Posted on July 24, 2019

Qatar Islamic Bank (QIB), has been named “Bank of the Year” and “Best Retail Bank of the Year” in Qatar, at the 2019 edition of Islamic Finance Awards bestowed by the Asset Magazine, a leading financial publication in Asia Pacific.

Both awards were presented to QIB for being the leading Islamic Bank in Qatar, reflecting QIB’s continuous efforts to develop its existing product suite and to also create innovative financial solutions to meet the ever-changing needs of its customers in Qatar. The awards reflect QIB’s successful growth strategy which is built on focusing on customer’s needs and working to meet them through a flexible and easy banking experience.

The Bank’s strategy is closely tied with Qatar’s National Vision 2030 and the Government’s commitment to investments in the country’s infrastructure, the diversification of the economy and the development of a strong private sector. Over the past few years, QIB’s leadership has been working on a business strategy to build a long-lasting competitive advantage by introducing new products and services, boosting service performance, developing the Bank’s risk management framework, and migrating to new technology platforms that allow the Bank to better serve its customers. The successful implementation of this strategy has contributed to the Bank’s leading position in Qatar and the region.

“These prestigious awards are another acknowledgement of our continuous efforts to implement a successful business strategy in providing best in-class banking services to all of our clients in Qatar.” said, QIB’s Group CEO Mr. Bassel Gamal, “we are leveraging technology in ways that meet, if not exceed, the requirements of our growing retail and corporate customer base. Our Bank has become a pioneer in offering digital products and services; we were the first Islamic Bank in the world and the first Bank in Qatar to launch ‘Instant Finance’, an innovative, highly secure, end-to-end digital solution that allows our customers to obtain personal financing within minutes through our mobile banking app and recently we have enabled new to bank customers to open a new bank account instantly through the App.” Mr. Bassel added.

The Asset Triple A Islamic Finance Awards are considered one of the most prestigious awards in Asia, as Islamic banking is quickly growing to be one of the most promising niches in global finance. Through a rigorous, selective approach, the awards are built upon stringent methodology along with a benchmark research team whose surveys provide accurate quantitative and qualitative data on management decisions.

In the first half of 2019 the Bank achieved a net profit of QAR 1,425.3 million, representing a growth of 7.5 percent over the first half of 2018. Total assets of the Bank have increased by 0.9 percent compared to December of 2018, now standing at QAR 154.6 bn, while financing activities have reached QAR 107 bn. Total income for the first half of this year reached QAR 3,734.8 million, registering 10.9 percent growth compared to QAR 3,367.7 Million for the first half of 2018, reflecting healthy growth in the Bank’s core operating activities.

Founded in 1982, QIB had positioned itself as the leading Islamic bank in Qatar, and the region.  It has showed strong growth protentional over the past couple of years, this came with a series of critical approaches either from technological or innovation. The success of QIB is proven by the different international recognitions from different polls of the globe.

QIB has received 18 prestigious awards in 2019 reflecting the results and achievements of the businesses, including Qatar's Best Bank from Euromoney Awards for Excellence 2019. The Banker Magazine named QIB the Best Islamic Bank in the Middle East, Qatar, and United Kingdom. Global Finance Magazine recognized QIB as “Best Islamic Financial Institution in Qatar”, “Best Islamic Project Finance Provider in the World” and “Islamic Finance Innovator 2019”. The Asian Banker Magazine awarded Mr. Bassel Gamal the CEO Leadership Achievement Award and the Best Managed Bank in Qatar.  Also named as the “Best Islamic Bank in Qatar” by the World Union of Arab Bankers (WUAB).