IIRA Assigns "BB" Fiduciary Ratings to Gulf Finance House

The Islamic International Rating Agency (IIRA) has assigned international scale credit ratings to Gulf Finance House (GFH) at 'BB' (Double B) in the medium to long-term and at 'B' (Single B) in the short-term. On the national scale, ratings have been assessed at BB+/B (Double B Plus / Single B). The rating outlook for the Bank has been assessed as 'Positive'. IIRA has assessed the rating outlook for the institution as 'Positive' that hinges on developing a steady stream of core revenues and sustaining improvements to capital structure. The fiduciary score has been assessed in the range of '61-65'. Certain weaknesses of the bank's governance framework have been identified that require to be addressed.