(MENAFN- The Peninsula) Qatar First Bank (QIB), a leading Shari'ah compliant bank listed on the Qatar Stock Exchange (QSE), has been recognized as the ‘Best Shari'ah Compliant Commercial Bank' in Qatar, at the 11th Islamic Business & Finance Awards the most prestigious and the longest established Islamic financial services Awards program in the world.
QFB claimed the prestigious title following the closure of the voting period, during which the Bank garnered the most votes from the world's senior banking professionals and finance industry practitioners.
QFB's Head of Whole Sales Banking Sector - Commercial Banking, Hussein Hamam, accepted the award on behalf of the Bank at the Islamic Business & Finance Awards Gala Dinner held at the Emirates Towers Hotel in Dubai.
Commenting on the distinctive achievement, Sulaiman Yousif Al-Salhi, Chief Business Officer of QFB, said: 'With our growing range of innovative Shari'ah compliant products and services to the corporate and private banking market, as well as the bank's continued growth and success in its role as a trusted financial advisor to clients, this highly regarded award is a testament to the Bank's status as a leading player in Qatar's Islamic financial industry and its capacity to take on potential market challenges amid the current economic conditions in the region. We are truly honoured to be named the ‘Best Shari'ah Compliant Commercial Bank' in the country at the leading annual event for the global Islamic financial community, and we will continue to work on improving our customers experience, streamlining our operations, and exploring more opportunities that contribute positively to our shareholders value and demonstrate genuine growth and profitability.
QFB's Corporate & Institutional Banking team has been able to maintain a growing portfolio offering clients a wide range of financing products and liability solutions including Wakala, Murabaha, Ijara, Istisna'a and others.
The Bank's client base encompasses government, private and public entities belonging to a diverse set of economic sectors such as trading, manufacturing, healthcare, private equity, retail, real estate and contracting, etc. The team has not only been able to grow the Bank's local asset and liability book, but has also successfully established footprints in the regional GCC market via lucrative syndicate deals. During this year, the bank has grown its liability book by more than 10 percent to QR3.37bn, according to Q3 2016 financials, reflecting investors' confidence in the bank.
Despite the volatile market conditions, the Bank has also grown its financing portfolio by around 31 percent to QR1.45bn on recorded in the third quarter 2016 announcement.
The Islamic Business & Finance Awards' accolade is the latest of several recognitions QFB has received in 2016, including being exclusively named 2016's ‘Best Up-and-Coming Islamic Financial Institution' in Global Finance magazine's ninth annual awards, as well as winning the ‘Best Shari'ah Alternative Investment Platform' title by ‘Wealth & Finance' in this year's ‘Alternative Investment Awards'. The Asset, Asia's leading financial publication, honoured QFB the awards of ‘Bank of the Year, Qatar' and ‘Best Private Bank, Qatar' at the The Asset Triple A Islamic Finance Awards 2016.
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