Qatar Islamic Bank (QIB) was presented “The Best Islamic Bank in Qatar”, and the “Perpetual Sukuk Deal of the Year” award from the Islamic Finance News (IFN).
The Annual Islamic Finance News “Best Banks Poll” and “Deals of the Year” awards recognise 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 elect the best banks and deals by casting their votes.
With a record-breaking 26,507 votes placed in 2016, the “Best Banks Poll” reflects the views of a large, dedicated audience which voted QIB as the Best Islamic Bank in Qatar.
The award for the “Perpetual Sukuk Deal of the Year” was presented to QIB for the issuance of the first Basel III & IFSB Compliant additional Tier 1 perpetual Sukuk in Qatar.
The perpetual Sukuk was issued under the “Mudaraba” structure with agreed expected profit for the first six years. While it can be called back by the bank at the end of 6 years, since the Sukuk does not have a maturity date it has been classified as equity strengthening QIB’s core capital position.
This issuance has established the structural framework adapted by other Islamic banks in Qatar for raising Tier 1 Sukuks.
Earlier this year, QIB announced its financial results showing a net profit of QR2.16bn for the fiscal year 2016 compared to QR1.95bn for the year 2015, thus marking an increase by 10.3 percent over last year.
Total assets of the Bank have increased by 10 percent compared to 2015 and now stand at QR139.8bn driven by a robust growth in the Financing activities that have now reached QR98.2bn having added QR10.7bn, representing a 12 percent growth over 2015.
Total Income for the year ended December 31, 2016 was QR5.49bn registering 22 percent growth compared to QR4.5bn for 2015 reflecting a healthy growth in the Bank’s core operating activities.
Commenting on the award, QIB’s Group CEO Bassel Gamal stated: “We are always humbled by the recognition we receive from recognized, independent publications and their readers. Our success stems from our core belief that we are here to support the country’s economy, all companies operating and all individuals living and working in Qatar.
These awards are received as a testament to the success of our business strategy which is built on offering modern and efficient Sharia-compliant banking along with a customer-centric approach.”
