Qatar Islamic Bank – Ratings Affirmed with a Stable Outlook
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QA005 2 3 CRA00-01 3 April 2024
Qatar Islamic Bank – Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Qatar Islamic Bank (QIB) at ‘AA-’ and ‘A1+’, respectively. At the same time, CI Ratings has affirmed QIB’s Bank Standalone Rating ( BSR ) and Core Financial Strength ( CFS ) rating of ‘a-’, as well as the extraordinary Support Level ( ESL ) of High. The Outlook for the LT FCR and BSR is Stable.
The Bank’s LT FCR is set three notches above the BSR to reflect the high likelihood of official extraordinary support in the event of need. This is based on the government’s strong track record of support for Qatari banks and its ownership stakes in all Qatari banks. The government’s financial capacity to support the Bank is also…