Qatar Islamic Bank (QIB), Qatar’s Leading Islamic Bank, has just been awarded three accolades from Islamic Finance News, based on 2013 financial results, achievements and major financing deals.
The awards were for ‘Best Islamic Bank in Qatar’; ‘Arranger of the Syndicated Deal of the Year’ for a US$340 million Ijarah Facility; and ‘Arranger in the Tawarruq Deal of the Year’ for the US$662.4 million Maran Nakilat Co. Revolving Commodity Murabahah Facility.
The Islamic Finance News awards honour the best in the Islamic financial industry and are widely recognised as one of the most prestigious awards by global Islamic capital markets. The IFN Deals of the Year – established in 2006 – recognise those who have participated in the industry most ground breaking transactions each year. A panel of experts from non-competing organisations sieve through all submissions during an elimination process until just one transaction in each category remains and is thus awarded the winner of that category.
Mr. Saeed Alkhayareen, Acting General Manager of QIB’s Corporate Banking Division, received the awards on behalf of the Bank at a ceremony held in Dubai on February 24th 2014. He said that the awards represented QIB’s commitment to its customers and stakeholders, and reinforced QIB’s position as one of the leading Islamic Banks in the region.
“Over the past 30 years, QIB has succeeded to become a recognisable local and regional financial institution, as well as becoming one of the best-known Islamic Financial solutions providers in the world,” he said.
“QIB’s financing activities continue to be a major growth driver and reached QR 47.1 billion in 2013, representing 9.3% growth compared with the previous year. This reflects QIB’s major role in supporting Qatar’s economy by providing Islamic Finance solutions to major companies in both the governmental and private sectors,” he added.
Qatar Islamic Bank was founded in 1982, becoming the country’s first Islamic financial institution and Shari’a-compliant bank. As of the end of 2013, its capital amounted to QR 2.36 billion with total assets standing at QR 77.4 billion. Currently, QIB is the largest Islamic bank in terms of assets and the largest Islamic bank in terms of financing in Qatar with a 35% share of the Islamic sector and a 9% share of the overall banking market.
QIB conducts its domestic business through 32 branches, spread throughout the country and this is augmented by more than 175 multi-function ATM & CDM (Cash Deposit Machine). The Bank has been independently rated by international agencies with an ‘A’ rating by Fitch, Capital Intelligence and Standard & Poors.
“QIB is a bank for the people, with a strong commitment to continuously enhance its levels of customer service through the adoption of the latest banking technologies. A further part of the Bank’s strategy is closely tied in to the financing of national infrastructure projects, Small & Medium Enterprizes , and the trade sector, in line with Qatar National Vision 2030”, Mr. Alkhayareen concluded.
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