QIB Wins Best Islamic Bank in Qatar Award at the World Islamic Banking Conference

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has been named the Best Islamic Bank in Qatar by the World Islamic Banking Conference (WIBC) Performance Awards, on the 6th of December in the Kingdom of Bahrain.

The award, which was received by Mashaal Al Derham, QIB’s Assistant General Manager of Communications & Quality Assurance, recognizes QIB’s continuous growth and impact on the Islamic banking industry. Earlier this year, QIB recorded a profit of QAR 1,605 Million for the nine-month period that ended 30th September 2016 representing a growth of 14% over the same period of 2015.

The WIBC Performance Awards are based on the WIBC Leaderboard, a comprehensive performance benchmark framework. Each bank receives an aggregate ranking based on the weighted scores of multiple metrics across three major areas of performance: Financial results, Financial stability and Governance and Social responsibility. All data is collated from the ICD Thomson Reuters Islamic Finance Development Indicator and Bankscope.

We are pleased with this achievement which is another testimonial of QIB’s position as a leading financial institution said Bassel Gamal, QIB’s Group CEO. The award and our positive results are achieved through the effective support of our Board of Directors, the hard work of each QIB employee and of course thanks to the continuous trust of our valued customers. As one of the leading banks in Qatar, we will continue to strive to offer our customers safe, convenient and tailored services and work hard to be constantly ready to meet all their existing and future financial needs.

Among other parameters, QIB was chosen as the best performing Islamic Bank in Qatar based on its growth in 2016 and its participation in projects supporting the country’s economic development. As a leading bank in the local retail banking market, QIB has increased its market share in individuals’ financing and deposits through introducing new financial products & services and improving customer service at branches and its digital channels.

QIB is honoured to be recognised from a well-regarded organization as WIBC for our on-going efforts to demonstrate quality and consistency in every aspect of our day-to-day service provision added Bassel Gamal.

The WIBC has established its reputation as the world’s largest and longest running platform for global Islamic Banking and Finance Leaders for over 23 years. After a successful introduction of the first of its kind assessment tool for Islamic banks in 2015, WIBC 2016 enhanced the framework to include additional key performance indicators which reflect the expectations of all banking industry stakeholders.

In April 2016, Fitch Ratings affirmed QIB’s Long Term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook reflecting the Bank’s established franchise in Qatar. This rating demonstrates QIB’s sound asset quality, solid funding and liquidity profile with a franchise that is more diversified than that of many peers and taking into account the Bank’s adequate profitability, and satisfactory capital and leverage ratios. Standard & Poor’s Rating Services also retained QIB’s Counterparty Credit Rating at ‘A-‘ and Capital Intelligence reaffirmed QIB’s financial strength rating of ‘A’ with stable outlook.

Source: Qatar Islamic Bank