QIB Recognized as World’s Best Islamic Retail Bank by The Asian Banker
24/03/2024, Doha,Qatar
Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been recognized as a leader in Islamic retail banking by The Asian Banker Global Excellence in Retail Finance Awards 2024.
QIB was awarded the World’s Best Islamic Retail Bank and Best Islamic Retail Bank in Qatar reflecting its exceptional performance and commitment to excellence. Over the past year, QIB has made remarkable progress in enhancing its digital offerings, revolutionizing both customer interactions and internal operations. The bank’s relentless focus on digitalization has resulted in significant benefits for its diverse stakeholders.
Today, an impressive 99% of transactions are seamlessly conducted through self-service channels, reflecting QIB’s dedication to enhancing customer convenience and efficiency. Moreover, the QIB Mobile App has become instrumental, with more than 50% of Personal Financing and Credit Card applications fulfilled instantly, empowering customers with swift and hassle-free access to essential financial products.
QIB’s digital transformation journey extends beyond transactional convenience to encompass a diverse array of over 50 new digital products and services tailored to meet the evolving needs of both individual and corporate customers. This expansive digital ecosystem enhances operational efficiency while also elevating customer satisfaction, reinforcing QIB’s position as a leader in innovative banking solutions.
Beyond digital banking, QIB offers its products and services through a modern branch network spread throughout Qatar, with key branches featuring distinctive centers with specialized relationship managers, focused on servicing specific customer segments: Private Banking Centers, Affluent Banking Centers, as well as Ladies only Banking Centers.
QIB’s strategy is built on its position as a leading Islamic Bank with deeply rooted customer relationships and strong engagement with the local community. The strategy is closely tied with Qatar’s National Vision 2030 and the Bank’s commitment to support the diversification of the economy, the development of a diverse and sustainable private sector and the improvement of the financial well-being of all its customers.
These achievements, coupled with a record net profit of QR 4.305 billion, a robust Return on Assets (ROA) of 2.3%, and an impressive cost-to-income ratio of 17.1%, underscore QIB’s commitment to excellence and solidify its reputation as the preeminent Islamic bank in Qatar.
On this occasion, Mr. D. Anand, QIB’s General Manager – Personal Banking Group said: “At QIB, our dedication to continuous improvement motivates us to provide a wide range of Shari’a-compliant products and services, ensuring our customers receive exceptional banking experiences. We are pleased to receive these awards, which reflect our commitment to delivering exceptional results across all our operations. As we lead the way in innovation and remain at the forefront of modern Shari’a-compliant banking solutions in Qatar, we strengthen QIB’s brand while also supporting Qatar’s economy.”
Recently, The Asian Banker recognized QIB as the world’s most efficient bank, with an impressive 17.1% cost-to-income ratio. This recognition places QIB at the forefront and consolidates its standing as a global leader in banking efficiency and Islamic banking.
The Global Excellence Programme is an annual awards initiative that sets the standard for recognizing institutional and individual leadership in retail finance globally. It evaluates over 150 financial service providers worldwide to determine the top performers on local, regional, and global levels. Introduced in 2020, the programme now includes categories such as the World’s Top 100 Digital Banks and the Best Global Platforms and Super-apps, reflecting the evolving landscape of the finance industry.
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