Qatar Islamic Bank (QIB) has been named ‘Best Islamic Bank in Qatar’ in the 11th edition of the Middle East Banking Awards presented by EMEA Finance – the leading finance magazine in Europe, Middle East, and Africa.
The prestigious award marks QIB’s strong financial performance and the successful implementation of its business strategy, they said in a statement on Saturday.
“We are the proud recipients of this award, which reflects the results of our hard work and dedication to ensure that the banking experience is the most efficient and comfortable for our customers. QIB received many awards over the past years. We view these awards as a motivation to keep on exercising our best efforts on a daily basis to provide unique shariah-compliant products and superior service to all our customers,” said QIB Group CEO Bassel Gamal.
EMEA Finance is a leading bi-monthly global industry publication which reports on the major financial events initiated and influenced by the international financial industry active in Europe, the Middle East, and Africa.
The prestigious awards are granted based on thorough evaluation of the performances of regional economies and banking systems, as well as analyses of landmark capital-markets deals from sovereigns and companies.
Awards are presented to the top performing Islamic, commercial, and investment banks as well as asset managers and brokers in countries across the Middle East. In turn, highlights the successes of banks and individuals that have exceeded expectations by excelling in their work performance.
The Middle East Banking Awards celebrates achievements of banking institutions that have reported record profits, demonstrated the highest standards of services, developed innovative products, and achieved overall excellence in the banking industry.
This year’s winners are a reflection of the economies and countries they serve and proved that they are ready for the challenges and opportunities that lie ahead, QIB said.
In June 2018, Fitch Ratings affirmed QIB at ‘A’ with a stable outlook, and Moody's Investors Service (Moody’s) affirmed long-term deposit ratings to QIB at “A1”. In April 2018, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’, and Capital Intelligence Ratings (CI) has affirmed the bank’s Financial Strength Rating (FSR) of ‘A’.
In the first nine months of 2018, QIB achieved a net profit of QR2bn, representing a growth of 13% for the same period in 2017. Total assets of the bank have increased by 1.4% compared to December 2017, and now stand at QR152.5bn.
Financing activities have reached QR106.4bn and have grown by 3.7% compared to December 2017. Total income for the nine months period, ending in September 30, 2018, was QR5.1bn, registering 8.2% growth compared to QR4.72bn for the same period in 2017, reflecting a healthy growth in the bank’s core operating activities.
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