QIB Press
Digital Desk
Sep 29, 2014 | 8 Minutes
Qatar Islamic Bank (QIB), Qatar’s Leading Islamic Bank, has been named “Islamic Bank of the Year” at the first Qatar Enterprise Agility Awards, organized by Entrepreneur magazine, a leading international and regional magazine that is considered the premier source for small businesses.
The award was presented by Qatar Chamber Vice Chairman, Muhammed Bin Ahmed Bin Towar Al Kuwari to Mr. Saeed Alkhayareen, QIB’s AGM – Corporate Banking Group at a ceremony held in the Grand Hyatt, Doha. During this year, QIB has been awarded the Islamic Bank of the Year by several international publications such as Euromoney and The Banker.
QIB, through its ‘Aamaly’ programme, is committed to servicing the SME sector align with the Bank’s vision to contribute to Qatar’s sustainable economic growth. Its policy reflects that of the government in carrying out Qatar’s National Vision 2030.
The growth in the Bank’s SME financing is a direct result of this programme, launched at the beginning of last year. This programme identified economic sectors that fell under the SME category, and provided tailor-made banking services, as well as financial offers and incentives to the customers of this critical sector, which includes manufacturing, trades services, and contracting.
The outcome of the ‘Aamaly’ programme, since its inception, has exceeded expectations. The SME sector in Qatar has huge potential, and is expected to grow rapidly to play an important part in Qatar’s overall growth. QIB already enjoyed a sizeable corporate and retail base and it also has a strong branch presence across the country to meet its customers’ growing requirements. Following the launch of Aamaly, QIB has witnessed positive results across the board on both the financial and service levels.
It is worth mentioning that QIB achieved positive results for the 6 months ending 30 June 2014. Net Profit of the Bank reached QAR 725 Million for the period ended June 2014, representing a growth of 15% compared to June 2013. Total Assets of the Bank now stand at QAR 89.1 billion, having increased 20% compared to June 2013. Financing activities have shown significant growth of 32%, compared to June 2013. Customer Deposits of the Bank registered a strong growth of 33% compared to June 2013, allowing the Bank to significantly improve its liquidity positions.
The Total Income of the Bank for the period ended June 2014 amounted to QAR 1.8 billion, representing an increase of 18% compared to June 2013. Income from financing activities was the primary growth driver at QAR 1.2 billion for the period June 2014, representing an increase of 23% compared to June 2013. Net commission and fees income have also registered strong growth to reach QAR 191 million for the period ended June 2014, representing an increase of 42% compared to June 2013.