The American credit standing company Moody’s has given Qatar Worldwide Islamic Financial institution a high score for its efficiency in the course of the pandemic.
The New York-based agency charges the flexibility of governments and monetary establishments to pay again their debt. Moody’s gave the Qatar Worldwide Islamic Financial institution an A2/Prime-1 score yesterday. This score signifies a financial institution has a stable operating environment and useful property, amongst different issues.
Qatar International Islamic Bank acquired the score resulting from its standing as a number one Islamic financial institution in Qatar, sturdy profitability and holding of Qatari authorities property, the official Qatar Information Company reported immediately.
“The Moody’s report and its many optimistic factors that affirm the power of [Qatar International Islamic Bank] point out that the financial institution has been in a position to efficiently face emergency and difficult conditions out there, particularly with regard to the repercussions of COVID-19 pandemic,” financial institution CEO Abdulbasit Ahmed al-Shaibei mentioned.
Qatar Worldwide Islamic Financial institution’s stock rose 2.1% immediately as local news outlets reported on the score.
Islamic banking differs from banking within the West, Asia and different components of the world, notably in its prohibition of usury.
Moody’s additionally gave the financial institution an A rating final July. Moody’s opinions Qatar Worldwide Islamic Financial institution’s score periodically.
