Best Islamic Retail Bank in the Middle East & Qatar Best Digital Bank in Qatar
17/06/2020, Doha,Qatar
Qatar Islamic Bank’s (QIB) best-in-class services have been recognized with three prestigious and significant awards from The Asian Banker, a leading international provider of strategic intelligence on the financial services industry. In its latest Excellence in Retail Financial Services Awards announcement, The Asian Banker named QIB as “Best Islamic Retail Bank in the Middle East”, “Best Islamic Retail Bank in Qatar” and “Best Digital Bank in Qatar”.
The Excellence in Retail Financial Services program honors outstanding institutions in retail financial services that demonstrate a long-term sustainable franchise leading to a consistent and profitable performance. It recognizes financial institutions for their vision, execution capabilities and market leading propositions that make a real impact to the financial sector and its consumers.
QIB has showcased steady financial growth over several years and has been setting a benchmark for Islamic Banks in the region with its embrace of cutting-edge banking technologies, as well as its customer-centric approach to both its product offering and the overall banking experience.
The three awards from The Asian Banker reflect QIB’s continuous efforts to develop its existing product suite and create innovative financial solutions that meet the ever-changing needs of its customers. The awards are also a testament to QIB’s successful growth strategy, which is focused on customers’ needs and finding solutions that offer customers a flexible and simple banking experience.
QIB’s Group CEO, Mr. Bassel Gamal, said: “We are pleased to be recognized alongside notable members of the international banking and finance community. These awards showcase the significant 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. Our team has worked very hard to achieve strong performance despite challenging market conditions and intensified competition. We are very proud of how far we have come. We thank our loyal customers for choosing QIB as their preferred bank and for demonstrating their trust in our institution.”
QIB Personal Banking group accelerated its growth in 2019 with operating income increasing by 11.8% over 2018. The Financing portfolio increased by 8.4% and the customer deposits depicted a growth of 10.3% compared with the previous year. QIB’s growth; primarily based on digitization of various products, services and processes, outpaced the market, leading to an incremental gain in market shares.
Over the past few years, QIB’s digital transformation program has successfully simplified and improved the overall customer experience, by introducing personalized and innovative digital products and services. QIB’s primary focus has been on strategic investments in the digitization of products, services, and processes—both through online and traditional banking channels.
By adopting the agile innovation methodology and using an incremental approach to delivering projects, QIB was successful in launching innovative products and solutions in the Qatari market. The Bank’s end-to-end digital Instant Finance solution, a first in Qatar, provides the fastest and simplest way to obtain personal financing in Qatar. Pre-approved eligible customers can get financing within minutes through QIB’s award-winning Mobile App. QIB was also the first in Qatar to offer pre-approved customers the opportunity to obtain a credit card through the App. Within a few minutes, customers can apply, get approval and receive a credit card tailored to their specific needs. Additionally, with QIB’s digital onboarding solution, new customers can open a current, saving or draw account in an easy and fast way, using innovative digital technologies to facilitate the process.
To continue to provide customers with an easy, secure and convenient banking experience, QIB is regularly upgrading its mobile app and the corporate online banking platform, giving customers access to manage all their daily banking needs digitally at any time, eliminating the need for a branch visit.
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