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Global Finance names QIB Best Islamic Financial Institution in the GCC

Global Finance names QIB Best Islamic Financial Institution in the GCC

23/03/2017, Doha,Qatar

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has been named ‘Best Islamic Financial Institution in Qatar and the GCC’ by Global Finance for the year 2017. These awards recognize the impressive progress QIB has made in establishing itself as a leading banking institution in the GCC while cementing its leadership in Qatar, its home market.

The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Focusing on global and emerging markets, every year it releases a list of the Best Islamic Finance Institutions in the World. To select the winners, the editorial team of Global Finance confers with industry experts, assesses financial performance metrics, and factors in additional criteria such as a bank’s reputation and customers satisfaction. The objective of this yearly assessment is to identify those institutions which consistently meet their customers’ needs while promoting further the development of Islamic finance. The result is a distinguished list of institutions which includes the banks with which customers around the world prefer to do business with.

Commenting on the awards, Mr. Bassel Gamal, Group CEO of QIB, stated: “Recognition from prestigious entities such as Global Finance, which recognized us for the first time as the Best Islamic Bank in GCC, area testament to QIB’s leading position in the region. Our commitment to meet our shareholders’ and customers’ expectations is what drives our efforts to continuously offer tailor-made Sharia Compliant products and services and high quality service to all our customer segments - individuals, government entities, large corporates and SMEs.”

QIB has demonstrated steady financial growth for the past four years and has been setting a benchmark for Islamic Banks in the region with its embrace of cutting-edge banking technologies, and its customer-centric approach to both its product offering and the overall banking experience offered through its renovated branch network and constantly developing digital channels

QIB’s 2016 financial results showed a net profit of QAR 2,155 Million for the fiscal year compared to QAR 1,954 Million for the year 2015, thus marking an increase by 10.3% over last year. Total Assets of the Bank have increased by 10% compared to 2015 and now stand at QAR 139.8 Billion driven by a robust growth in the financing activities that have now reached QAR 98.2 Billion having added QAR 10.7 Billion, representing a 12% growth over 2015. Total Income for the year ended 31 December 2016 was QAR 5,488 Million registering 22% growth compared to QAR 4,508 Million for 2015 reflecting a healthy growth in the Bank’s core operating activities.

“This continual success by QIB is a result of the wise leadership of our Board of Directors, the focused implementation of our business strategy and the efficiency and hard work of all our employees”. added Bassel Gamal.

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