The Ifrit holds power enough to wipe out all of its enemies. Most of its attacks are fire-based, and it will also try to lower your party's fire resistance.
Your party won't last long if its ill prepared against fire, so prepare your party against fire as best as possible.
Also, beware of its hellfire, which it uses after boil. This combination is extremely powerful, so be sure to remove the enemy's buff using abilities and magic, such as dispel.