QIB, Qatar’s leading Islamic bank, has been awarded the Euromoney Islamic Finance Award as the Best Islamic Bank in Qatar, based on the results and achievements of 2013.
The award was presented during the 13th Annual Islamic Finance Summit held in London by Euromoney, and was received on behalf of the Bank by Andrew Fursman from QIB-UK.
The award recognises the Bank’s achievements for 2013, based on the annual financial results, where QIB achieved growth across different lines of business. The Bank has increased business volumes across all market segments, which had positive impact on QIB’s end of year financial results, solidifying its position as a leading bank in Qatar.
The Euromoney Awards for Excellence are considered to be the leading banking awards that single out banking institutions offering universal banking services and that are granted to financial institutions that have a proven record of excellence, innovation and leadership in the financial and banking markets in which they excel.
Mr. Bassel Gamal, Group Chief Executive Officer of QIB, says the main reason for QIB’s success is that it provides an unparalleled progressive Shari’a-compliant banking experience.
“Overall, Islamic Banks are growing at a faster pace than conventional ones, and are rapidly becoming more advanced and sophisticated in the region in terms products and services. As for QIB, we continue to offer new products and services to maintain our leadership among Islamic finance institutions in order to meet all the financial needs of our corporate and individual customers in the midst of fierce competition at the local and regional level,” he said.
“QIB posted positive financial figures over the past year, the Bank’s total assets have now jumped to QR77.4bn, a growth rate of 5.7% year-on-year, with financing activities continuing to be the major growth driver, reaching QR47.1bn, which represents 9.3% growth compared to the previous year. Customer Deposits at the Bank have also registered a strong growth rate of 16.7%, and stood at QR50.4bn by the end of 2013, reflecting a well-balanced financial position and the customers’ confidence in the financial services and solutions offered by QIB,” Mr. Bassel concluded.
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