Qatar Islamic Bank (QIB), has received the “Islamic Bank of the Year”, “Islamic Issuer of the Year – Financial Institution”, and “Best Bank Sukuk”, global awards at the recently announced Asset Triple A Islamic Finance Awards 2021.
QIB’s recognition as a leading issuer under the Sukuk structure is a result of the successful total issuances of US$1.65 Bln in 2020. QIB became the first Bank ever, globally, to access the Formosa market in the Islamic format through issuance of US$800 Million of Sukuk listed on the Taipei Stock Exchange. QIB also successfully closed a USD 750 million 5-year Sukuk with a profit rate of 1.95% per annum, the lowest ever paid by QIB on their fixed rate Sukuk issuances.
QIB’s results for the period ended 30 June 2021 reflects the bank’s leading positing in the Islamic sector. QIB’s Net Profit attributable to the Shareholders of the Bank amounted to QAR 1,595 Million for the period ended 30 June 2021 representing a growth of 11.8% over the same period in 2020. Total Assets of the Bank has increased by 5.4% compared to December 2020 and 10.9% compared to June 2020 and now stands at QAR 184 Billion driven by the continued growth in the financing activities. Financing activities have now reached QAR 127 Billion having grown by 6.7% compared to December 2020 and up by 13.2% compared to June 2020. Customer Deposits of the Bank now stand at QAR 125 Billion registering a growth of 6.1% compared to December 2020 and up by 17.6% compared to June 2020.
The Asset Triple A Awards are Asia’s defining recognition for excellence in the financial services industry, and represent the industry’s most prestigious awards for banking, finance, treasury and capital markets. The world’s largest awards programme has expanded year-on-year, reflecting unparalleled industry understanding and notable momentum in distinguishing best-in-class organizations.
The Asset adopts a rigorous approach in selecting the best Islamic institutions and transactions in the various countries. Point scores for both quantitative and qualitative factors are combined to determine the winners.
Commenting on this recognition, Mr. Gourang Hemani, Chief Finance Officer said: “QIB’s recognition with three titles by the prestigious Asset Triple A Islamic Finance awards is a testament to the resilience, robustness, and revolutionary nature of our Islamic banking offering, as well as our commitment to offering the best Islamic banking products and services in Qatar, the region, and even worldwide. The strong demand witnessed in the Sukuk issuances reflects the comfort investors draw from QIB’s robust credit fundamentals and consistent financial performance, as well as in the Qatari economy and banking sector.”
Mr. Gourang added: “We are very proud to receive these prestigious awards and will continue with our customer-centric approach to offer seamless and state-of-the-art banking services to our customers.”
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Source: Qatar Islamic Bank
