Posted on June 04, 2015

Qatar Islamic Bank (QIB) – Qatar’s leading Islamic financial institution – has been recognised as the Islamic Bank of the Year 2015 in the Middle East by The Banker magazine – the World’s longest running international banking title and the leading monthly title of the Financial Times Group, as well as – for the third year in a row – being awarded ‘Islamic Bank of the Year’ in Qatar.

The selection process for these awards was based on a number of criteria measuring progress over the 12 months from March 2014 to March 2015. The aim of the awards programme is to reward and promote industry-wide achievements in the global Islamic banking community. Bassel Gamal, QIB’s Group CEO said that the recognition of being named 'Islamic Bank of the Year 2015’ in the Middle East for the first time and Qatar for the third time in a row is a testament to the collective efforts of all the Bank’s staff, support from all stakeholders and board of directors, the clients' trust, a sound business model and our commitment to continuous improvement.

QIB named Islamic Bank 1 [].jpg“This award recognises and reflects the significant progress that QIB consistently made throughout the last 12 months. We have managed to achieve positive growth during the past year and we have continued to do so in the first Quarter of 2015,” he said.

QIB’s profits grew to QAR 400 million for the first quarter of 2015, marking a 19% increase compared to the first quarter of the previous year, while total assets reached QAR 99 billion, thanks to a 19% increase compared to March last year. Financing activities that have now reached QAR 65 billion – having added QAR 15 billion, representing a 31% increase compared to the first quarter 2014, and customer deposits saw a steep rise of 21% – growing to QAR 71 billion.

Coincidentally, The Banker magazine has also published a comparative ranking of Bank brands across the world. Qatar Islamic Bank was the fastest growing financial brand in the world with its brand value rising 91% over last year, making the Bank one of the top 50 most valuable brands of all industries in the MENA region. The Brand Finance Banking 500 is an annual ranking of the most valuable brands in global banking that is calculated according to brand strength on a scale of 0 to 100, based on a number of attributes such as emotional connection, financial performance and sustainability.

International ratings agency Fitch upgraded QIB’s Long Term IDR to 'A+' from the previously held 'A' with a stable outlook; while QIB’s Sukuk Funding Ltd also had its senior unsecured trust certificates’ Long-Term Rating upgraded to 'A+' from 'A'. Both its trust certificate issuance programme and senior unsecured trust certificates’ Long-Term Rating were upgraded to 'A+' from 'A'.  “This enhanced performance makes us look forward to maintaining our leadership as the leading Islamic Bank in Qatar and the Middle East region by providing innovative financial products and services and excellent customer experience to our individuals and corporate clients,” Bassel Gamal concluded.

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Read in over 180 countries around the world, The Banker – which has been providing global financial intelligence since 1926 and is the world’s longest running international banking title and the leading monthly title of the Financial Times Group – is the key source of data and analysis for the industry.