Qatar Islamic Bank (QIB) has been recognized as the Best Islamic Bank in Qatar by Islamic Finance News (IFN) readers, the world's leading Islamic finance publication. The award is a testament to QIB's successful business strategy and strong financial performance.
QIB was recognized for its outstanding financial performance in 2019, delivering a year-end net profit of QAR 3.05 Billion, the strength of its customer service, and its thoughtfully curated portfolio of products and services. Additionally, the Bank was praised for its commitment to the digitization of banking services, having introduced several first-to-market digital banking solutions within Qatar and the wider region, which offer customers an improved, technology enabled, banking experience.
Mr. Bassel Gamal, QIB's Group CEO, said: "We're pleased to have been awarded with another prestigious title by IFN and recognized as the country's Best Islamic Bank, as voted directly by the readers of IFN. This showcases that our team's commitment to the country, and to our customers and stakeholders, continues to be appreciated.
In the past year, QIB embarked on a digital transformation to face the ever-changing banking trends that are shaping to meet the customer's fast-evolving digital expectations. The Bank has showcased its commitment of being at the forefront of technological developments in Qatar, by delivering innovative products and services, that not only enhance product delivery, but the overall customer banking experience.
QIB's strategy is closely tied with Qatar's National Vision (QNV) 2030 and the government's commitment to investment in the country's infrastructure, the diversification of the economy, and the development of a strong private sector. QIB's growth strategy is built on its position as a leading Islamic Bank covering all segments of the financial markets. It has financed major developmental projects in different fields which include infrastructure, oil and gas, mega construction projects, and other sectors in alignment with the QNV 2030.
QIB recently announced its financial results for the year 2019, the Bank achieved a net profit of QAR 3,055.4 Million, representing a growth of 10.9% for the same period in 2018. Total assets of the Bank have increased by 6.7% compared to December 2018, and now stand at QAR 163.5 Billion. Financing activities have reached QAR 113.8 Billion and have grown by 11.3% compared to December 2018. Customer Deposits of the Bank now stand at QAR 111.6 Billion registering a strong growth by 11% compared to December 2018. Total Income for the year ended 31 December 2019 amounted to QAR 7,738.2 Million, registering 12.4% growth compared to 2018, reflecting a healthy growth in the Bank's core operating activities.
In November 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook. Also, in December 2019, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at A1 with a Stable outlook. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank's Long-term Currency Rating (LTCR) of 'A+' with a Stable outlook. In March 2019, Standard & Poor's (S&P) affirmed the bank's credit rating at 'A-' with a Stable outlook.
The Annual IFN 'Best Banks Awards' acknowledges the best providers of Islamic financial services across a series of markets and sectors, as voted directly by the readers of Islamic Finance News. Islamic finance readers, investors, non-banking financial intermediaries and government bodies were invited to elect the best banks by casting their votes. The votes reflect the views of a large and dedicated audience, which voted QIB as the Best Islamic Bank in Qatar.
Source: Qatar Islamic Bank