Qatar Islamic Bank (QIB) has been named ‘Best Bank in Qatar’ and ‘Best Islamic Financial Institution in Qatar’ at Global Finance’s ‘World’s Best Financial Institutions 2023’.
The awards demonstrate QIB’s position as Qatar’s largest private sector bank and largest Islamic bank and reflect its dedication to delivering sustainable growth and continuously seeking to reinforce its position as the trusted, secure, and innovative choice for customers.
QIB is committed to digitalisation, catering to customers’ increasing reliance on digital channels for their banking needs. With a solid strategy, the bank is constantly implementing significant improvements across retail and corporate customers’ online channels.
Through its retail and corporate mobile apps, QIB has introduced new and first-to-market features, in addition to launching innovative products and services to enhance and revolutionise the overall customer experience.
QIB Group CEO Bassel Gamal said: “We are pleased to be recognised as the ‘Best Bank in Qatar’ and ‘Best Islamic Financial Institution’ by Global Finance magazine for our longstanding commitment to delivering sustainable growth and offering our customers the best experience. We achieved this honour by delivering responsible growth for our customers, employees, the community, and shareholders.
“We continue to put out customers first and we have been able to drive innovation in the financial market in the past year by introducing new products and services, as well as groundbreaking features on both our retail and corporate mobile apps.”
He added: “These prestigious recognitions show our commitment to investing in digital innovation to transform the way we meet the evolving needs of our customers. Congratulations to our team on these well-deserved recognitions that would have not been possible without the support of our board of directors.”
QIB maintained its longstanding position as the largest Islamic bank in Qatar thanks to its unique approach to Islamic banking and commitment to offering the most innovative Shariah-compliant banking solutions for both retail and corporate customers by investing in award-winning technologies and top talent.
In 2022, QIB experienced a 12.7% profit growth to reach QR4,005mn as it generated a return on equity (ROE) of 17.8%, a return on assets (ROA) of 2.1%, and the lowest efficiency (cost/income) ratio of 17.4%, delivering to its shareholders the best ratios in the Qatari market.
Furthermore, QIB achieved several milestones and introduced new and innovative products and services for individuals and businesses. Some of the new features launched include Qatar’s first “growing deposit,” a recurring, unique deposit account that allows QIB customers to place an amount of their choice each month and save money through the mobile app, and Qatar’s first digital credit card, allowing customers to obtain a digital card, add it to available digital wallets and start using it immediately.
Global Finance editors, with input from industry analysts, corporate executives, and technology experts, select the winners for the ‘Best Bank’ and ‘Best Islamic Financial Institutions Awards’ using entries provided by banks and other providers, as well as independent researchers.
Judging incorporates criteria, including knowledge of local conditions and customer needs, financial strength and safety, strategic relationships and governance, competitive pricing, capital investment, and innovation in products and services.
Factors that ranged from the quantitative objective to the informed subjective were considered. Quantitative criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development, and innovation in products.