Qatar Islamic Bank (QIB), Qatar’s leading financial institution, has been awarded a prestigious accolade from Islamic Finance News: “Best Islamic Bank in Qatar”, based on the Bank’s 2014 financial results, achievements and major financing deals.
The Islamic Finance News awards honour the best in the Islamic financial industry and are widely recognised as one of the most prestigious awards by global Islamic capital markets. A panel of experts from non-competing organisations examine all submissions thoroughly during an elimination process until just one candidate in each category remains and is thus deemed the winner of that category.
In 2014, QIB’s Net Profit reached QR 1.6 billion, representing a growth of 20% compared to 2013. Total assets of the Bank now stand at QR 96 billion, having increased 24% compared to the previous year. Financing activities, which remain the key growth driver, reached QR 60 billion, representing a 27% growth over 2013, and customer deposits moved up to QR 67 billion, registering a strong growth of 32%. Meanwhile total shareholders’ equity in the Bank reached QR 12.5 billion, an increase of 5% compared to September 2013. The total Capital Adequacy of the Bank under Basel III guidelines stands at 14%, against the minimum of 12.5% prescribed by Qatar Central Bank.
For more than 30 years, QIB has succeeded in becoming one of the best known and most respected local and regional Islamic Banking and Finance institution. Its ambitions are international, as evidenced by its presence in London, through its wholly owned subsidiary QIB UK, as well as in Malaysia, Lebanon and Sudan.
QIB conducts its domestic business in Qatar with 30 branches spread throughout the country in addition to providing dedicated centres for ladies and lounges for affluent and private banking customers. The branch network is augmented by more than 165 multi-function ATM installations and QIB’s state-of-art electronic services through internet banking, mobile banking and phone banking.
International credit rating agencies consistently rate QIB highly. Fitch has affirmed the Bank’s long term Issuer Default Rating (IDR) at ‘A+’ with a stable outlook. Standard & Poor’s had already reaffirmed QIB’s Counterparty Credit Rating at “A-“with a stable outlook. Similarly, Capital Intelligence (CI) has reaffirmed QIB’s Financial Strength Rating (FSR) of ‘A’, with an upgraded ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets.