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Local News
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December 9, 2020
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Fitch Ratings-London/Dubai-08 December 2020: The 2021 sector outlook for Gulf Cooperation Council (GCC) Islamic banks is stable, reflecting a modest expected economic recovery, Fitch Ratings says, although we expect continued asset-quality and profitability pressures. We also expect capital buffers
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Fitch Ratings-London/Dubai-08 December 2020: The 2021 sector outlook for Gulf Cooperation Council (GCC) Islamic banks is stable, reflecting a modest expected economic recovery, Fitch Ratings says, although we expect continued asset-quality and profitability pressures. We also expect capital buffers and liquidity to remain stable and adequate for the risks. The Negative Outlook on the Saudi sovereign and pressures on the Saudi operating environment result in Negative Outlooks on the Saudi Islamic banks. This reflects the continued weakening of the sovereign's fiscal and external balance sheets, which has been accelerated by the coronavirus pandemic and lower oil prices despite the government's strong commitment to fiscal consolidation. Fitch has Stable Outlooks on all other rated Islamic banks in the GCC. This mainly reflects stable sovereign ability to provide support to domestic Islamic banks. (Bloomberg)
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