Alizz Islamic Bank – Long-Term National Rating Upgraded

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long-Term (LT) rating on the Oman National Scale of Alizz Islamic Bank (AIB or the Bank) to ‘omAA+’ from ‘omAA’.  At the same time, CI Ratings has affirmed AIB’s Short-Term national rating at ‘omA1+’. The Outlook for the ratings is Stable.

The upward revision in the rating is driven by the improvement in AIB’s capital ratios, with the latest additional Tier 1 issuance providing scope for growth and loss absorption capacity over the medium term. The expectations of further recovery in non-performing financing receivables (NPFRs) given Oman’s  sound economic growth and improving operating environment – alongside the good prospects for business expansion – also support the upward revision in the rating. The ratings reflect AIB’s solid Islamic franchise and status as a wholly owned subsidiary of Oman Arab Bank (OAB). AIB remains one of only two fully fledged Islamic…