Dubai-Mubasher: Fitch Ratings assigned Emirates Islamic Bank a long-term foreign currency issuer default rating (IDR) of 'A+' and a viability rating (VR) of 'bb-', with “Stable” outlook.

Fitch’s rating reflects potential support available from the UAE and Dubai authorities, in addition to the bank’s role SME and small corporate Islamic finance services, according to a recent report.

The Dubai-based bank’s VR reflects the weak asset quality and adequate liquidity compared to UAE peers.

Emirates Islamic accounted for 1.9% of the market share by the end of 2014. 

The bank's impaired financing ratio improved to 10.3% by the end of 2014, compared to 16.5% in the same period of 2013.

Reserve coverage increased to 90% by the end of 2014 from 52% by the end of 2012, versus its target of 100%.