• Net profit exceeds one billion riyals, with a growth rate of 7%
• The Board of Directors recommends the distribution of 37.5% Cash dividends (Subject to QCB approval)
• Earnings per share up to QR 0.59
• Total revenues rise to QR 2.45 billion by the end of the year.
• Total assets reach QR 61.8 billion and Total Deposits at QR 38.4 billion, with a growth rate of 6.3%

HE Sheikh Dr. Khalid bin Thani: QIIB achieved exceptionally good results that align with Qatar’s overall strong economic status.

Dr. Al-Shaibei: We maintained strong performance indicators and responded appropriately to the market’s developments and challenges.

Doha, January 24, 2022: HE Sheikh Dr. Khalid bin Thani bin Abdullah AL-Thani, Chairman of QIIB’s Board of Directors, released  QIIB’s financial statements for the financial year 2021, which display steady and continuous growth, and demonstrate its remarkable ability to successfully overcome challenges and difficulties that were endured throughout 2021.

The announcement of the financial results followed a meeting held by QIIB Board of Directors chaired by HE Sheikh Dr. Khalid bin Thani, to discuss financial results for the year ended 31^st December 2021.

The financial statements showed that QIIB reached a net profit of QR 1,003 million, which represents an overall growth of 7% compared to the previous year, with earnings per share at QR 0.59.

QIIB’s Board of Directors proposed a cash dividend distribution to shareholders of QAR 0.375 per share (37.5% of the nominal share value), subject to the approval of QIIB’s 2021 financial statements by the Qatar Central Bank and bank’s “AGM”.

HE Sheikh Dr. Khalid bin Thani affirmed: “QIIB achieved exceptionally notable results in 2021, in alignment with Qatar’s strong overall economic growth. Our nation’s economy has been steadily growing across all sectors and indicators, which is due significantly to the vision and guidance of His Highness, Sheikh Tamim bin Hamad AL-Thani, Emir of the State of Qatar.”

Dr. Khalid said, “2021 was another fruitful year for QIIB, during which the bank has managed to improve its financial indicators and achieve its desired growth, in spite of the market’s inherent challenges. This is especially impressive since these were unique challenges that have gripped the entire global market, and greatly impacted the banking sector, forcing its participants to exert unprecedented efforts to adapt, and overcome those challenges.”

“The prudent policies pursued and enforced by the banking sector regulators and the government’s rescue plans along with its relentless support for all business sectors across the country, were all instrumental to the nation’s ability to overcome the repercussions of Covid-19. This has facilitated notable growth, which was considered impressive not only to us, but also to financial experts, observers and analysists of the Qatari economy.”

HE Sheikh Dr. Khalid bin Thani stated, “QIIB exerted tremendous efforts to implement the strategies that were put forth for 2021, ultimately managing to satisfy its commitments by maintaining growth indicators within targeted levels, improving operational efficiency, and finding solutions for the market’s challenges, and its expected and unexpected risks.”

“During the year, we cooperated with various business sectors to finance many value added projects that would serve the nation’s economic growth that are in line with our strategic plans. We continued to care for small and medium enterprises (SMEs), reinforcing our firm belief in the importance of supporting entrepreneurs in all their business endeavors, as they contribute greatly to the nation’s economy, and represent the future, within which we are devoted to invest in.”

QIIB Chairman noted, “We also made sure to support and promote innovation, and reinforce the superiority of Islamic banking sector by effectively investing in the latest technological solutions available, and by offering high quality services, for both corporate and individual customers”.

“We also managed to make great strides in digital transformation, which was instrumental in successfully dealing with the repercussions of Covid-19. Moreover, we will move forward with our current achievements by setting a long-term strategy that relies on the latest scientific and technological developments in the field. This, undoubtedly, will have great returns, since it will increase our operational efficiency, strengthen our position and improve our indicators.”

HE Sheikh Dr. Khalid bin Thani continued, "Our consecutive accomplishments and overall ranking achieved by QIIB in 2021, prompted global credit rating agencies to acknowledge the high ranking of the bank, as Moody’s and Fitch gave the bank the rating of ‘A2’ and ‘A’ respectively, with a stable outlook.

“Credit agencies affirmed that QIIB is one of the leading Islamic financial institutions in Qatar, generating decent profit margins, handling high quality assets, enjoying a high level of liquidity along with capital adequacy.”

HE the Chairman added, “My deepest appreciation goes to QIIB’s executive management and employees for their tremendous efforts exerted in 2021, and their continued dedication to developing various work methods, improving the bank’s indicators and achieving the best results attainable. I encourage you all to continuously give your best to ensure that our strategies and plans are aligned with the standards expected of our bank, which holds a strong reputation in the sector.”

