Posted on April 06, 2015

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced that Group CEO Mr. Bassel Gamal was honored at the 2015 TOP CEO Awards, an event held by the “Trends” business magazine and the “INSEAD” Business School to honor leading CEOs whose success in their respective organizations played a pivotal role in the region’s sustained growth.

The fifth installment of the TOP CEO Awards was held in Dubai. In attendance were some 300 top CEOs from the Gulf Region. Evaluation and assessment were carried out following a study that included nearly 700 companies incorporated in all GCC stock markets. 150 companies made the shortlist, and shortly thereafter, the top 50 CEOs - including the QIB Group CEO - were announced. It is worth noting that QIB’s net profit grew to QAR 1.6 Billion in 2014, marking a 20% increase compared to 2013, while total assets reached QAR 96 Billion thanks to a 24% increase compared to last year.  Financing activities, deemed to be QIB’s major growth driver, attained QAR 60 Billion, marking a 27% increase compared to 2013, and customer deposits saw a steep rise of 32% and grew to QAR 67 Billion.

Total Shareholders’ Equity of the bank reached QAR 12.5 Billion by the end of the fourth quarter in 2014, an increase of 5% as compared to late September 2013. Total Capital adequacy of the Bank also increased to 14%, against the minimum limit of 12.5% prescribed by Qatar Central Bank. International ratings agency Fitch upgraded QIB Long Term IDR to 'A+' from the previously held 'A' with a stable outlook. QIB’s Sukuk Funding Ltd also had its senior unsecured trust certificates’ Long-Term Rating upgraded to 'A+' from 'A'; while both its trust certificate issuance program and senior unsecured trust certificates’ Long-Term Rating were upgraded to 'A+' from 'A'.

Mediaquest, the publications and events company behind the initiative, says that the scheme is the most credible of its kind in the region, as only leaders of firms listed on the stock exchanges of Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman are eligible for ranking. The program was launched in 2011 in response to the Gulf region’s steadily improving economy. “The Top CEO Awards distinguishes itself from other schemes by stipulating that only CEOs of listed companies are eligible for entry. The awards are based on the financials of these companies, with the entire evaluation process being fully transparent and audited,” said Julien Hawari, Co-CEO at Mediaquest.

Qatar Airways DC

“TRENDS works in partnership with INSEAD to ensure that the program formula is the most accurate it can be, and collaborates with Hawkamah to include corporate governance and disclosure criteria as an integral component of the ranking. The entire work has a final review by Deloitte, who provide an independent, authoritative stamp of approval. The overall result is that Top CEO is the most reliable barometer of business leadership performance for the region,” he added.

“The aim of Top CEO was to develop a transparent and credible ranking system for leadership excellence in the Gulf region, with the program designed to produce three tangible benefits. Firstly, it would provide a platform of recognition for those who have steered their organizations to success; secondly, it would promote good corporate governance; and thirdly, it would generate further business for the GCC by showcasing the kind of business excellence that would encourage investors to enter the market,” added Hawari.