Qatar Islamic Bank awarded as the Islamic Bank of the Year…

Qatar Islamic Bank (QIB) has been awarded for the second straight year the “Islamic Bank of the Year” award by The Banker Magazine, QIB Group chief executive officer Bassel Gamal has announced.

“We believe that the recognition of being named ‘Islamic Bank of the Year 2014’ is a testament to the collective efforts of all our staff, our clients’ trust, a sound business model, and our commitment to the community,” Gamal said.

Gamal added that the award recognises the “significant progress QIB is consistently making.”

“We have managed to achieve a 15% positive growth in the first quarter of this year compared to same quarter in 2013. This enhanced performance makes us look forward to maintaining our leadership as the first and leading Islamic bank in Qatar by providing innovative financial products and services to our individuals and corporate clients,” Gamal emphasised.

In the past three months, QIB recorded a net profit of QR335mn, a 15% growth compared to net profits recorded in the first quarter of 2013. The bank’s total assets currently stand at QR83bn, a 21% increase compared to March 2013.

Gamal also said financing activities have significantly grown by 30% compared to March 2013. Customer deposits registered a strong growth of 45% compared to the same period last year, allowing QIB to significantly improve its liquidity positions.

QIB’s total income grew 14% compared to the first quarter of 2013 and reached QR840mn for the first three months of the year.

Income from financing activities was the primary growth driver, which increased 21% compared to the first quarter of 2013. Net commission and fees income has also registered a strong growth of 57% compared to the same period last year.

Total shareholders’ equity increased 3.5% to reach QR11.2bn by the end of the first quarter of 2014. Also for the same period this year, QIB started implementing Qatar Central Bank requirements under Basel III for the calculation of the capital adequacy ratio (CAR).

The ratio stood at 15.8% as of March 31, 2014, higher than the minimum regulatory requirement of 12.5% prescribed by the QCB.

The Banker magazine is the world’s longest running international banking title and the leading monthly title of the Financial Times Group.

This is the second year that The Banker has decided to hold an Islamic award, which was the only award made in the country by the magazine. The awards programme aims to reward and promote industry-wide excellence in the global Islamic banking community.

In a letter to QIB, Mena publishing director of The Banker said “We believe that the recognition of being named ‘Islamic Bank of the Year 2014’ in Qatar is testament to the strong management, sound business model, and prudent risk approach of QIB.”