Posted on June 10, 2013

Qatar Islamic Bank (QIB) –Qatar’s leading Islamic financial institution – has just been awarded the title of “Islamic Bank of the Year, Qatar 2013” by The Banker magazine – the world’s longest running international banking title. The award is yet another accolade given to the Bank, based on performance and achievements the year prior to March 2013.

This is the first year that The Banker Magazine, the leading monthly title of the Financial Times Group, have decided to hold an Islamic Awards and is the only such award made in the country by the magazine. The Banker’s selection process is based on the bank which has made the most progress over the 12 months (March 2012 – March 2013), hence ‘Bank of the Year’.

According to The Banker, Banks were judged on their ability to deliver shareholder returns, the strategies used to gain proven market advantage, as well as on the launch of competitive products. The aim of the awards programme is simple – to reward and promote industry wide excellence in the global Islamic banking community.

The award is being announced in the June issue of The Banker and the trophy will be presented at the ‘FT Events - Islamic Financial Intelligence Summit’ being held in Kuala Lumpur in November 2013.

Bassel Gamal, QIB’s Group CEO commented: “We are happy that we have collected the first ever Islamic award The Banker has allocated inQatar. We believe that the recognition of being named ‘Islamic Bank of the Year 2013’ in Qatar is testament to the collective efforts of all our staff, our clients’ trust, a sound business model and the prudent risk approach of the Bank.”

Bassel Gamal

“QIB has made a number of important achievements. We successfully issued a USD 750m Sukuk at par; and the Bank saw a growth in its assets of 25.3% over the highlighted 12 months. We took various strategic initiatives to develop a competitive business model, able to withstand competitive pressures in order to grow our business locally and internationally. QIB also introduced a series of new innovative Shari’a compliant products both for the wholesale and retail markets to strengthen our relationship with all our existing clients.All of this contributed to an ‘A’ rating from S&P and Fitch, and Capital Intelligence.” He concluded.