Digital

QIB received “Best Islamic Bank in Qatar” Award from IFN Readers

QP

QIB Press

Digital Desk

Jun 19, 2022 | 8 Minutes

Home banner announcing Best Islamic Bank recognition from industry magazine.

Qatar Islamic Bank (QIB) has been recognized as the “Best Islamic Bank in Qatar” by Islamic Finance News (IFN), the world’s leading Islamic finance publication and news provider.

QIB achieved the award through record number of readers’ votes at the 17th annual edition of IFN’s Best Banks Poll; the unique barometer for Islamic banking performance in 35 countries.

Considered one of the most prestigious accolades in the world of Islamic finance, the annual IFN’s Best Banks Poll acknowledges the best providers of Shariah compliant banking services across the globe, based on direct votes by IFN readers.

QIB continued to strengthen its leadership in the local banking sector in 2021 and continued to be the largest Islamic bank in Qatar achieving the highest ROA and ROE in Qatar at 1.9% and 18.2% respectively. QIB also achieved the best cost to income efficiency ratio in Qatar and the MENA region at 18.1%. Furthermore, QIB outperformed the market in terms of Net Profit growth and increased its market shares in all key segments and products.

Commenting on receiving the award, Mr. Bassel Gamal, QIB’s Group CEO said: “We are pleased to be voted by the IFN readers as the Best Islamic Bank in Qatar. This recognition is a testament to QIB’s leading position within the banking sector in Qatar as well as to our strategic vision and customer-centric approach led by a strong, experienced, and committed team supported by our Board of Directors”

Mr. Bassel added: “I extend my thanks to all the IFN readers who participated us in the poll and reaffirmed QIB’s commitment to offering our customers the best innovative Sharia-compliant banking products and services that cater to their needs, as we strive to continue reshaping Islamic banking in Qatar and beyond”.

QIB continued its journey in developing and streamlining its services and processes, with its acceleration of its bank-wide Digital transformation program, which has successfully translated into an increase of sales and revenue, a significant migration of branch transactions to digital channels, and a reduction in costs which helped the bank reach the best cost to income ratio in the MENA region.

The Bank issued its first sustainability report in 2021, in line with Qatar National Vison 2030 and the recently launched National Strategy for the Environment and Climate Change to highlight QIB’s efforts to contribute to the accomplishment of global sustainable development goals and the Bank’s achievements in implementing Environmental, Social and Governance (ESG) standards.

In March 2022, Capital Intelligence’s Credit Rating Report Capital Intelligence reaffirmed QIB’s Long Term Rating at A+ with Stable Outlook and reaffirmed its strong franchise and market position, with 49% of total assets of listed Islamic banks in Qatar. QIB continues to be the largest Islamic bank in Qatar, with good liquidity and funding profile, and robust capitalization, in addition to having solid and stable asset quality strong and consistent profitability.

The Annual IFN ‘Best Banks Awards’ 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.

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