Doha, Qatar – Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been named the 2023 Bank of the Year in Qatar by The Banker magazine, a Financial Times publication. This prestigious accolade reaffirms QIB’s standing as an industry leader, solidifying its position at the forefront of the financial landscape in Qatar.
The accolade highlights QIB's financial strength manifested by the bank’s strong capital position and asset quality and its consistent profitability. It also reflects the utilization of cutting-edge technology, setting new standards for an unparalleled customer experience as well as underscores QIB's commitment to sustainability.
In recent years, QIB has consistently showcased robust financial growth, setting a benchmark for the Islamic financial industry. The bank's commitment to innovation is evident in its endeavors to provide cutting-edge Shari’a compliant financial solutions. The bank's remarkable financial ratios in Qatar and the broader MENA region, including the best efficiency ratio for two consecutive years, showcase its commitment to continuously generating value for its shareholders. QIB's strategic initiative in digital transformation has been a game-changer, propelling the bank to new heights in customer satisfaction, revenue growth, and operational efficiency.
During the first three quarters of 2023, QIB experienced a 7.2% growth in net profit, reaching QAR 3,055 Million. The total assets also saw an increase of 1.5% compared to the same period last year, reaching QAR 187 Billion. Moody's Investors Service maintained the Long-term deposit ratings at 'A1' with a stable outlook. In July 2023, Fitch Ratings affirmed the Bank's credit rating at 'A-' with a positive outlook, and in May 2023, Capital Intelligence Ratings (CI) upheld the bank's Long-term rating at 'AA-' with a stable outlook.
Moreover, the strategic focus on digital transformation has positioned QIB as a pioneer in the industry. The bank's commitment to innovation and customer-centric strategies has resulted in a significant shift towards digital channels, with impressive outcomes such as increased sales, revenue growth, and reduced costs.
QIB's commendable commitment to sustainability aligns with both national and international criteria. The integration of ESG considerations into its operations and risk management framework, coupled with support for sustainable projects, underscores its dedication to environmental and social responsibility.
Commenting on the award, Mr. Bassel Gamal, QIB’s Group CEO said: “This acknowledgment is a testament to our unique approach to increase profitability through consistent robust quarterly outcomes. Our ability to generate value for shareholders centers on a strategic blend of innovation and focused execution supported by the strategic vision of the board of directors and the dedication of each team member to provide exceptional performance. We have been at the forefront of digital banking, empowering our customers with tools to help them make better decisions when it comes to their finances. Simultaneously, we have assumed a substantial role in championing the shift towards a more sustainable economy, incorporating ESG (Environmental, Social and Governance) factors in our credit assessment and risk management processes, thus promoting sustainable practices among our corporate borrowers. On this occasion, I would like to extend my appreciation to our Board of Directors, the entire QIB team and our customers for their trust and support.”
The Banker's 'Bank of the Year' Awards stand as the pinnacle in the banking realm, often likened to the 'Oscars of the Banking Industry.' Crafted to spotlight excellence on a global scale, these awards serve as a testament to outstanding achievements within the banking community. The discerning judges meticulously evaluate banks worldwide, considering factors such as performance, innovation, the addition of customer value, and societal leadership. The culmination of this rigorous process results in the selection of a single winning bank from each of the 120 countries under scrutiny.
For more information, please visit www.qib.com.qa