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The QIB main building. The bank continues to offer new products and services to maintain leadership among Islamic finance institutions.
QIB took home the Euromoney Islamic Finance Award for being the Best Islamic Bank in Qatar in the 13th Annual Islamic Finance Summit held in London, it was learnt.
The award, which was received on behalf of the bank by Andrew Fursman from QIB-UK, recognises achievements for 2013 based on the annual financial results “where QIB achieved growth across different lines of business.”
The Bank has increased business volumes across all market segments, “which had positive impact on QIB’s end of year financial results, solidifying its position as a leading bank in Qatar.”
QIB group CEO Bassel Gamal said the main reason for QIB’s success is that “it provides an unparalleled progressive Shari’a-compliant banking experience.”
“QIB posted positive financial figures over the past year. The bank’s total assets have now jumped to QR77.4bn — a growth rate of 5.7% year-on-year, with financing activities continuing to be the major growth driver, reaching QR47.1bn, which represents 9.3% growth compared to the previous year,” Gamal said.
According to Gamal, “Overall, Islamic Banks are growing at a faster pace than conventional ones, and are rapidly becoming more advanced and sophisticated in the region in terms products and services.”
“As for QIB, we continue to offer new products and services to maintain our leadership among Islamic finance institutions in order to meet all the financial needs of our corporate and individual customers in the midst of fierce competition at the local and regional level”, he added.
Gamal noted that “customer deposits at QIB have also registered a strong growth rate of 16.7% and stood at QR50.4bn by the end of 2013, reflecting a well-balanced financial position and the customers’ confidence in the financial services and solutions offered by QIB.”
The Euromoney Awards for Excellence is considered to be the leading banking awards that single out banking institutions offering universal banking services and that are granted to financial institutions that have a proven record of excellence, innovation and leadership in the financial and banking markets in which they excel.
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