Fitch Affirms Qatar Islamic Bank’s Long-Term IDR at ‘A’; Stable Outlook

Qatar Islamic Bank’s (QIB) long-term Issuer Default Rating (IDR) has received affirmation at ‘A’ by Fitch Ratings (Fitch), with a Stable Outlook.

The rating affirmation of QIB’s IDRs by Fitch are driven by the high probability of support from Qatar authorities to domestic banks if needed, which is reflected by Qatar’s sovereign rating (AA-/Stable) and its track record of supporting the banking sector due to strong reserves and revenue. Fitch noted that Qatar’s sovereign rating was also a driver of the Stable Outlook of QIB’s IDRs.

QIB’s Viability Rating (VR) of ‘bbb’ was also affirmed by Fitch, reflecting the bank’s...