Global Finance Ranks QIB in Its Top 10 Safest Banks in the Middle East

New York based Global Finance Magazine has named Qatar Islamic Bank (QIB) as one of the top 10 safest banks in the Middle East, for the first time this year, 3rd Safest Islamic Bank in GCC and 2nd Safest Bank in Qatar as part of Global Finance’s annual rankings of the World’s Safest Banks.

The leading financial magazine, an international reference in the world of finance, has also ranked QIB as the Safest Islamic Bank in Qatar for the fourth consecutive year.

Global Finance’s annual rankings of the World’s Safest Banks have been a recognized and trusted standard of financial counterparty for safety for more than 25 years. Banks were selected through an evaluation of their long-term foreign currency ratings from Moody’s, Standard & Poor’s, and Fitch and the quality of their balance sheet.

The recently announced rankings reflect QIB’s continuous improvements over the past few years, and its steadiness in light of the COVID-19 pandemic. QIB’s rankings, on both the regional and local levels, are a testament of QIB’s ability to continue building on its growth strategy, its prudent financing policies, and disciplined approach to risk management.

Commenting on the new rankings, Mr Bassel Gamal, QIB’s Group CEO said: “We are pleased to be ranked amongst top 10 safest banks in the Middle East, for the first time this year, and to continue being one of the safest banks in the GCC and Qatar. These new ratings are the result of our investments in implementing a sustainable business strategy, upgrading our risk management frameworks, and working towards a fully secure digitization of our products and services.”

“2020 has been undoubtedly a challenging year for the industry worldwide, but thanks to the commitment of our team to innovation, and with the support of the Board of Directors, QIB has managed to continue providing the most trusted banking options to all its customers at all times.” concluded Mr Gamal.

QIB is rated A1, A- and A by Moody’s, Standard & Poor’s, and Fitch respectively with all three assigning a stable outlook. The bank has recently announced the results for the nine months’ period ended 30 September 2020. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,216.5 Million for the nine months’ period ended September 2020 in line with the performance during the same period in 2019. Total Assets of the Bank now stands at QAR 170 Billion higher by 4% compared to December 2019 with a growth of 9.8% compared to September 2019 driven by the continued growth in the financing and investing activities. Financing activities have now reached QAR 113.2 Billion having grown by 5.7% compared to September 2019. Customer Deposits of the Bank now stand at QAR 112 Billion higher by 5% compared to September 2019.

Headquartered in New York with offices around the world, Global Finance’s audience includes senior corporate and financial executives responsible for making investment and strategic decisions at multinational companies and financial institutions. The magazine regularly selects the top performing banks and other providers of financial services, and its awards have become a trusted standard of excellence within the global financial community.

 

Source: Qatar Islamic Bank