Standard & Poor’s Reaffirms Highest Rating (AAA) for the Islamic Development Bank
Jeddah (10 September 2014) — Standard & Poor’s (S&P), one of the world’s leading rating agencies, has reaffirmed the Islamic Development Bank’s (IDB) ‘AAA’ rating with a stable outlook. The first AAA rating report on IDB was issued in 2002
According to information received, S&P recognized IDB as having an ‘extremely strong’ financial profile underpinned by robust capitalization and high liquidity levels; as well as a ‘very strong’ business profile emanating from the Bank’s important policy role in promoting social and economic development across member countries and Muslim communities in non-member countries. The report emphasized the strong relationship, extraordinary support and preferred creditor treatment which IDB enjoys from
its member countries..
The stable outlook reflects S&P’s assessment that the downside risks to the ‘AAA’ rating are low and that IDB will continue to “meet its mandate without materially damaging its extremely strong balance sheet”.
On the occasion, Dr. Ahmad Mohamed Ali, Chairman of the IDB Group, congratulated all member countries, IDB Board Members and the staff for this important achievement on the occasion of the Bank’s 40th anniversary. He renewed IDB’s pledge to further the goals of the institution and affirmed its commitment to continue its strategic efforts towards development and thus further the development aspirations of its constituencies in accordance with IDB’s 1440H Vision.
The IDB remains amongst the most highly-rated MDBs and the highest in the Muslim World. The ‘AAA’ rating enhances the Bank’s financial capacity 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.
For further information, please visit IDB website www.isdb.org or contact by email on email@example.com.