The fiduciary score has been assessed in the range of '70-75', reflecting strong fiduciary standards wherein rights of fund providers are adequately defined and protected. The fiduciary score is an aggregation of scores assigned to its three sub-sections, namely Corporate and Shariah Governance, and Asset Manager Quality. The fiduciary score captures the role of the management of the institution as Mudarib, the entity's governance practices and compliance with Shariah principles adopted by the bank.
Incorporated in 1990, QIIB is one of the four Islamic banks in Qatar, with a market share of 4 percent in terms of country-wide deposits. The largest shareholder of the bank is Sheikh Thani bin Abdullah Al Thani family, a prominent business family in Qatar, while the other significant shareholder is the Qatar Investment Authority (QIA), the investment arm of the Qatar government, IIRA noted.
Ratings assigned are primarily driven by robust asset quality, a low administrative cost structure and consistent operating profitability. Ratings also draw on sponsor strength and the strong possibility of support available to the bank if needed. Business diversification both in terms of fund sourcing, asset selection and cultivating ancillary sources of income would add to the institution's resilience.
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