(MENAFN- The Peninsula) The Peninsula
Doha: Qatar Islamic bank (QIB) has been named ‘Best Islamic Bank in Middle East', ‘Best Islamic Bank in Qatar' and ‘World's Best Islamic SME Bank', in Global Finance's thirteenth annual awards for the world's best Islamic financial institutions. These awards are a testament to QIB's leading position in financial markets locally, regionally and beyond. QIB continues to win prestigious awards that add to its growing list of accomplishments.
Global Finance, a New-York based magazine, awards institutions that have contributed to the growth of Islamic financing and have successfully met their customers' needs for Shariah compliant products, while creating the foundation for continued growth and safety in the future, with modern and efficient delivery channels. All selections were made by the Global Finance editorial team after extensive consultations with bankers, corporate finance executives and analysts around the world.
QIB's Group CEO Bassel Gamal, in a statement, said: 'We are pleased to be recognised by the prestigious Global Finance global awards. These awards are a reflection of the bank's growth and modernisation over the past few years. They mark our strong financial performance and the successful implementation of our overall business strategy, all of which wouldn't have been possible without the team's hard work and dedication.
QIB's strategy is closely tied with Qatar's National Vision (QNV) 2030 and the government's commitment to investment in the country's infrastructure, the diversification of the economy, and the development of a strong private sector. QIB's growth strategy is built on its position as a leading Islamic bank covering all segments of the financial markets. Aligned with the QNV 2030, the Bank has financed major developmental projects in different fields including infrastructure, oil and gas, mega construction projects as well as small and medium enterprises (SMEs) operating in all sectors of the economy.
Gamal added: 'As a leading Islamic bank, we are committed to support the growth of the country's economy and its private sector. Small and medium enterprises play a key role in innovation and the diversification of the local economy. Our popular Aamaly (My Business) programme is designed to provide tailored products and services to them, offering financial benefits, guidance and advice. Responding to the unprecedented challenges many of those smaller businesses are facing due to the current crisis, we have immediately postponed financial installments and documentary credits due for them, as well as started accepting applications for the COVID-19 National Response Guarantees Programme initiated by Qatar Development Bank.
Recently, QIB launched several new products in order to provide a full package of financial solutions and services to its corporate and SME clients. These include Merchant Acquiring Services (POS), an online Wages Protection System (WPS) for the automatic processing of monthly payrolls, as well as a new co-branded Corporate Credit Card in collaboration with Ooredoo, and Corporate Deposit Cards.
Continuing to put the customer at the heart of its strategy, QIB has also embarked on a digital transformation journey to provide a seamless experience for its customers on all digital channels. QIB's digital transformation focuses on customer-centricity.
The bank has launched innovative services and features for each customer segment to ensure that all products and services are simpler, faster, and more conveniently available online. QIB has transformed into a real 24x7 digital institution, offering customers the possibility to perform all of their daily banking needs through QIB's award-winning mobile app and internet banking platform, anytime, anywhere, without the need to visit a branch. QIB will continue to diversify and enhance its digital offerings, to meet and exceed the expectations of its customers.
In April 2020, Standard & Poor's (S & P) has affirmed QIB's Issuer Credit Rating at ‘A-/A-2' with a Stable Outlook. In November 2019, Fitch Ratings affirmed Qatar Islamic Bank at ‘A' with a Stable outlook. Also, in December 2019, Moody's Investors Service, ('Moody's) has affirmed the Long-term deposit ratings of QIB at 'A1 with a Stable outlook. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank's Long-term Currency Rating (LTCR) of ‘A+' with a Stable outlook.
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