Mubasher: Qatar International Islamic Bank (QIIB) on Sunday said that Fitch Ratings and Capital Intelligence (CI) have affirmed QIIB’s long-Term Foreign-Currency Issuer Default Rating (IDR) at “A”.

The ratings highlighted the strong financial position of Qatar's third largest listed Islamic bank by assets, according to a statement to the Qatar Stock Exchange (QSE).

"QIIB has a stake in the local Islamic banking segment, reaching 13% by the end of 2017 and a considerable strength, especially in the retail segment,” Fitch stated.

The Qatar-based lender has a robust capital adequacy ratio at 17.9%, while liquid assets accounted for a high 28% of deposits by the end of 2017, the New York-based ratings agency said.

Fitch maintained its rating due to the GCC wealthy nation’s support to the banking sector on the back of the quartet — the UAE, Bahrain, Saudi Arabia and Egypt — boycotted Qatar since June 2017.

On the other hand, Capital Intelligence (CI) ascribed the lender’s ratings to the strength of QIIB’s capital adequacy, in addition to the growth of its profits.

"The rating is also based on the fact that the QIIB funding was largely from domestic sources, direct impacts from the blockade were minimal, especially in view of the strong liquidity support from the government for the sector as a whole,” the credit analysis and rating services provider said noted.

For the full-year 2017, QIIB’s capital adequacy reached 17%, while liquidity assets recorded 28%, the statement showed.

Commenting on Fitch and CI ratings, QIIB CEO Abdulbasit Ahmed Al-Shaibei said: "Affirmation of QIIB credit rating is a natural reflection of the strong confidence in the Qatari economy and its remarkable success in facing the blockade with all its ramifications and effects.”