Fitch rates Emirates Islamic Bank A+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of A+ to Emirates Islamic Bank PJSC, along with a viability rating of BB-.

The outlook is stable.

The bank’s ratings reflect a view that it is a key and integral subsidiary of its 99.85% shareholder, Emirates NBD, Fitch said.

The ratings are based on potential support available from the United Arab Emirates and Dubai authorities, if need be, the agency said.

The ratings also reflect the bank’s weak asset quality and capital ratios of less than the average of peers in United Arab Emirates, Fitch said.

The ratings also consider the bank’s adequate liquidity, growing customer base, improving profitability and diversified revenue streams, the agency said.

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