MUSCAT: Alizz Islamic Bank (SAOG) has been assigned by Capital Intelligence (CI), the international credit rating agency, an initial long-term rating on the Oman National Scale of ‘omBBB-‘ and a short-term rating of ‘omA3’, on ‘stable’ outlook, according to a press release announced. Given the relatively short history of Alizz Islamic Bank, the main supporting factors are non-financial.
These include strong shareholders including Abu Dhabi sovereign wealth funds, a strong and experienced management team and well developed policies and procedures. An important supporting factor is the close regulatory oversight by the Central Bank of Oman (CBO).
Alizz Islamic Bank was established in late 2012 and received its Islamic banking licence in September 2013. As at end-June 2015, the bank had six branches and is steadily growing its distribution network.
Within a short time framework Alizz has established its footprint in Omani banking industry and is being widely regarded as one the most innovative bank and is known for introducing technology oriented products and services to the Omani banking customers.
Commenting on this, Salaam al Shaksy CEO of Alizz Islamic Bank said, “Assignment of investment grade rating by an international agency in such a short span of time affirms our financial strength, support from our shareholders, quality and experience of our management team and risk management framework of the bank. The bank will continue to remain conservative, maintain asset quality of its balance sheet, and will further strengthen its risk management systems to face future economic challenges.
Originally published on www.zawya.com