Qatar Islamic Bank (QIB) has been named ‘Bank of the Year’ and ‘Best Retail Bank of the Year’ in Qatar at the 2019 edition of Islamic Finance Awards bestowed by the Asset Magazine, a leading financial publication in Asia Pacific.
Both awards were presented to QIB for being the leading Islamic bank in Qatar, reflecting QIB’s continuous efforts to develop its existing product suite and to also create innovative financial solutions to meet the ever-changing needs of its customers in Qatar. The awards reflect QIB’s successful growth strategy, which is built on focusing on customer’s needs and working to meet them through a flexible and easy banking experience.
The bank’s strategy is closely tied with the Qatar National Vision 2030 and the government’s commitment to investments in the country’s infrastructure, the diversification of the economy, and the development of a strong private sector.
Over the past few years, QIB’s leadership has been working on a business strategy to build a long-lasting competitive advantage by introducing new products and services, boosting service performance, developing the bank’s risk management framework, and migrating to new technology platforms that allow the bank to better serve its customers. The successful implementation of this strategy has contributed to the bank’s leading position in Qatar and the region.
“These prestigious awards are another acknowledgement of our continuous efforts to implement a successful business strategy in providing best-in-class banking services to all of our clients in Qatar,” said QIB Group CEO Bassel Gamal.
He added: “We are leveraging technology in ways that meet, if not exceed, the requirements of our growing retail and corporate customer base. Our bank has become a pioneer in offering digital products and services.
“We were the first Islamic bank in the world and the first bank in Qatar to launch ‘Instant Finance’, an innovative, highly secure, end-to-end digital solution that allows our customers to obtain personal financing within minutes through our mobile banking app and recently, we have enabled new to bank customers to open a new bank account instantly through the app.”
The ‘Asset Triple A Islamic Finance Awards’ is considered one of the most prestigious awards in Asia, as Islamic banking is quickly growing to be one of the most promising niches in global finance.
Through a rigorous, selective approach, the awards are built upon stringent methodology along with a benchmark research team whose surveys provide accurate quantitative and qualitative data on management decisions.
In the first half of 2019, QIB achieved a net profit of QR1.425bn, representing a growth of 7.5% over the first half of 2018. Total assets of the bank have increased by 0.9% compared to December 2018, now standing at QR154.6bn, while financing activities have reached QR107bn.
Total income for the first half of this year reached QR3.734bn, registering 10.9% growth compared to QR3.367bn for the first half of 2018, reflecting healthy growth in the bank’s core operating activities.
Founded in 1982, QIB had positioned itself as the leading Islamic bank in Qatar and the region. It has showed strong growth potential over the past couple of years, this came with a series of critical approaches either from technological or innovation. The success of QIB is proven by the different international recognitions from different polls of the globe.
QIB has received 18 prestigious awards in 2019, reflecting the results and achievements of the businesses, including Qatar’s Best Bank from Euromoney Awards for Excellence 2019. The Banker Magazine named QIB the Best Islamic Bank in the Middle East, Qatar, and the UK.
Global Finance Magazine recognised QIB as Best Islamic Financial Institution in Qatar, Best Islamic Project Finance Provider in the World, and Islamic Finance Innovator 2019. The Asian Banker Magazine awarded Gamal the CEO Leadership Achievement Award and the Best Managed Bank in Qatar. QIB was also named Best Islamic Bank in Qatar by the World Union of Arab Bankers (WUAB).