QIIB Chief Executive Officer, Dr. Abdulbasit Ahmed Al-Shaibei, shed light on the financial results of the Bank for 2021 noting that: “By the end of the year, total revenue has reached QR 2.46 billion, the bank’s total assets have reached QR 61.8 billion, and its financing assets stabilized at the end of the year at QR 37.03 billion, where customers’ deposits have also increased to QR 38.65 billion, representing a growth rate of 6.3%.”

The CEO clarified, “The bank continued to improve its operational efficiency (cost to return) during the year 2021, as it decreased further to 18.8%, which is one of the best in the banking sector on both the local and international level. This shows a very high level of competence in managing expenses and revenue, controlling expenditure while simultaneously maintaining a steady growth curve for all of the bank’s key financial indicators.” 

Dr. Al-Shaibei stated: “By 2021, QIIB’s total equity reached QR 8.7 billion and the Total Capital adequacy of the Bank under Basel III guidelines at 16.74%, demonstrating the strong financial standing of QIIB in spite of market variables and risks.”

Dr. Al-Shaibei emphasized, “QIIB’s 2021 results aligned with our projections, and we wish to achieve even more, especially since the economic climate has greatly improved as a result of the government's support plans to mitigate the repercussions of Covid-19, and the measures that were taken by the banking sector in general, as well as those that were taken by QIIB in particular, to improve performance and overcome the new changes induced by the pandemic.”

The CEO stated, “The vitality and growth that were achieved by the nation’s various financial sectors, directly impacted the banking sector’s performance, allowing it to achieve its current levels of growth. At QIIB, we always considered the local market’s ability to seize opportunities and address variables, to be a key factor in the nation’s ability to overcome the crisis, while achieving better growth rates and improving overall performance.”

 “2021 was a very active year for QIIB, as the bank provided the best products and services to its corporate and individual customers. Perhaps, the greatest achievement the bank made during the year was finding the right solutions to digitally provide most of our banking products and services, including mobile financing and Internet banking. Internet banking, in particular, was very well received by clients and it assisted the bank complete its financing transactions in record time. During the year, QIIB launched several marketing campaigns that were met exceptionally well by clients who’s expectations were exceeded. Those clients noted that our campaigns have raised the quality of our services and products to a new level.”

Dr. Al-Shaibei stated, “With our great success in digital transformation, our operational efficiency has greatly improved, as we continued to control and lower our operational expenses, while still maintaining optimal scores in our key indicators. Our customer base has expanded, and the level of satisfaction of our customers towards our products and services has increased, especially due to our swift responses to any queries along with our exceptionally prompt services. Additionally, the constant upgrades that have been applied to our services within our innovative framework, provide our customers with the best banking solutions, irrespective of which customer class they belonged to.”

In respect of seeking opportunities in foreign markets, the CEO noted, “In 2021, QIIB continued to implement its foreign investment strategy while considering risk controls, standards and regulations that it has adopted a long time ago for all markets across the globe, and as such, we reinforced the partnerships that have proven to be productive and we spared no effort to seize any new opportunities that add value and improve our investment portfolio.”

Dr al-Shaibei continued, “With the great progress that we have achieved in our performance across the board in 2021, QIIB was able to gain respect and honor, both locally and abroad”. QIIB was given several prestigious awards including the ‘Best Digital Islamic Bank in Qatar Award’ in the American World Economic journal, the ‘Best Digital Bank in Qatar Award’ from the Union of Arab Banks, the ‘Best Credit Card Producer for Companies and Businesses Award’ from the Global Islamic Finance association, the ‘Best Retail Bank in Qatar Award’ from the IRBA headquartered in London, the ‘Most Innovative Islamic Bank Award in Retail Award’ from International Finance magazine, and the ‘Best Credit Card Offerings in Qatar Award’ from The Global Economics association. QIIB also managed to acquire the ISO: 27001 certificates for Cyber Security, which is given to banks that excel in information security management.”

The QIIBs CEO affirmed, “The high ranking of QIIB within the banking sector bestowed on it special social responsibility. Consequently, the bank continued to serve the Qatari community throughout the year by supporting numerous activities and events, contributing 2.5% of its profits to its athletic, cultural, social and charitable events’ support fund. The bank maintained its support of the Qatar School of Banking Studies and Business Administration for Boys and Girls, since this school is considered to be key for the development of national competencies and the empowerment of citizens to enable them to work in the banking sector. The bank continued to offer its support for training and education of Qatari youth by providing them with training in the bank’s various branches across the country in banking and administration. QIIB made active contributions to higher education also, either by signing MOUs with Lusail University or by supporting Qatar University events. The bank has supported and sponsored various other social activities of an athletic, cultural, religious and charitable nature.”

Regarding Human Resources, Dr al-Shaibei emphasized that QIIB worked relentlessly to recruit new Qatari talent, both male and female, induct them into the bank’s professional framework and meticulously reinforce their roles, enabling them to rapidly occupy various leadership positions, in line with the vision and guidelines of the government based on the Qatar National Vision 2030.