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Global Finance Names QIB Best Islamic Financial Institution in Qatar and the Middle East

10/04/2018, Doha,Qatar

Global Finance Names QIB Best Islamic Financial Institution in Qatar and the Middle East

: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, continues to win prestigious awards that confirm its leading position in Qatar’s and the region’s Islamic banking sector. QIB, took center stage at the recently concluded eleventh annual awards for the “World’s Best Islamic Financial Institutions 2018” by Global Finance Magazine, where it won six key awards, including “Best Islamic Financial Institution in Qatar and the Middle East” for the fiscal year 2017.

QIB was recognized by Global Finance after detailed assessments from international bankers, corporate finance executives, financial analysts and consultants. QIB winning six awards from Global Finance reflects the Bank’s successful strategy which extends over its different service segments. Global Finance considers a wide range of factors before selecting a winner for each if its categories.

QIB was evaluated based on its quantitative results for the fiscal year 2017, which included growth in assets, profitability, strategic relationships, new business development and innovation in products and services. Global Finance’s decision also involved a careful assessment of qualitative criteria like the Bank’s reputation, customer satisfaction, and the opinions of analysts and key stakeholders involved in the industry.

After this extensive evaluation process, Global Finance found QIB entitled to the following six awards: ‘Best Islamic Financial Institution in the Middle East’, ‘Best Islamic Financial Institution in Qatar’, ‘Best Islamic Financial Institution for Large Corporate’, ‘Best Islamic Project Finance Provider’, ‘Best Real Estate Deal of the Year’ and ‘Best Sukuk Deal of the Year’.

These awards recognize the impressive progress QIB has made in establishing itself as a leading banking institution in the Middle East while cementing its leadership position in Qatar, its home market.

Commenting on the awards, QIB's Group CEO, Bassel Gamal, said: “Being recognized as the Best Islamic Financial Institution in Qatar and the Middle East by Global Finance is a strong testament to the role QIB has in shaping the financial and banking map not only locally, but regionally.” He added: “It is our privilege to have been a partner in the progress and development of Qatar for over 35 years, and we remain fully committed in our endeavor to support the Qatar National Vision 2030. This continual success of our Bank is a result of the support of our Board of Directors, the focused implementation of our business strategy, and the hard work of our employees.”

“QIB’s win from Global Finance this year covered a diverse range of categories, which reflects QIB’s continuous efforts to always create innovative and comprehensive suite of Shari’a compliant products and offer convenient services in favor of its corporate and individual customers.” concluded Bassel Gamal.

QIB has demonstrated steady financial growth over the past five years and has been setting a benchmark for Islamic Banks in the region with its embrace of cutting-edge banking technologies, and its customer-centric approach to both its product offering and the overall banking experience; offered across its renovated branch network and constantly developing digital channels.

QIB’s 2017 financial results showed a net profit of QAR 2,405 Million for the fiscal year compared to QAR 2,155 Million for the year 2016, thus marking an increase by 11.6% over last year. Total Assets of the Bank have increased by 7.5% compared to 2016 and now stand at QAR 150 Billion driven by a growth in the financing activities that have now reached QAR 102.6 Billion having added QAR 4.4 Billion, representing a 4.5% growth over 2016. Total Income for the year ended 31 December 2017 was QAR 6,199 Million registering 13% growth compared to QAR 5,488 Million for 2016 reflecting a healthy growth in the Bank’s core operating activities.

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