Thursday, June 4, 2020
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Fitch upwardly revises QIIB outlook to 'stable'

DOHA Fitch Ratings has upgraded Qatar International Islamic Bank's (QIIB) outlook to 'stable' and affirmed its Long-Term Issuer Default Rating (IDR) at 'A', which underlines the strength of the Qatari economy. The upward rating reflects Fitch's view that Qatar has successfully managed the fallout from the blockade."Public sector liquidity injections have stabilised the country's banking sector and stemmed the outflow of non-domestic funding", Fitch Ratings said.
"Qatar's fiscal deficit has narrowed sharply and Fitch expects it to turn into a surplus in 2019. The economy has reconfigured its supply chains and continues to grow at a robust pace. There has been no escalation of measures against Qatar," the rating agency said.
QIIB CEO Dr Abdulbasit Ahmad al Shaibei said,"The QIIB rating at this high level, with a stable outlook, reflects the strength of the Qatari economy, which provides an incredible thrust to its banking sector that has proven to be highly efficient and resilient to the challenges."