(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Islamic Bank (QIB), Qatar's leading Islamic Bank, recently received three awards at The Asset Triple A Islamic Finance Awards 2018 including Islamic Bank of the Year in Qatar. The awards are conferred by The Asset Magazine, a leading financial publication in Asia Pacific.
The award for the 'Islamic Bank of the Year in Qatar was presented to QIB for being the leading Islamic Bank in Qatar, reflecting QIB's continuous efforts to develop its existing product suite and to also create innovative financial solutions to meet the ever-changing needs of its customers in Qatar.
QIB was granted two additional awards in the category of Best Islamic Deal of the Year in Qatar QIB's $750m trust certificate issuance for its role as a ‘Client' for the first award, and as ‘Shariah Adviser' for the second award.
Commenting on the award, QIB's Group CEO Bassel Gamal stated: 'We are humbled by the recognition from international institutions of our hard work and continuous commitment to improve the banking experience. The prestigious award is another acknowledgement of our efforts to implement a successful business strategy in providing Shariah compliant banking services to all of our clients.
The Asset Triple A Islamic Finance Awards are considered one of the most prestigious awards in Asia, as Islamic banking is quickly growing to be one of the most promising niches in global finance. Through a rigorous, selective approach, the awards are built upon stringent methodology along with a benchmark research team whose surveys provide accurate quantitative and qualitative data on management decisions.
In the first half of 2018 the Bank achieved a net profit of QR1.32bn, representing a growth of 13.8 percent over the first half of 2017. Total assets of the Bank have increased by 1.4 percent compared to December of 2017, now standing at QR152.5bn, while financing activities have reached QR 100.3bn. Total income for the first half of this year reached QR3.36bn, registering 7 percent growth compared to QR3.14bn for the first half of 2017, reflecting healthy growth in the Bank's core operating activities.
Moody's Investors Service (Moody's), have recently affirmed QIB's deposit ratings to A1 with a 'stable oulook. These reflect the bank's adequate capital buffers, good profitability and limited market funding reliance, underpinned by its established and growing retail and corporate Islamic banking franchise and the bank's rapid growth in recent years. This outlook confirms the resilience of the banking industry which has adopted to the current situation and has overcome challenges with the support from the government.
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