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QIB Receives Two Awards from Islamic Finance News (IFN)

QIB Receives Two Awards from Islamic Finance News (IFN)

01/03/2017, Doha,Qatar

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, was presented two awards from the Islamic Finance News (IFN), QIB was recognized as “The Best Islamic Bank in Qatar”, and also received the “Perpetual Sukuk Deal of the Year” award.

The Annual Islamic Finance News “Best Banks Poll” and “Deals of the Year” awards recognize the best providers of Islamic financial services across a series of markets and sectors as voted directly by the readers of Islamic Finance News. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies were invited to elect the best banks and deals by casting their votes. With a record-breaking 26,507 votes placed in 2016, the “Best Banks Poll” reflects the views of a large, dedicated audience which voted QIB as the Best Islamic Bank in Qatar.

Earlier this year, QIB announced its financial results showing a net profit of QAR 2,155 Million for the fiscal year 2016 compared to QAR 1,954 Million for the year 2015, thus marking an increase by 10.3% over last year. Total Assets of the Bank have increased by 10% compared to 2015 and now stand at QAR 139.8 Billion driven by a robust growth in the Financing activities that have now reached QAR 98.2 Billion having added QAR 10.7 Billion, representing a 12% growth over 2015. Total Income for the year ended 31 December 2016 was QAR 5,488 Million registering 22% growth compared to QAR 4,508 Million for 2015 reflecting a healthy growth in the Bank’s core operating activities.

The award for the “Perpetual Sukuk Deal of the Year” was presented to QIB for the issuance of the first Basel III & IFSB Compliant additional Tier 1 perpetual Sukuk in the State of Qatar. The perpetual Sukuk was issued under the “Mudaraba” structure with agreed expected profit for the first six years. While it can be called back by the bank at the end of 6 years, since the Sukuk does not have a maturity date it has been classified as equity strengthening QIB’s core capital position. This issuance has established the structural framework adapted by other Islamic banks in Qatar for raising Tier 1 Sukuks.

Founded in 1982, QIB has established itself as a leading Islamic Bank in Qatar and the region. Its stable growth for the past five years coupled with a series of strategic investments in human capital, technology and the development of innovative products and services have contributed to the praise and recognition it is receiving from key prestigious entities within the financial industry.

Commenting on the award, QIB’s Group CEO Bassel Gamal stated: “We are always humbled by the recognition we receive from recognized, independent publications and their readers. Our success stems from our core belief that we are here to support the country’s economy, all companies operating and all individuals living and working in Qatar. These awards are received as a testament to the success of our business strategy which is built on offering modern and efficient Sharia-compliant banking along with a customer-centric approach.”

According to Brand Finance, the world’s leading brand valuation consultancy whose results are published in The Banker magazine, QIB is the most valuable Islamic banking brand in Qatar, the second most valuable banking brand among overall Banks in the country and the seventh most valuable Islamic banking brand globally.

“Winning awards encourages us to keep challenging ourselves and offering our customers exceptional products and services. We are looking forward to another year where we serve the financial interests of the people in Qatar,” concluded, Bassel Gamal.

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