Qatar Islamic Bank (QIB) has been recognised as “Islamic Bank of the Year” by the Arabian Business Awards in recognition of its business performance and achievements over the past year.
QIB said the award is another testament to the “resounding success” of QIB’s business strategy, which was built on offering Shariah-compliant banking and financing solutions that meet the needs of “an increasingly diverse clientele.”
Saeed al-Khayareen, assistant general manager Wholesale Banking Group, received the award during a ceremony held recently at the Grand Hyatt Hotel in Doha.
QIB posted strong results last year and in the first six months of 2015, with net profit growing at 23% compared to the first half of 2014.
Total assets registered a 30% growth to reach QR116n, while income from financing and investing activities increased by 19% to QR1.8bn in June 2015 compared to QR1.5bn for the same period last year.
Customer deposits also increased by QR18bn in the first half of 2015 to reach QR85bn, marking a 38% surge compared to June 2014.
QIB chief executive officer Bassel Gamal said: “The recognition is a testament to the collective efforts of the bank’s entire staff, support from all stakeholders and board of directors, clients’ trust, sound business model, and our commitment to continuous improvement.”
He added: “This award recognises and reflects the significant progress that QIB consistently made in the last 12 months. We have managed to achieve positive growth during the past year and we have continued to do so in the first half of 2015.”
In its March 2015 report, international ratings agency Fitch upgraded QIB long term IDR to ‘A+’ from the previously held ‘A’ with a stable outlook. Capital Intelligence (CI) has rated QIB’s Financial Strength Rating (FSR) at ‘A’ with a stable outlook in view of the significant improvement in financing asset quality and stabilised return on average assets.  Standard & Poor’s placed QIB’s counterparty credit rating at “A-” with a stable outlook.
The Arabian Business Awards celebrate the very best in business achievement both on a corporate and individual level, and served as a reliable indicator of business excellence and initiative.