IDB ‘AAA’ rating reaffirmed by Fitch Ratings
Fitch Ratings have affirmed “AAA” credit rating with a stable outlook for the Islamic Development Bank (IDB).
The trust certificates issued by IDB Trust Services Ltd. have also been given “AAA” on June 13.
The ratings and the stable outlook reflect the intrinsic strengths of IDB, in particular its excellent capitalization, liquidity and low solvency risks compared with other regional multilateral development banks (MDBs). Fitch recognized the IDB’s capitalization as being “one of the strongest in the universe of MDBs.”
The IDB remains among the most highly-rated MDBs in the Muslim world. The “AAA” rating enhances the bank’s capacity to mobilize external resources to fulfil its development mandate and play a leading role in the development of the Islamic finance industry.
IDB is a multilateral development bank established in 1973 with the purpose of fostering economic development and social progress of its member countries and Muslim communities in non-member countries in accordance with the principles of Islamic finance.
Bandar Hajjar, president of the IDB Group, congratulated all member countries, IDB board members and staff for the achievement. He renewed IDB’s commitment to exert maximum effort to realize the objectives of Saudi Vision 2030, and committed to roll out a bold decentralization plan to enhance efficiency and effectiveness of the bank’s activities.