Mubasher: The global credit rating agency Standard & Poor’s (S&P) has affirmed Qatar Islamic Bank’s (QIB) issuer credit rating at ‘A-/A-2’, with a Stable Outlook. 

“The rating reflects our views of the bank’s robust corporate banking franchise and favourable position as Qatar’s largest Islamic bank with a rapidly expanding position in the retail segment. QIB’s sound financial performance, robust asset quality and strong capitalization support the rating,” according to a recent press release.

S&P noted that QIB's funding profile is more balanced in the current time, as QIB has replaced the GCC deposits with core deposits from local entities (GREs).

“QIB's stable funding ratio reached 113.1%, as of 31 December 2018. The bank's liquidity is also adequate, with about 9% of assets placed in liquid forms and another 20% placed mostly in Qatari government sukuk,” the statement added.