Qatar Islamic Bank (QIB) has been awarded 'Best Islamic Bank in Qatar’ by Euromoney magazine.
The Euromoney Islamic Finance Awards celebrate the exceptional achievements of Islamic financial institutions over the past year. These prestigious awards not only acknowledge outstanding performance within various categories but also commend the impactful contributions made by these institutions, fostering growth and development in the Islamic banking and finance industry.
QIB has continued to demonstrate its leadership in the local banking sector, solidifying its position as the largest Islamic and largest private bank in Qatar. The bank has surpassed market expectations in terms of net profit growth and Compound Annual Growth Rate (CAGR) of 8.9%. Furthermore, QIB has achieved unparalleled cost-to-income efficiency ratio, outperforming its counterparts in both Qatar and the Mena region.
In 2022, QIB achieved a net profit increase of 12.7%, which reached a record number of QR4,005mn, generating a return on equity (ROE) of 17.8%, a return on assets (ROA) of 2.1%, and an efficiency (cost/income) ratio of 17.4%.
At the end of 2022, QIB’s capital ratio stood at 19.9%, surpassing the regulatory minimum requirements established by the Qatar Central Bank. Additionally, QIB effectively managed its asset impairments, achieving ratios that rank among the region's finest. Notably, QIB’s non-performing finance ratio reached 1.5%, while its provision coverage ratio reached 95%.
QIB’s success is attributed to the strategic vision of its board of directors, coupled with the meticulous execution of its business strategy with an emphasis on digitalisation and the continuous introduction of new products and services to better serve the needs of its existing customers and attract new ones. A pivotal factor contributing to the bank's growth is also the resilience of Qatar's banking sector, along with the overall robustness of the national economy.
Bassel Gamal, QIB Group CEO, said: “We are pleased to be recognised with this esteemed award in Islamic finance by Euromoney Magazine. With our expertise in this field, we skillfully design modern financial solutions to cater to the evolving demands of this expanding market.
“Our commitment lies in providing exceptional financial services to all our customers, ensuring a customised solution and a delightful experience every step of the way. This achievement is a result of the bank’s strategic vision and the support of the board of directors, our team, as well as the focused implementation of our business strategy.”
The Euromoney Awards for Excellence recognise outstanding financial institutions worldwide, presenting 25 global awards in banking and capital markets, along with acknowledging the best banks and securities houses in nearly 100 countries. These prestigious awards, established in 1992, were the pioneering initiative in the global banking industry.
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