Moody’s affirms Barwa Bank’s credit rating at (A2/Prime-1) with a stable outlook
Doha, Qatar – July, 27 2020: Barwa bank announced that Moody’s, the global credit rating agency, has affirmed its long-term credit rating at “A2/Prime-1”, with a stable outlook.
Notably, Barwa Bank has been granted investment grade rating based on the strength of its financial assets and the quality of its operating margins. This represents a major achievement in Barwa bank's growth process and highlights the uniqueness of its Shari’ah compliant innovative banking products and services.
Moody's high rating reflects the strength and robustness of the Qatari economy as well as the independent credit, which exhibit strong financial assets. The rating also underscores the bank's assets that are characterized by high profitability, and deposits from large governmental entities - an essential pillar in preserving the stability of the bank.
On this occasion, H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman and Managing Director of Barwa Bank Group said:
“We are pleased about this rating which confirms the strength of our financial position, and the effectiveness and efficiency of our risk management strategies that have been key to our growth over the past years. This rating encourages us to continue our expansion plans that meet the aspirations of our customers and shareholders and promote the Group’s position locally and regionally.”
Commenting on the achievement, Mr. Khalid Al-Subeai, Group Chief Executive Officer of Barwa Bank, stated:
“The A2/Prime-1 rating from Moody's reaffirms the integrity of our financial position, the quality of our assets and our key role in developing the Islamic banking sector in Qatar. After completing the first merger in the Qatari banking sector in April 2019, Barwa Bank continues moving forward to develop its assets in a sustainable manner. We seek to increase our market share by exploring investment opportunities that meet our aspirations for future growth and cement our position as a leading financial institution. Additionally, we aim to inspire the confidence of our customers and strengthen the Islamic banking sector as a whole.”
"This strong rating exemplifies our commitment to achieving added-value for our customers and shareholders, offering the best financial solutions and advanced banking services. It is the result of hard work, and continuous efforts to achieving our goal of becoming the best choice for Islamic banking customers in the State of Qatar.", he added.
Barwa Bank provides a full range of banking services including retail, corporate, commercial, and private banking, real estate finance, structured finance, investments, and asset management. The bank is looking forward to increasing its share in financing infrastructure development projects in the country in line with the Qatar National Vision 2030.