Download app

 

Global Finance names QIB as the safest Islamic Bank in Qatar for the third consecutive year
Back to All News Updates

Global Finance names QIB as the safest Islamic Bank in Qatar for the third consecutive year

01/12/2019, Doha,Qatar

Global Finance names QIB as the safest Islamic Bank in Qatar for the third consecutive year

Qatar Islamic Bank (QIB) has been named the safest Islamic Bank in Qatar for the third consecutive year by Global Finance, a New-York based magazine. Adding to its list of awards and achievements, QIB was also recognized as the 4th safest Islamic Bank in the GCC, and the 36th safest Bank in emerging markets.

Global Finance evaluates the ratings and total assets of the key players in each region, providing an overview of which financial institutions offer the greatest safety for customers and stakeholders. The rankings are recognized as a trusted standard of financial safety for over 25 years. The Banks were selected through an evaluation of long-term foreign currency ratings from Moody’s, Fitch, as well as the company reports.

The rankings are a reflection of QIB’s success over the past few years and a testament to the Bank’s growth strategy that has been focused on prudent financing policies and disciplined approach to risk management.

QIB’s Group CEO, Mr. Bassel Gamal, commented on the news by saying: “We are proud to have the effort and commitment that our team dedicates towards the safety of our shareholders, customers and the banking sector overall in Qatar, recognized by a trusted source such as Global Finance. As a leading Bank in the market, we are responsible for the financial safety of those that chose to bank with us. Therefore, we are committed to ensuring our customers have access to the most convenient and secure banking solutions that are rigorously tested and retested before made available to them.”  

The Bank’s strategy is closely tied with Qatar’s National Vision 2030 and the government’s commitment to investments in the country’s infrastructure, the diversification of the economy and the development of a strong private sector.

In recent years, QIB has been working on building a sustainable business strategy and establishing competitive advantage by introducing innovative products and services, improving service performance, upgrading the Bank’s risk management framework, and migrating to new technology platforms that allow QIB to improve efficiency and better serve its customers. The successful implementation of this strategy has contributed to the Bank’s leading position in Qatar and the region.

Recently in November 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A'. Also, in June 2019, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at “A1”. In May 2019, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term Currency Rating (LTCR) of ‘A+’. In March 2019, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’.

In the first nine months of 2019, the Bank achieved a net profit of QR 2,215million, representing a growth of 10.5% over the same period in 2018. Total Customer Deposits stand at QR 106.6 billion, registering a growth of 6% compared to December 2018 and total Financing reached QR 107 billion having grown 4.7% from December 2018.

The ‘Safest Banks’ list was published in the November 2019 issue of Global Finance, an industry-leading magazine that provides a valuable source of financial industry data to 192 countries.

Back to All News Updates