Qatar Islamic Bank (QIB) has been adjudged the “Best Islamic Bank in Qatar” by Islamic Finance News, based on its financial results, achievements, and major financing deals in 2014.
The Islamic Finance News award honours leading institutions in the Islamic finance industry, and is recognised as one of the top awards by global Islamic capital markets. A panel of experts from non-competing organisations examines all submissions during an elimination process until one candidate in each category remains. In 2014, QIB’s net profit reached QR1.6bn, representing a growth of 20% compared to that in 2013. Total assets of the bank now stand at QR96bn, having increased 24% compared to the previous year.
Financing activities, which remain as its key growth driver, reached QR60bn, representing a 27% growth over 2013, and customer deposits moved up to QR67bn, registering a 32% growth.
Total shareholders’ equity in the bank reached QR12.5bn, an increase of 5% compared to September 2013. QIB’s total capital adequacy under Basel III guidelines stands at 14%, against the minimum of 12.5% prescribed by the Qatar Central Bank.
“For more than 30 years, QIB has succeeded in becoming one of the best-known and most respected local and regional Islamic banking and finance institution. Its ambitions are international, as evidenced by its presence in London, through its wholly-owned subsidiary QIB UK, as well as in Malaysia, Lebanon, and Sudan,” the bank said in a statement.
QIB conducts domestic business in Qatar with 30 branches spread throughout the country, in addition to providing dedicated centres for ladies and lounges for affluent and private banking customers.
The branch network is augmented by 165 multi-function ATM installations and QIB’s state-of-art electronic services through Internet banking, mobile banking, and phone banking.
International credit rating agencies consistently provide a high rating for QIB.  Fitch has affirmed the bank’s long-term Issuer Default Rating (IDR) at “A+” with a stable outlook.
Standard & Poor’s had already reaffirmed QIB’s Counterparty Credit Rating at “A-” with a stable outlook. Similarly, Capital Intelligence (CI) has reaffirmed QIB’s Financial Strength Rating (FSR) of “A,” with an upgraded “stable” outlook in view of the significant improvement in financing asset quality and stabilised Return on Average Assets.