Global Arab Network | Moody’s Affirms Saudi-based Islamic Development Bank stable outlook

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Moody’s Affirms Saudi-based Islamic Development Bank stable outlook

Islamic Development Bank

Wednesday, 28 July 2010 13:26

Moody’s Investors Service, one of the most important rating agencies in the world, has reaffirmed on 26.07.2010 for a fifth consecutive year the Islamic Development Bank ’s "Aaa" long term and P-1 short term foreign currency issuer rating with a “stable” outlook.

Moody’s stated that the IDB's rating is strongly supported by the commitment of its member countries, and highlighted that the capital base of the Bank is strong, its operational assets continue to perform well, it enjoys a high level of liquidity and very low level of debt. Moody’s concluded that the bank’s risk profile is likely to remain healthy over the medium term.

IDB is one of the few multilateral development financial institutions rated by the three leading international rating agencies - Standard & Poor's, Fitch and Moody’s with the highest possible rating (Triple-A). Moreover, IDB has been recognized as eligible for ‘Zero Risk-Weight’ by Basel Committee on Banking Supervision in 2004 and the European Union in May 2007.

IDB is an international financial institution established in 1973 with the purpose of fostering economic development and social progress of Member Countries and Muslim communities in non-member countries in accordance with the principles of Shari’ah (Islamic Law).

Dr. Ahmed Mohamed Ali, President of the IDB Group, praised the strong and generous support of the member countries and congratulated the staff of the IDB Group for this achievement. He also considered it as an opportunity for IDB to reconfirm its pledge and endeavour to further the achievements of this noble institution through adherence to the highest levels of professionalism, due diligence and prudent practices while conducting tasks with integrity and sincerity. He highlighted that during the past year, IDB continued its reform efforts with the view to strengthen performance through a more appropriate organization structure, more competent managerial capabilities, and stronger governance. This will help achieve greater developmental impact in consonance with the ‘Year 2020 Vision’ with the ultimate goal of making IDB a customer and quality-focused organisation”.

Global Arab Network

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