Qatar Islamic Bank (QIB) has been recognised on a global, regional, and national level at the Global Finance magazine’s ‘World's Best Islamic Banks Awards’ for 2021.
After extensive consultations with bankers, corporate finance executives, and analysts, Global Finance’s editorial team awarded QIB with four accolades, including ‘Best Islamic Corporate Bank – Global’, in addition to ‘Best Islamic Bank in the Middle East’ and ‘Best Islamic Bank in Qatar’ for the second consecutive year. The bank has also received ‘Best Islamic Bank in Sudan’.
Selection criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development, and innovation in products, in addition to reputation and customer satisfaction.
This recognition also took into consideration the role of QIB and its contribution to the growth of Islamic financing in Qatar, the Middle East, and beyond with the launch of innovative Shariah-compliant products and digital solutions that respond to the changing needs of both QIB’s retail and corporate customers in Qatar and abroad.
QIB Group CEO Bassel Gamal said, “Today’s recognition re-affirms QIB’s success in improving its position as a leading Islamic bank on a global level, while continuously leading the local and regional markets and being the industry’s benchmark when it comes to offering the best and most digitally-enabled Shariah-compliant products and banking services.
“Thanks to the support of our board of directors, and with the dedication of all our employees, we have managed to stand by our customers in difficult times, and to be the bank that relentlessly supports the diversification and growth of the local economy across all its sectors.”
He added: “Customer centricity and digital innovation will continue to be the backbone of our business strategy, and we will remain committed to reshaping the future of Shariah-compliant banking with more market-first products and solutions that will bring seamless banking experiences to our customers in Qatar and around the world.”
In 2020, QIB excelled in upgrading its digital banking channels, namely the QIB mobile App with its more than 100 features and services. QIB launched new digital products exclusively via the mobile App to improve the banking experience of its customers, including the Domestic Workers Digital Accounts, the Digital Direct Remit Service, and the mPay digital wallet.
The bank also continued offering its retail customers the fastest and most secure ways to remotely fulfil their banking needs in only five minutes, including opening a bank account, getting personal financing, or issuing a credit card via the QIB mobile App.
On the corporate banking level, QIB has improved the digital banking experiences of its corporate customers with the launch of the QIB Corporate App as a convenient, trusted, and safe way for corporates to bank with QIB.
QIB is also the first Islamic bank in Qatar to launch an integrated Host-to-Host (H2H) online payment management solution for large corporates, and the first to integrate postal delivery services on its Point of Sale (PoS) machine.
QIB has also succeeded in digitising SME financing and automating standard credit applications through its ‘Aamaly’ programme designed to provide tailored financial and advisory products and services to SMEs in all industries.
Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch with stable outlooks, QIB has achieved positive financial results for the year 2020. The bank achieved a net profit of QR3.065bn in 2020 over QR3.055bn in 2019, despite the impact of Covid-19 and the decline in oil prices.
The bank maintained the basic earnings per share at QR1.21. Total assets of the bank increased by 6.6% compared to 2019 and now stands at QR174.4bn driven by a growth in the core banking activities.
Financing activities registered a robust growth by 4.7% over 2019 to reach QR119.1bn. Customer deposits now stand at QR118.1bn registering a growth of 5.8% compared to December 2019.