Posted on July 11, 2018

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has won the Best Islamic Bank in Qatar Award from the World Union of Arab Bankers (WUAB). QIB Group CEO Bassel Gamal received the award during the WUAB's Excellence Awards Ceremony 2018, which was held in Beirut last week.

The WUAB is an umbrella group for more than 500 bankers in the Arab region and around the world. This was the WUAB's fourth annual ceremony for Arab banking excellence and achievement. Commenting on this achievement, Mr. Gamal said: "We are proud of winning this award of excellence as the best Islamic Bank in Qatar. The prestigious award reflects QIB's outstanding position as a leading Islamic financial institution in Qatar, the region, and the rest of the world."

QIB wins Best Islamic Bank 2 [qatarisbooming.com].jpgHe said the award of excellence is a regional recognition of QIB's continuous growth over the past years and its active role in Qatar as one of the largest Islamic financial institutions. Over the years, the bank won many international awards in recognition of its strong financial position, technology innovation and improvements in customer experience. "The award from the WUAB also reflects our genuine affiliation with bodies that work to bring together Arab financial institutions and seek to strengthen their regional and international presence to serve common interests and enrich the banking experience of international customers." added, Bassel Gamal.

This latest QIB award reflects its continued growth. The Bank registered prosperous growth rates for the fifth consecutive year thereby reflecting the successful implementation of its business strategy. Assets grew by an average annual growth of 18.1% over the past five years (2013-2017), reaching QAR 150.37 billion by the end of 2017, which is almost double the assets achieved by end of 2013 (QAR 77.35 billion). Assets grew by 7.5% in 2017 compared to 2016.

QIB financing activities grew by an average annual growth of 21.5% over the past five years, reaching QAR 102.61 billion at the end of 2017, compared to QAR 47.14 billion at the end of 2013. They grew by 4.5% in 2017 over the previous year. Customer deposits grew by an average annual growth of 19.2% over the past five years, and now stand at QAR 101.81 billion, which is nearly double the amount reached by end of 2013 (QAR 50.36 billion). In 2017 alone, the Bank’s deposits grew by 6.7% compared to the previous year.

These results reflected positively on the QIB’s profitability, allowing the Bank to register profit rates that stood out in the banking sector. Over the past five years, QIB’s net profit grew by an average annual growth of 15.8%, reaching QAR 2.40 billion by end of 2017, almost doubling the Bank’s 2013 net profit (QAR 1.33 billion). Profits back in 2016 reached QAR 2.15 billion.

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