IDB clinches Standard & Poor’s top ratings
January 6, 2010
The Jeddah-based Islamic Development Bank (IDB) announced yesterday that Standard & Poor’s, one of the leading financial ratings agencies in the world, has reaffirmed a “stable” outlook for the Bank, granting it “AAA” long-term and “A-1+” short-term issuer ratings. Standard & Poor’s stated that the IDB’s ratings are supported by very strong capitalization and liquidity, a good asset portfolio and preferred-creditor treatment and other shareholders’ support.
The IDB is an international financial institution established in 1975 with the purpose of fostering economic development and social progress in Muslim communities, in accordance with the principles of Shari’ah (Islamic law). It is one of the few multilateral financial development institutions rated by the three leading international rating agencies – Standard & Poor’s, Fitch and Moody’s – with the highest possible rating. Moreover, the IDB was recognized as eligible for the “Zero Risk-Weight” categorization by the Basel Committee on Banking Supervision in 2004 and the European Union in May 2007.