Doha: Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has been recognised for the first time as the “Bank of The Year -Qatar 2015” by The Banker magazine — the World’s longest running international banking title and the leading monthly title of the Financial Times Group, as part of their Bank of the Year Awards 2015.
The selection process was based, among other factors, on an institution’s progress in the preceding year, and reflects QIB’s outstanding growth and development. The award ceremony was held in London on December 2 and the award was presented to Bassel Gamal, QIB’s Group Chief Executive Officer.
During the first nine months ending September 30, 2015, QIB net profit amounted to QR1.4bn representing a growth of 24.8 percent over the same period of 2014.
Total assets have also increased by 28 percent compared to December 2014 and now stands at QR123bn driven by a continued growth in the core financing and investing activities. Financing activities now stand at QR82bn having increased by QR22bn representing 38 percent increase compared to December 2014. Customer deposits have grown by QR20bn to reach QR87bn representing a growth of 30 percent compared to December 2014. This outstanding overall growth, along with its many technological, community- and customer-oriented initiatives, was a key factor in the Bank’s success at The Banker - Bank of the year Awards 2015.
In a letter to QIB management, FT Financial publisher said: “The aim of the awards programme is to reward and promote industry wide excellence in the global banking community.”
“The Banker’s judging panel felt that QIB made the most progress over the 12 months; something which is not only in terms of the bank’s strong financials, but also in the wide range of initiatives which the bank undertook during this period. This awards recognition, by the world’s longest running international banking title, is testament to the strong management, sound business model and strategy of QIB,” he said.
Bassel Gamal said: “This award is a reflection of the significant progress that QIB consistently made throughout the past few years. Over the past year, we have outperformed the market both in terms of balance sheet and profitability growth delivering strong and sustainable results to our shareholders.”
The Peninsula
