QIB wins ‘Best Islamic Bank in Qatar’ award

25/07/2017 07:29 AST

Qatar Islamic Bank (QIB), the largest Shariah-compliant banking and financial services provider in the country, has been recognised as the ‘Islamic Bank of the Year- Qatar” for the fifth year in a row by ‘The Banker’, part of The Financial Times Group.

The prestigious award marks QIB’s strong financial performance and the success of its business strategy.

The Banker has been providing global financial intelligence since 1926 and has built a reputation for objective and incisive reporting on major events. Every month the magazine combines in-depth regional and country coverage with reports on capital markets and structured finance, risk management, working capital management and securities services, environmental finance, trade and project finance, trading, technology and management and governance issues. The Banker FT awards salute the top Islamic financial institutions in the world to encourage and reward excellence in the industry. Additionally, QIB ranked 2nd in Qatar and 240th Globally on The Banker’s Top 1000 World Banks, jumping from the 260th position last year. The Banker’s Top 1000 World Banks’ ranking tracks the largest bank holding companies based on Tier 1 capital as at the end of 2016. The ranking further highlights QIB’s consistent growth and its position as a leading contributor to the Banking industry.

Bassel Gamal, QIB’s Group CEO, said: “We are pleased to have been named the Best Islamic Bank in Qatar for the fifth consecutive year. This award is the result of the vision of our Board of Directors, our solid business strategy, and the hard work in offering the best Shariah- compliant products and services. QIB today has become one of the leading Islamic financial institutions in the region that have appreciation and loyalty of customers.”

“This award is a testament to the success of QIB’s growth strategy and its focus on providing innovative products and premium, customer-centric services,” he, added, “Over the past few years, we have been consistently outperforming the market, strengthening our relationship with our customers and providing our shareholders with outstanding results. This has placed us at the forefront of Islamic finance in Qatar and beyond.”

QIB continues to outperform in its financial results for the past four years. In first half of 2017 the Bank achieved a net profit of QR1.16bn representing a growth of 10 percent over the first half of 2016. Total assets of the Bank has increased by 9.2 percent compared to the first half of 2016, and now stands at QR147bn. Financing activates have reached QR110bn having grown by 13.6 percent compared to June 2016. Total Income for the first half of this year is QR3.146bn registering 18.4 percent growth compared to QR2.65bn for the first half of 2016 reflecting a healthy growth in the Bank’s core operating activities.

In July 2017, Moody’s Investors Service, (Moody’s) has affirmed QIB Long term deposit ratings at “A1”. In June 2017, Fitch Ratings affirmed QIB’s Long Term Issuer Default Rating (IDR) at ‘A+’ and S&P reaffirmed QIB’s rating at “A-“.

The Peninsula