QIB has succeeded to maintain positive financial performance levels despite the challenges and the impact of the pandemic on the global economy
9 January 2021 – Doha, Qatar: For the fourth consecutive year, Qatar Islamic Bank (QIB), the largest private Bank in Qatar, has been named the “Best Islamic Bank in Qatar” in the 13th edition of the Middle East Banking Awards, presented by EMEA Finance, the leading finance magazine in Europe, Middle East, and Africa. The prestigious award marks QIB’s strong financial performance and the successful implementation of its business strategy.
This recognition comes following QIB’s success in maintaining its longstanding position as the leading Islamic Bank in Qatar, through introducing a set of market first innovative products, and a rapid acceleration of digital banking products and services.
In addition to being the first Islamic Bank in the world, and the only in Qatar to introduce a digital end to end personal Finance product, and the first Bank in Qatar to introduce other digital products such as the Digital Onboarding Solution, the Instant Credit Card, and fully end-to-end digital accounts for domestic workers, QIB has seen unprecedented levels of digitization of its banking offerings, namely through the award-winning QIB Mobile App.
Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch respectively with stable outlooks, QIB has also succeeded to maintain positive financial performance levels despite the challenges and the impact of the pandemic on the global economy.
Commenting on receiving the award, Mr. Bassel Gamal, QIB’s Group CEO, said: “Our recognition with this award for the fourth consecutive year demonstrates once again QIB’s position in Qatar’s banking industry. We continue innovating, and strive to offer our retail and corporate customers the best, fastest, and most secure digital banking products and services. Regardless of the challenges posed by the pandemic in 2020, we were able to introduce digital Sharia-compliant banking solutions that allowed all our customers to bank with us remotely 24/7, and to fulfill all their banking needs without needing to visit any of our branches.”
Mr. Bassel added: “QIB is committed to leading the banking industry in Qatar with innovative digital-driven products and a customer-centric approach, and we pride ourselves for continuously being trusted by our customers, and for always being at the forefront of banking institutions in supporting the development and diversification of the national economy.”
QIB has announced the results for the nine months’ period ended 30 September 2020, with net profit attributable to the shareholders amounted to QAR 2,216.5 Million in line with the performance during the same period in 2019. Total assets of the bank now stand at QAR 170 Billion, higher by 4% compared to December 2019, with a growth of 9.8% compared to September 2019. QIB’s financing activities have now reached QAR 113.2 Billion, having grown by 5.7% compared to September 2019. Customer deposits of the bank now stand at QAR 112 Billion, higher by 5% compared to September 2019.
EMEA Finance is a leading global industry publication that reports on major financial events initiated and influenced by the international financial industry active in Europe, the Middle East, and Africa. EMEA Middle East Banking Awards are presented to the top performing Islamic, commercial, and investment banks, as well as asset managers and brokers in countries across the Middle East.