Doha: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has been recognised as the “Islamic Bank of the Year” by Arabian Business Awards in recognition of its business performance and achievements over the past year. Saeed Al Khayareen, Assistant General Manager, Wholesale Banking Group, received the award at a ceremony held recently at the Grand Hyatt Hotel, Doha.
This award is another testament to the resounding success of QIB’s business strategy built on offering Shariah-compliant banking and financing solutions that meet the needs of an increasingly diverse clientele.
QIB posted strong results in the last year and the first six months of 2015, with net profit growing at 23 percent compared to the first half of 2014. Total assets registered a 30 percent growth, to stand at QR116bn, while Income from financing and investing activities increased by 19 percent to reach QR1.8bn by the end of June 2015 compared to QR1.5bn in June 2014. Customer deposits also increased by QR18bn in the first half of 2015, reaching QR85bn and marking a 38 percent surge compared to June 2014.
Bassel Gamal, QIB’s Group CEO said that the recognition is a testament to the collective efforts of the entire Bank’s staff, support from all stakeholders and Board of Directors, the clients’ trust, a sound business model and our commitment to continuous improvement.
“This award recognises and reflects the significant progress that QIB consistently made throughout the last 12 months. We have managed to achieve positive growth during the past year and we have continued to do so in the first half of 2015,” he said.
In its report issued in March 2015, international ratings agency Fitch has upgraded QIB Long Term IDR to ‘A+’ from the previously held ‘A’ with a stable outlook. Capital Intelligence (CI) has rated QIB’s Financial Strength Rating (FSR) of ‘A’, with ‘Stable’ Outlook in view of the significant improvement in financing asset quality and stabilized Return on Average Assets. Standard & Poor’s Rating Services have rated QIB’s Counterparty Credit Rating at “A-“with a stable outlook.
Arabian Business is a weekly business magazine published in Dubai and focusing on the Middle East. The Magazine has been active for over 14 years on the GCC financial scene, and features a host of acclaimed writers covering a host of topics ranging from sports to business news. The Arabian Business Awards, meanwhile, are meant to celebrate the very best in business achievement; both on a corporate and individual level, and have been a reliable indicator of business excellence and initiative.
The Peninsula
