QIB Awarded ‘Best Islamic Bank of the Year in the Middle East, Qatar, and the UK’

QIB Awarded ‘Best Islamic Bank of the Year in the Middle East, Qatar, and the UK’ By Shalini - June 07, 2022
QIB Awarded Best Islamic Bank

QIB Awarded Best Islamic Bank

Qatar Islamic Bank (QIB) received the ‘Best Islamic Bank in the Middle East, Qatar, and the UK’ awards at The Banker Islamic Bank of the Year Awards 2022 in recognition of its continuous growth and solid performance at the local, regional and international levels. 

QIB continues to revolutionise the digital banking scene in Qatar with innovative digital products and services catering to the everyday needs of its customers, from account opening to the instant financing and instant credit card. The Bank is dedicated to the continuous implementation of its long-term digital strategy while keeping customers at the core of its priorities, and remains committed to offering the best, fastest, and most trusted banking products in Qatar. 

With its vision is to be “the most customer-centric, efficient bank in Qatar”, QIB is determined to place itself as a leader in Islamic banking to better serve its retail and corporate customers through innovative products and services and an unparalleled customer experience. The Bank recently launched the first ever Digital Credit Card in Qatar on its Mobile App, and introduced innovative features including the Sneak Peak, the Dark Mode, and an exclusive personalized mode for its Private and Tamayuz members, leading the industry in digital banking in Qatar. With the goal of making the banking experience even simpler and more efficient for its corporate and SME customers, QIB continues to improve the Corporate App and has recently introduced a new service to open a corporate account online and in five simple steps.

Commenting on this recognition, Mr. Bassel Gamal, QIB’s Group CEO said: “We are pleased to receive these prestigious awards from The Banker magazine showcasing our commitment to providing our customers with the best Shari’a-compliant banking products and services. This recognition is a testament to our strategic vision and customer-centric approach in addition to our efforts to reshape the banking scene in Qatar and beyond. I would like to extend my appreciation to QIB’s Board of Directors, the entire QIB team and our customers for their trust and support.”   

In the first quarter of 2022, Net Profit attributable to the Shareholders of QIB amounted to QAR 855 Million representing a growth of 14% over the same period in 2021. Moreover, total assets of the bank increased by 6.8% compared to March 2021 and now stand at QAR 193 Billion driven by the continued growth in the financing and investing activities. Financing assets reached QAR 127 Billion while Customer Deposits now stand at QAR 123 Billion. Total Income for the three months’ period ended 31 March 2022 was QAR 2,117 Million. The bank was able to further improve its efficiencies bringing down the cost to income ratio to 16.8% for the three months’ period ended 31 March 2022, which is the lowest in the Qatari Banking sector.

In 2021, QIB (UK) achieved portfolio growth of 22% and Net Profits increased by 45% year on year. QIB (UK) continues to build a conservative yet profitable financing portfolio, whilst managing costs and operating within the stringent regulatory standards expected in the UK.

Established in 1921, The Banker magazine is read by senior decision makers at the world’s foremost financial institutions. Each year, The Banker produces a definitive ranking of the industry’s best Islamic financial institutions to promote and reward excellence in the global Islamic banking community.

For more information, visit www.qib.com.qa

By Shalini - June 07, 2022

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