Posted on January 22, 2018

Qatar Islamic Bank (QIB) has been named “Best Islamic Bank in Qatar” by Islamic Finance News (IFN), the world's leading Islamic finance publication. QIB also won two more awards “Best Deal of the Year in Qatar” and the “Structuring Deal of the Year”.  The prestigious awards mark QIB’s strong financial performance and the successful implementation of its business strategy.

The Annual Islamic Finance News “Best Banks Poll” award acknowledges the best providers of Islamic financial services across a series of markets and sectors as voted directly by the readers of Islamic Finance News. Islamic finance readers, investors, non-banking financial intermediaries and government bodies were invited to elect the best banks by casting their votes. With more than 8,500 votes placed in 2017, the “Best Banks Poll” reflects the views of a large, dedicated audience which voted QIB as the Best Islamic Bank in Qatar.

Commenting on the award, QIB’s Group CEO Bassel Gamal stated: “We are always humbled by the recognition we receive from recognized, independent publications and their readers. This award is another confirmation to the success of our business strategy which is to offer a complete, modern and efficient Sharia-compliant banking proposition keeping our customers’ interests at the heart of everything we do. Our success stems from our core belief that we are here to support the country’s economy, all companies operating and all individuals living and working in Qatar.”

The award for the “Best Deal of the Year in Qatar” was presented to QIB for the signed QR 1.6bn financing deal with AlJaber Engineering (JEC), which support its project to execute the design and construction of strategic food security facilities and warehouses at Hamad Port. “Over the past 35 years, QIB has succeeded to become a recognizable local and regional financial institution, as well as becoming one of the best-known Islamic Financial solutions provider in the world. We thank our customers for their trust, such a recognition encourages us to keep challenging ourselves and offering our customers exceptional products and services. We are looking forward to another year where we serve the financial interests of our clients in Qatar.” concluded, Bassel Gamal.

QIB announced its financial results of 2017, showing a net profit of QAR 2,405 Million for the fiscal year 2017 compared to QAR 2,155 Million for the year 2016, thus marking an increase by 11.6% over last year. Total Assets of the Bank have increased by 7.5% compared to 2016 and now stand at QAR 150 Billion. Financing activities have now reached QAR102.6 Billion having added QAR 4.4 Billion, representing a 4.5% growth over 2016. Total Income for the year ended 31 December 2017 was QAR 6,199 Million registering 13% growth compared to QAR 5,488 Million for 2016.

Founded in 1982, QIB has established itself as a leading Islamic Bank in Qatar and the region. Its stable growth over the past five years coupled with a series of strategic investments in human capital, technology and the development of innovative products and services have contributed to the recognition the Bank is receiving from key prestigious entities and publications within the financial industry.