ‘iqBBB-’ and ‘iqA3’, respectively, with a Stable Outlook. These are supported and constrained by the same factors as the CFS as outlined below.

The Bank’s BSR is derived from a CFS rating of…