Qatar Islamic Bank (QIB) has been recognized on a global and national level at the Global Finance magazine’s World’s Best Islamic Banks Awards for 2022.
The Bank was recognized with three prestigious accolades including “World’s Best Islamic Corporate Bank”, “World’s Best Islamic Bank for CSR”, and “Best Islamic Financial Institution in Qatar” for the third consecutive year, at the Global Finance’s World’s Best Islamic Financial Institutions 2022.
Following extensive consultations with bankers, corporate finance executives and analysts throughout the world, Global Finance’s editorial team announced the winners of its fifteenth edition of the World’s Best Islamic Financial Institutions awards. Quantitative criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products and services. Among the qualitative criteria considered were reputation, customer satisfaction and the opinions of analysts and experts involved in the industry.
On this occasion, Bassel Gamal, QIB Group CEO, said: “We are genuinely happy to be honored with such prestigious accolades. The awards reaffirm QIB’s commitment to cementing its position as a leading Islamic bank on a global level, while continuously setting the industry’s benchmark in offering the best and most digitally enabled Sharia-compliant products and banking services.”
Bassel added: “With the continued support from our Board of Directors, the entire team at QIB is reiterating our commitment to relentlessly support the growth of the local economy across all its sectors and bring further innovation in the banking sector.”
“Global Finance has a proud history of covering Islamic finance, which has gained traction in that time in all corners of the globe. Our annual awards help corporate executives understand this innovative yet deeply traditional area of finance,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance.
In addition to being the first Islamic Bank in the world, and the only in Qatar to introduce a digital end to end personal Finance product, and the first Bank in Qatar to introduce other digital products such as the Digital Onboarding Solution, the Instant Credit Card, and fully end-to-end digital accounts for domestic workers, QIB has seen unprecedented levels of digitization of its banking offerings, namely through the award-winning QIB Mobile App including Video Banking, “Zaki” virtual assistant, Visa Direct, Discreet Mode among many innovative features.
QIB has been upgrading its digital platforms to cater to the banking needs of its corporate and SME customers. As part of its initiatives, QIB introduced Dhareeba Tax payment through its Corporate Internet banking portal and is the first Islamic bank in Qatar to launch an integrated Host-Host (H2H) online payment management solution. Furthermore, QIB signed new Al Dhameen Program Agreement sponsored by Qatar Development Bank to empower SMEs and support them implement their projects.
In March 2022, Capital Intelligence’s Credit Rating Report Capital Intelligence reaffirmed QIB’s Long Term Rating at A+ with Stable Outlook and reaffirmed its strong franchise and market position, with 49% of total assets of listed Islamic banks in Qatar.
QIB continues to be the largest Islamic bank in Qatar, with good liquidity and funding profile, and robust capitalization, in addition to having solid and stable asset quality with strong loss absorption capacity, and strong and consistent profitability, despite the drop in oil prices, and the economic impacts of the pandemic.