QIB ranks 3rd in Forbes Middle East's top '30 Most Valuable Companies in Qatar'

(MENAFN- Gulf Times)

Qatar Islamic bank (QIB) was ranked third place in the Forbes Middle East's '30 Most Valuable Companies in Qatar', making it the largest in the private sector, at the Forbes Digital Qatar Symposium and Awards Ceremony 2021.
Recognising the biggest companies in Qatar, Forbes Middle East acknowledged top companies in the country based on their market capitalisation. With a market value of $11.9bn and a market share of over 40% in the country's Islamic banking sector, QIB emerged as third place as the 'Most Valuable Company in Qatar'. Attended by top executives from leading companies in Qatar, Gourang Hemani, chief financial officer at QIB, received the award on behalf of the bank.
The ranking reflects QIB's outstanding performance, and further highlights the strength and dedication the bank continued to show in the past year. As the largest Islamic bank and the largest private sector bank in the country, QIB's total income increased to QR6.12bn for the first nine months of 2021 and net profit amounted to QR2.52bn.
As part of its digital transformation plan, QIB recently launched an all-new version of its award-winning mobile app, creating a simplified and more engaging user experience. Furthermore, QIB launched the first video banking service in Qatar through its mobile app and introduced more features to 'Zaki', the first AI virtual assistant in Qatar, offering customers more control of their banking needs from anywhere around the globe.
QIB recently launched Apple Pay enabling its customers to pay safely and securely using their Apple devices. In addition, QIB partnered with The Group to launch the Stock Trading Service through its mobile app and expanded its Direct Remit Service to the Philippines, Pakistan, and Jordan following its successful launch in India.
In addition, QIB enhanced its Absher Rewards programme, adding global and regional favourite fashion and entertainment brands to the programme's extensive list of redemption partners.
For corporate customers, QIB launched Host-to-Host (H2H) online payment management solution making it the first Islamic bank that allows corporate customers to submit their payments from their Enterprise Resource Planning (ERP) systems automatically without any manual intervention at any time, in addition to developing its fully integrated postal delivery Point of Sale (PoS).
Bassel Gamal, QIB Group CEO, said:“We are pleased to be recognised as one of the most valuable companies in the country by Forbes Middle East. This award reflects the bank's strength and dedication during these unprecedented times. As a leading bank in Qatar, we have contributed to reshaping the banking scene in the country as we strive to continue to improve our digital transformation strategy and customer-centric approach. This accolade is a strong reinforcement of the bank's resilient financial and business model.
“These achievements reflect the bank's success in maintaining its leading position in the competitive banking industry in Qatar. It is a true testament of the efforts of our employees, the continuous support of our board of directors, the confidence of our customers in our services, and our commitment to constantly develop our products. This new accolade is a great addition to the more than 40 awards received this year from major international magazines, including The Banker, The Asian Banker, and Global Finance.”
Forbes Middle East extended the Forbes brand footprint across the Arab world, setting the pace for preemptive business journalism by uncovering trends and anticipating business opportunities in the regional marketplace. The 'Most Valuable Companies in Qatar' list ranked companies in different sectors based on their market capitalisation as of November 9, 2021.

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