Qatar Islamic Bank (QIB) has been ‘recognised’ by the Islamic Finance News for being the ‘Best Islamic bank in Qatar’ and for the ‘Best deal of the year - regulatory capital’ in relation to its QR2bn sukuk deal.
The annual Islamic Finance News ‘Best banks poll’ recognises the best providers of Islamic financial services across a series of markets and sectors as voted directly by the readers of Islamic Finance News. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies were invited to participate by casting their votes. With a record-breaking 30,000 votes placed in 2015, the Best Banks Poll reflects the views of a large, dedicated audience which voted QIB as the Best Islamic Bank in Qatar.
Additionally, the “Best deal of the year - regulatory capital” recognition was in response to QIB’s June 2015 Sukuk issuance. QIB issued the first Basel III & IFSB Compliant additional Tier 1 perpetual Sukuk in the State of Qatar.
The perpetual Sukuk was issued under the “Mudaraba” structure with agreed expected profit for the first six years. While the issuance does not have a maturity date, it can be called back by the bank at the end of 6 years and has been recognised as Additional Tier 1 capital.
The deal is the first in Qatar to meet these standards, and enhanced the bank’s capital adequacy ratios and supported business growth.
Founded in 1982 as the country’s first Islamic financial institution, QIB is the largest Islamic bank in Qatar, with a 41% share of the Islamic sector and 11% overall. During the twelve months ending in December 2015, QIB’s net profit amounted to QR1.95bn, which represents a strong 22% increase over 2014. The total assets of the bank have increased by 32% in 2015 compared to 2014 and stood at QR127bn.
“For more than 30 years, QIB has succeeded in becoming one of the best known and most respected local and regional Islamic banking and finance institutions. Its ambitions are international, as evidenced by its presence in United Kingdom through its wholly owned subsidiary QIB-UK, as well as in Malaysia, Lebanon and Sudan.
“QIB conducts its domestic business in Qatar with 31 branches spread throughout the country in addition to its dedicated centres for ladies and lounges for affluent and private banking customers. The branch network is augmented by more than 165 multi-function ATM installations and QIB’s state-of-art electronic services offered through Internet banking, mobile banking and phone banking,” QIB said.