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Global Finance names QIB as the safest Islamic Bank in Qatar

Global Finance names QIB as the safest Islamic Bank in Qatar

24/09/2017, Doha,Qatar

Qatar’s leading Islamic Bank has been recognized by Global Finance as the safest Islamic Bank in Qatar and one of the safest Banks in the Middle East and Emerging Markets.

Marking a new addition to its list of achievements, QIB was recognized as the safest Islamic Bank in Qatar and the second safest Bank across the banking sector, and the third safest Islamic Bank in the Middle East. Additionally, the Bank made impressive leaps from last year, jumping to the 8th safest Bank in the Middle East from the 22nd position and moving to the 25th safest Bank in Emerging Markets from the 47th position.

Global Finance evaluates the ratings and total assets size of the key players in each region, providing an overview of which financial institutions offer the greatest security. The ranking has been the recognized and trusted standard of financial safety for a quarter-century. The Banks were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s and Fitch – of the 500 largest banks in Emerging Markets.

The ranking reflects QIB’s successful growth strategy, cautious financing policies, and its disciplined approach to risk management. Over the past few years, QIB’s management has been working on a transformation program to build a long-term competitive advantage by introducing new products and services, improving customer service levels, developing internal efficiencies, upgrading the Bank’s risk management framework, and migrating to new technology platforms that allow the Bank to better serve its customers.

Commenting on the ranking, QIB’s GCEO Bassel Gamal stated: “Recognition from a trusted source like Global Finance is a testament to the success of our strategy which places the financial safety of our customers first while ensuring the application of a well-thought, conservative risk management plan to safeguard the Bank’s and our customers’ interests. We are proud to be active contributors to Qatar’s growing financial sector and to the country’s National Vision 2030.”

In the first half of 2017, QIB achieved a net profit of QR1.165 billion representing a growth of 10% over the first half of 2016. Total assets of the Bank have increased by 9.2% compared to the first half of 2016, and now stand at QR147 billion. Financing activates have reached QR110 billion having grown by 13.6% compared to June 2016. Total Income for the first half of this year is QR3.14 billion registering 18.4% growth compared to QR2.657 billion for the first half of 2016 reflecting a healthy growth in the Bank’s core operating activities.

In July 2017, Moody's Investors Service, ("Moody's") affirmed QIB Long term deposit ratings at “A1”. In June 2017, Fitch Ratings affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A+' and S&P reaffirmed QIB’s rating at “A-“.

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