Fitch ups Qatar Islamic Bank

Fitch Ratings said it upgraded Qatar Islamic Bank's long-term issuer default rating to A from A- and short-term issuer default to F1 from F2.

The outlook remains stable.

The upgrades recognize the bank's systemic importance to Qatar, given its flagship Islamic franchise and dominant 50% market share in Islamic banking, Fitch said. The agency said it considers the probability of support for the bank to be extremely high.

The bank's relative size compared to its peers constrains the rating, Fitch said.

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