QIIB received the ‘Best Islamic Bank in Qatar 2016’ award from International Finance Magazine at an event held in Dubai recently.
The bank’s deputy CEO Jamal al-Jamal received the award in the presence of senior executives of banking institutions from around the world.
“QIIB was chosen based on its accomplishments and its ability to move forward at various levels as well as its capacity to significantly strengthen its indicators and increase its contribution to the enrichment of Islamic Banking,” the magazine said.
“The bank is seamlessly forcing its pace and achieving astonishing results in terms of profits, growth, total assets and return on assets. It also seeks expansion inside and outside Qatar, which reflects its ambitious plan. The bank also actively participates in the development of SMEs, thus affecting our positive evaluation of the bank and our decision to grant it this award”.
On QIIB winning the award, CEO Abdulbasit Ahmad al-Shaibei said, “QIIB’s winning of this well-deserved award underlines the strength of the Qatari economy and the large opportunities it provides. It also reflects the success of the plans and strategies laid out by our board of directors in accordance with the banking sector’s best practices and the success of the commendable efforts of the bank’s staff over the years“.
“In the past year QIIB was able to see many achievements in terms of maintaining growth in the various items of its balance sheet and strengthening its financial position despite unstable market factors. International rating agencies affirmed the bank’s strong position as it acquired distinguished credit ratings with an A2 from Moody and an A+ from Fitch with a stable outlook from both agencies in 2016”.
“We draw our policies and plans based on the priorities of the local market and our contribution to the development of the various sectors of the Qatar economy, which is continuously achieving significant growth rates. Qatar is considered by the various international rating agencies as one of the best economies in the region in terms of performance and opportunities”.
“At QIIB, we always seek to be the first address for Islamic banking and we have come a long way in achieving this ambitious goal as we were able to promote our expansion in the local market through a large network of branches and ATMs as well as alternative channels, which became a preferred option for a large segment of our clients.” He further noted, “The expansion of our clients’ base and our bank’s network compelled us to give more attention to innovation and contribution to the provision of new Islamic banking products as we believe that Islamic banking has a lot to offer but needs more efforts in this context”.
“Within the framework of our efforts to take our success to the regional market, we acquired in 2016 a licence from Bank Al-Maghrib (Morocco’s central bank) to establish a joint venture Islamic bank in the Kingdom of Morocco in partnership with the Credit Immobilier et Hotelier. We rely on this to open North Africa’s door for QIIB, as this region seriously lacks Islamic banking services”.
“QIIB will continue to enhance its position and execute its interim and strategic plans by adopting a wise policy in terms of risks and by relying on the Qatari economy forces as well as its quarter of a century experience at local, regional and international levels,” al-Shaibei added.