Dubai - Mubasher: Fitch Ratings affirmed Emirates Islamic Bank’s rating at A+, the bank announced on Wednesday.

For the second consecutive year, Fitch has assigned Emirates Islamic a Long-Term Issuer Default Rating (LT IDR) of ‘A+’ with a Stable Outlook, Short-Term IDR (ST IDR) of 'F1', and a Viability Rating (VR) at 'bb-'. The rating agency has also affirmed the bank’s Support Rating of '1'.

“The affirmation of our ratings underlines Emirates Islamic’s position as a strategic component in the growth of the Islamic financial services industry in the UAE,” the bank’s CEO Jamal Bin Ghalaita said.

“The successful issuance of our record breaking Sukuk recently is a clear indicator of the bank’s strong credit fundamentals and our investors’ tremendous confidence in our ability to grow further,” he added.

In May, Emirates Islamic closed the issuance of a $750 million 5-year Sukuk from its $2.5 billion Certificate Issuance Programme. The Sukuk, which is listed on Nasdaq Dubai and the Irish Stock Exchange, received overwhelming investor interest from across the globe and was oversubscribed by nearly 3 times.