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Global Finance Magazine Names QIB “Safest
Islamic Bank” in Qatar for 2018
November 21, 2018
For the second year in a row, New York based
Global Finance Magazine has named Qatar Islamic Bank (QIB) the
safest Islamic Bank in Qatar in 2018. Marking a new addition to
its list of achievements, QIB was also recognized as the 2nd
safest Bank in Qatar and the 11th safest Bank in the Middle
East.
Global Finance evaluates the ratings and
total assets of the key players in each region, providing an
overview of which financial institutions offer the greatest
safety for customers and stakeholders. The rankings are
recognized as a trusted standard of financial safety for over 25
years. The Banks were selected through an evaluation of
long-term foreign currency ratings from Moody’s, Fitch, and
company reports.
The ranking reflects QIB’s successful growth
strategy, prudent financing policies, and its disciplined
approach to risk management. Over the past few years, QIB’s
leadership has been working on a business strategy to build a
long-lasting competitive advantage by introducing new products
and services, boosting service performance, upgrading the Bank’s
risk management framework, and migrating to new technology
platforms that allow the Bank to better serve its customers. The
successful implementation of this strategy has contributed to
the Bank’s leading position in Qatar and the region.
QIB’s Group CEO, Mr. Bassel Gamal commented
on the news: “Recognition from a trusted source like Global
Finance is a testament that our business approach, to place the
financial safety of our customers first, is working. We are in
business to support the growth of the country and the prosperity
of all the people living and working in Qatar. To do so
successfully, we need to be a responsible Bank in everything we
do. That is why we apply a well-thought, conservative risk
management approach from the way we provide credit and ensure
our own funding to the introduction of new innovative digital
services which are rigorously tested and retested before we made
them available to our customers.”
In the first nine months of 2018, QIB
achieved a net profit of QR2,005.3 million, representing a
growth of 13% for the same period in 2017. Total assets of the
Bank have increased by 1.4% compared to December 2017, and now
stand out QR152.5 billion. Financing activities have reached
QR106.4 billion and have grown by 3.7% compared to December
2017. Total income for the nine months period, ending in 30
September 2018, was QR 5,108 million, registering 8.2% growth
compared to QR 4,722 million for the same period in 2017,
reflecting a healthy growth in the Bank’s core operating
activities.
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