Al Hilal Bank becomes the only Islamic bank in the UAE to be rated A1 by Moody’s & A+ by Fitch
Global credit rating agencies extended progressive Islamic bank stable long-term outlook
September 09, 2013
Moody’s extended Al Hilal Bank an A1 rating with a stable outlook, citing the Bank’s robust franchise growth, strength of its asset quality, advanced technology infrastructure and government support as the rationale for the positive rating outcome.
Fitch Ratings extended the Bank an A+ rating with a stable outlook. Fitch noted improving profitability, healthy asset quality, robust reserve coverage, satisfactory capitalization as well as government support as key rating factors.
“The ratings mark a significant milestone in Al Hilal Bank’s history and stand testimony to the Bank’s philosophy of responsible growth. The outcome emphasizes the Bank’s stance towards robust risk management, continuous infrastructure enhancement as well as relentless focus on innovation and excellence”, said Mohamed Jamil Berro, Chief Executive Officer, Al Hilal Bank.
Al Hilal Bank is one of the fastest growing banks in the UAE, with a total revenue of AED 1.8 billion and a net profit of AED 310 million. Since its inception in 2008 it has been the recipient of various local and international industry recognitions, including multiple honors for excellence in regional retail banking by distinguished award-giving bodies such as the Islamic Business & Finance Awards. Al Hilal Bank currently operates 25 branches and 116 ATMs in the UAE as well as three overseas branches in Kazakhstan.