Qatar Islamic Bank (QIB) has received the prestigious ‘Islamic Bank of the Year in Qatar’ for the 9th consecutive year, and ‘Islamic Bank of the Year in The United Kingdom’ at The Banker Magazine’s Islamic Bank of the Year 2021 Awards.
The two prestigious titles were awarded to QIB Qatar and QIB UK respectively, in recognition of their outstanding performance through 2020, and their success in outperforming the competition in terms of financial performance, digitization of banking products, and innovation in the world of Sharia-compliant banking in both Qatar and the UK.
Established in 1926, The Banker Magazine is read by senior decision makers at the world’s foremost financial institutions. Through its annual Islamic Bank of the Year Awards program, the publication produces comprehensive classifications of the best Islamic financial institutions in order to promote and reward excellence within the global Islamic banking community.
Commenting on the awards, Mr. Bassel Gamal, QIB’s Group CEO said: “We are honored to have been awarded Islamic Bank of the Year once again in Qatar as well as in the UK, another testament of our success in maintaining market leadership in Islamic banking in Qatar and beyond with the support of the board of directors and the efforts of all QIB employees.”
“QIB has transformed Islamic banking in Qatar, the region, and across the world with innovative and digitally-enabled products and solutions. Our customer-centric approach and commitment to excellence made us better positioned to continue implementing our long-term business strategy, while staying focused on delivering value to our shareholders and to revolutionize the industry.” concluded Mr. Gamal.
Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch with stable outlooks, QIB has succeeded to maintain positive financial performance levels in 2020 despite the impacts of the COVID-19 pandemic. QIB has recently announced the results for period ended 31 March 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 750 Million for the period ended March 2021 representing a growth of 9.1% over the same period in 2020. Total Assets of the Bank has increased by 8.5% compared to March 2020 and 3.4% compared to December 2020 and now stands at QAR 180 Billion driven by the continued growth in the financing activities. Financing activities have now reached QAR 125 Billion having grown by 9.8% compared to March 2020 and up by 5.1% compared to December 2020. Customer Deposits of the Bank now stand at QAR 126 Billion registering a growth of 14.3% compared to March 2020 and up by 6.6% compared to December 2020.
Being the first and only Islamic bank in Qatar to introduce end-to-end digital products via its Mobile App, such as Instant Finance, Instant Credit Card, Digital Onboarding, and the Domestic Workers’ Digital Account, QIB continuous to service its customers in the fastest, safest and most convenient way. Through QIB’s award-winning Mobile app new customers can open their first account and existing customers get personal financing or a Credit Card in few simple steps in less than 5 minutes.
QIB is also the only Islamic bank in Qatar to launch a Corporate-only Mobile App, an integrated Host-to-Host (H2H) Online Payment Management solution for its large corporate and SME customers, and the only Islamic bank in Qatar to launch a series of integrated services via its smart PoS, including postal delivery services and telecom billing and payment.
QIB UK has recorded positive financial performance on key indicators in 2020, including net profits, return on equity, cost-to-income ratio and non-performing loan ratio. The Bank has also initiated a Mobile Banking Project that now enables private clients to access their bank accounts via internet or mobile. This digital solution allows QIB UK customers to manage their banking needs remotely, including accounts, cards and payments management from anywhere in the world, 24/7.
Source: Qatar Islamic Bank
