Qatar Islamic Bank (QIB) has been recognised by Global Finance as “The Safest Islamic Bank in Qatar” and “one of the safest banks in the Middle East and Emerging Markets.” Marking a new addition to its list of achievements, QIB was also recognised as the second safest bank across the banking sector, and the third safest Islamic bank in the Middle East.
The bank made “impressive leaps” from last year, jumping to the 8th safest bank in the Middle East from the 22nd and moving to the 25th safest bank in emerging markets from 47th place. Global Finance evaluates the ratings and total assets size of the key players in each region, providing an overview of which financial institutions offer the greatest security. The ranking has been the recognised and trusted standard of financial safety for a quarter-century. The banks were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s and Fitch – of the 500 largest banks in emerging markets.
The ranking reflects QIB’s successful growth strategy, cautious financing policies, and its disciplined approach to risk management. Over the past few years, QIB’s management has been working on a transformation programme to build a long-term competitive advantage by introducing new products and services, improving customer service levels, developing internal efficiencies, upgrading the bank’s risk management framework, and migrating to new technology platforms that allow the bank to better serve its customers.
QIB’s GCEO Bassel Gamal said: “Recognition from a trusted source like Global Finance is a testament to the success of our strategy, which places the financial safety of our customers first while ensuring the application of a well-thought, conservative risk management plan to safeguard the bank’s and our customers’ interests. We are proud to be active contributors to Qatar’s growing financial sector and to the Qatar National Vision 2030.”
In the first half of 2017, QIB achieved QR1.165bn net profit, a 10% growth over the first half of 2016. Total assets increased by 9.2% compared to the first half of 2016, and now stand at QR147bn. Financing activates reached QR110bn, having grown by 13.6% compared to June 2016. Total income for the first half of 2017 stood at QR3.14bn, registering 18.4% growth compared to QR2.657bn for the first half of 2016, reflecting a healthy growth in the bank’s core operating activities. In July 2017, Moody’s Investors Service affirmed QIB long-term deposit ratings at “A1”. In June 2017, Fitch Ratings affirmed QIB’s long-term Issuer Default Rating (IDR) at ‘A+’ and S&P reaffirmed QIB’s rating at “A-”.