Qatar Islamic Bank (QIB), Qatar’s Leading Islamic Bank, has been recognised as the ‘Safest Islamic Bank in Qatar’ in Global Finance’s first-ever list of the Safest Islamic Banks in the GCC after conducting a rigorous evaluation process to assess the stability of the region’s banks.
Global Finance is an industry-leading magazine that provides a reliable source of financial data to 192 countries. Each year the magazine releases its ‘Safest Banks’ ratings covering the global and emerging markets.
This year, for the first time, Global Finance assessed banks which only offered Islamic products and which had been rated by at least two reputable international agencies. A total of 25 Islamic banks currently operate in the Gulf, representing about a third of all active commercial banks in the region. QIB scored high for its 2013 credit standing, which was rated (A) by Fitch and (A-) by Standard & Poor’s. Overall QIB 2013 financial results was very positive, The Bank has increased business volumes across all market segments, which has positive impact on QIB’s end of year financial results, solidifying its position as a leading bank in Qatar.
The ranking reflects QIB implementation of a successful risk management policy, strengthening all prudential ratios and building a strong foundation for future business expansion. QIB’s innovation and excellence in risk management meets all the rigorous safety standards and this, together with the Bank’s commitment to providing excellence in banking services to all the clients, is what differentiates QIB.
QIB’s customer deposits saw a steep rise of 16.7% to reach QR 50.4 billion by the end of fiscal year 2013 compared to QR 43.1 billion in 2012, thus enabling QIB to effectively support the constant growth of assets. The strong operating performance in 2013 has enabled the Bank to pursue a conservative impairment policy by allocating QR 360 million towards improving the provision coverage on financial investments and financing activities compared to QR 491 million in 2012. The Bank managed to raise the quality of its investment portfolio this year, where non-performing financing assets dropped to 0.9% with provision coverage of 94% in 2013 compared to 1.6% with provision coverage of 63% in 2012.
Mr. Bassel Gamal, QIB’s Group Chief Executive Officer said: “It’s great to see that all out efforts and achievements in 2013 are being recognized by a trusted financial magazine like Global Finance. This is a result of our on-going commitment to provide a seamless banking experience to our individual and corporate customers while at the same time ensure that are applying a successful risk management strategy.”
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