Posted on June 16, 2019

Qatar Islamic Bank (QIB) continues to win prestigious awards that confirm its leading position in Qatar's and the region's financial markets. Recently, The Banker Magazine – the World’s longest running international banking title and the leading monthly title of the Financial Times Group, has named QIB the “Best Islamic Bank – Middle East,” “Best Islamic Bank – Qatar,” and “Best Islamic Bank – United Kingdom” within the Islamic Bank of the Year Awards 2019 based on their outstanding performance during the fiscal year 2018.

Established in 1926, The Banker is read by senior decision makers at the world’s foremost financial institutions. Each year, The Banker produces a definitive ranking of the industry’s best Islamic financial institutions in order to promote and reward excellence in the global Islamic banking community.

Commenting on achievement, Bassel Gamal, QIB Group CEO, said, “We are humbled by the international recognition which we have been receiving for our sustainable performance. The positive financial results are a testimonial of our strong performance in local, regional and UK markets despite the challenging economic and regional situation. This achievement reflects the strength of the Qatari economy and it is a result of our efforts to implement a coherent business strategy in providing Shari’a compliant banking products and services to all of our clients.”

“With the introduction of new products and services, a refined coverage model and a genuine attention to our customers, we have been able to strengthen our relationships with all our customer segments across the entire spectrum of their financial needs. This has resulted in attracting new clients to Islamic Banking, proving that Islamic Banks are competing with conventional banks across all banking services,” he added.

During the first three months ending 31st March 2019, the Bank’s Net Profit amounted to QAR 685.2 Million, representing a growth of 9.6% over the same period of 2018. Total Assets of the Bank have also increased by 2.3% compared to March 2018 and now stands at QAR 155.3 billion driven by a continued growth in the core financing and investing activities. Financing activities now stand at QAR 106.3 billion having increased representing 1.6% increase compared to March 2018. Customer Deposits of the Bank stand at QAR 107.8 Billion registering a strong growth of 5.3% compared to March 2018.

For the first time, QIB–UK, a wholly owned subsidiary by QIB Group, receives the “Best Islamic Bank – United Kingdom” award. QIB-UK had a strong performance by the of 2018, its net profit after tax has witnessed an increase of 111% over 2017. Financing activities grew by a 21% over 2017. Total income recorded a 21% growth compared to 2017.