Posted on December 02, 2018

Qatar Islamic Bank (QIB) has been named the “Best Islamic Bank in Qatar” in the eleventh 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.

“We are the proud recipients of this award, which reflects the results of our hard work and dedication to ensure that the banking experience is the most efficient and comfortable for our customers,” said Bassel Gamal, QIB’s Group CEO, “QIB received many awards over the past years. We view these awards as a motivation to keep on exercising our best efforts on a daily basis to provide unique shari’a compliant products and superior service to all our customers.”

EMEA Finance is a leading bi-monthly global industry publication which reports on the major financial events initiated and influenced by the international financial industry active in Europe, the Middle East, and Africa. The prestigious awards are granted based on thorough evaluation of the performances of regional economies and banking systems, as well as analyses of landmark capital-markets deals from sovereigns and companies. 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. In turn, highlights the successes of banks and individuals that have exceeded expectations by excelling in their work performance.

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The Middle East Banking Awards celebrates achievements of banking institutions that have reported record profits, demonstrated the highest standards of services, developed innovative products, and achieved overall excellence in the banking industry. This year’s winners are a reflection of the economies and countries they serve and proved that they are ready for the challenges and opportunities that lie ahead. In June 2018, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a stable outlook, and Moody's Investors Service ("Moody's") affirmed long-term deposit ratings to QIB at “A1”. In April 2018, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’, and Capital Intelligence Ratings (CI) has affirmed the Bank’s Financial Strength Rating (FSR) of ‘A’.

In the first nine months of 2018, QIB achieved a net profit of QR2,005.3 million, representing a growth of 13% for the same period in 2017. Total assets of the Bank have increased by 1.4% compared to December 2017, and now stand out QR152.5 billion. Financing activities have reached QR106.4 billion and have grown by 3.7% compared to December 2017. Total income for the nine months period, ending in 30 September 2018, was QR 5,108 million, registering 8.2% growth compared to QR 4,722 million for the same period in 2017, reflecting a healthy growth in the Bank’s core operating activities.