Qatar Islamic Bank (QIB) emerged as ‘Strongest Bank in Qatar’, ‘Fourth Strongest Bank in the Middle East’, ‘Strongest Islamic Bank in Qatar, and ‘Second Strongest Islamic Bank in the World’ in the Asian Banker’s ‘2021 Rankings for the 500 Strongest Banks’.
In this year’s The Asian Banker Strongest Banks by Balance Sheet evaluation, QIB sustained its financial strength and is now the ‘Strongest Bank in Qatar’ and “fourth in the Middle East.”
QIB remained on top of the ranking of the strongest Islamic banks as the ‘Strongest in Qatar’ and is now the ‘Second Strongest Islamic Bank in the World’.
The bank’s performance was evaluated through six key indicators weighted by their relative importance: scale of the banks’ assets relative to domestic gross domestic product (GDP), balance sheet growth of net finance and deposits, risk management of the bank’s operations, profitability and its sustainability, strength and credibility of finance disbursed, and liquidity of assets to meet adverse events requiring cash outflow.
The new rankings are a testament to QIB’s strong and steady financial performance over the past year and its ability to withstand business despite the challenges imposed by the global pandemic. Over the past years, QIB has been setting the benchmark for Islamic banks in the region with innovative products offering customers a seamless banking experience.
QIB Group CEO Bassel Gamal said, “We are pleased with QIB’s performance as we can see a major improvement compared to last year. We were strong and able to support our customers during uncertain times, and we are proud of maintaining a healthy balance sheet.
“We are also proud of the significant development of the Qatari banking sector that enabled us to compete with other Islamic banks regionally and internationally. Looking into the future, we are committed to supporting our customers and continuously improving our services while achieving positive results.”
He added: “We would like to thank our board of directors and customers for their trust and support which has led us to achieve outstanding results. QIB is continuously contributing to reshaping the banking industry in Qatar through innovative digital services and a sustainable growth strategy.”
QIB has recently announced the results of the first nine months of 2021. Net profit amounted to QR2.52bn from January to September 2021, representing a 13.9% growth over the same period last year. Total assets now stand at QR186bn, higher by 6.7% compared to December 2020 with a growth of 9.4% compared to September 2020 driven by the continued growth in the financing and investing activities. Financing activities have now reached QR127bn having grown by 6.7% compared to December 2020 and a growth of 12.3% compared to September 2020.