QIB retains Best Islamic Bank in The Middle East and Qatar position from The Banker Magazine
June 20 2020 07:54 PM
QIB retains Best Islamic Bank in The Middle East and Qatar position from The Banker Magazine
QIB retains Best Islamic Bank in The Middle East and Qatar position from The Banker Magazine

Qatar Islamic Bank (QIB) continues to demonstrate its commitment to service excellence and growth by retaining its leading position in the region and winning prestigious awards from The Banker magazine.

The Banker, the world’s longest running international banking title and the leading monthly title of the Financial Times Group, has named QIB the "Best Islamic Bank in the Middle East", for a second year in a row, and the "Best Islamic Bank in Qatar", for the eighth consecutive year, based on the bank’s outstanding performance during the fiscal year 2019.

Established in 1926, The Banker is read by senior decision makers at the world’s foremost financial institutions. Each year, it produces a definitive ranking of the industry’s best Islamic financial institutions in order to promote and reward excellence in the global Islamic banking community.

QIB Group CEO Bassel Gamal said: “We are pleased to see that our bank’s commitment and dedication to all its stakeholders are recognised by such an established organisation. These awards display our leading position in the region and truly motivate us to keep improving and striving for more.

“The positive financial results of the last few years are a testament to our strong performance in local, regional, and global markets, despite the challenging economic and regional situation. Achieving such awards and success would not be possible without the hard work of all our employees and our customers’ loyalty. I would like to take this opportunity, on behalf of the board of directors and the executive management, to thank each one of them for their continuous dedication and loyalty.”

Registering increasing growth rates for the seventh consecutive year, QIB delivered a record performance in 2019, continued to make strong progress on its digital transformation programme, and grew across all its business segments.

QIB also increased its customer satisfaction scores and has further invested in its people and improved internal processes and efficiency across the entire group.

In 2019, QIB achieved a net profit of QR3.05bn, representing a growth of 10.9% for the same period in 2018. Financing activities reached QR113.8bn and grew by 11.3% compared to December 2018. Customer deposits stood at QR111.6bn, registering a strong growth by 11% compared to December 2018.

Total income in 2019 amounted to QR7.73bn, registering a 12.4% growth compared to 2018, reflecting a healthy growth in the bank’s core operating activities.

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.

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