Local markets also witness a surge in demand for products printed with the traditional scarf's design
The rating upgrades reflect the improvement in the bank's overall financials. The foreign currency long-term rating was affirmed at BBB+ during the same review while the outlook for the ratings was "Stable".
NBF, which had total assets of $1.6 billion at end 2005, is currently primarily a corporate bank with strong trade finance and foreign exchange expertise and a growing investment services business.
However, in response to the changed market realities and emerging opportunities, and with the intention of diversifying its business base, the bank has developed new retail banking and other strategies.
The bank's sound asset quality is underpinned by sound risk strategies and a good understanding of the market in which it operates.
The liquidity ratios improved last year due to the sizeable growth in customer deposits. The bank is able to raise medium-term funding at very competitive rates through internationally syndicated arrangements, and is generally regarded as a good counterparty risk.
Its profitability has been maintained at a consistently high level without recourse to the type of short-term share financing provided by many of the larger banks in recent years.
Khaleej Times gives a comprehensive breakdown of all available information regarding the law governing surrogacy
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