QIB named as safest Islamic bank in Qatar
Date
9/24/2017 10:56:22 PM
(MENAFN- The Peninsula) The Peninsula
Qatar Islamic Bank (QIB), Qatar's leading Islamic Bank 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.
Also, marking new additions to its list of achievements, QIB was recognised as the second safest Bank across the banking sector, and the third safest Islamic Bank in the Middle East. Additionally, the Bank made impressive leaps from last year, jumping to the 8th safest Bank in the Middle East from the 22nd position and moving to the 25th safest Bank in Emerging Markets from the 47th position.
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 program 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.
'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 country's National Vision 2030, said Bassel Gamal, QIB's Group CEO. In the first half of 2017, QIB achieved a net profit of QR1.165bn representing a growth of 10 percent over the first half of 2016.
Total assets of the Bank have increased by 9.2 percent compared to the first half of 2016, and now stand at QR147bn. Financing activates have reached QR110bn having grown by 13.6 percent compared to June 2016.
Total Income for the first half of this year is QR3.14bn registering 18.4 percent 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, ('Moody's) 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-'.
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