Posted on June 07, 2018

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has received the “Islamic Bank of the Year – Qatar” award by The Banker, part of Financial Times Group, for the year 2017. This marks the sixth consecutive year that QIB secures this prestigious award.

The award reflects QIB continuous efforts to develop its existing product suite and to create innovative financial solutions to meet the ever-changing needs of its customers. “Islamic Bank of the Year – Qatar” also highlights the Bank’s major contribution to the financial scene in Qatar and its leading position in the local banking sector. The Banker considers a number of quantitative and qualitative criteria before selecting its awards’ winners. QIB was evaluated based on its financial results for the fiscal year 2017, as well as its reputation and customer service.

Commenting on the award, QIB's Group CEO, Bassel Gamal, said: “Holding on to the Islamic Bank of the Year – Qatar award for a sixth year is an achievement that QIB has earned and worked towards sustaining. This award reflects QIB’s leading position in the local market and further motivates us to keep improving.” He added, “As the second half of the year approaches, we look forward to continue serving the Qatari community and introduce new products and services for all our customers.”

QIB’s steady financial growth over the years reflects a healthy development in the Bank’s core operating activities and strengthens its position in the local and regional market. QIB’s reported a Net Profit of QAR 2,405 Million for the fiscal year of 2017 compared to QAR 2,155 Million for the year 2016, marking an increase by 11.6%. Last year, the Total Assets of the Bank have increased by 7.5% compared to 2016 and now stand at QAR 150 Billion; while the Total Income grew to QAR 6,199 Million, registering a 13% growth compared to 2016.

The Banker has been providing global financial intelligence since 1926 and has built a reputation for objective and insightful reporting on major events. Every month the magazine combines in-depth regional and country coverage with reports on capital markets and structured finance, risk management, working capital management and securities services, environmental finance, trade and project finance, trading, technology, management and governance issues. The Banker FT awards honor the top Islamic financial institutions in the world to encourage and reward excellence in the industry.