Qatar Compares With Itself, Constantly Raises Performance Bar: QIIB CEO
(MENAFN- Gulf Times) Qatar does not compare itself with other countries including its neighbours, noted QIIB Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei.
“If you ask me who we compare ourselves with, I will say:“In Qatar, we don't compare ourselves with others. We compare Qatar with its past, present and future. We don't want to compare ourselves with others. Our leadership has a very clear vision in all aspects: social, economy, sport. We constantly raise our performance bar... and work hard to improve our performance.”
Dr al-Shaibei said QIIB and other Qatari banks are big beneficiaries of the top-rated and thriving Qatari economy, which continues to grow and prosper under the leadership of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.
“We are also committed to the Third Strategic Plan for the Financial Sector launched by the Qatar Central Bank, which prioritises environmental, social, and governance (ESG) and sustainability. We are well-regulated, guided and supported by Qatar Central Bank led by Governor HE Sheikh Bandar bin Mohammed bin Saoud al-Thani.”
Asked whether the expected fall in global interest rates this year will provide opportunities to banks, he said:“Of course, rate cut will enhance business. When rates drop, our costs will come down because the cost of our deposits will decline.”
In the last two or three years, many customers have put projects on hold because of higher rates.
“The way the rates go down will encourage customers to be more involved with banks rather than depending on their cash for financing needs. When rates come down, people will also go for refinancing. Refinancing makes sense when rates come down,” Dr al-Shaibei noted.
Funding, he said, will not be an issue for Qatari banks. This is because local banks can secure long-term funding at attractive rates due to the strength of the national economy (sovereign).
Asked what the impact will be on local banks because of mega projects like the North Field LNG expansion (of QatarEnergy), he said:“While the main contractors for the North Field LNG expansion project are international, they engage sub (local) contractors for project implementation. We have been supporting local contractors. North Field expansion and other mega projects will definitely feed into the local banking system.”
Dr al-Shaibei expects many local infrastructure projects to get accelerated since the General Budget for the current fiscal has made adequate provisions for these.
On QIIB's plans to expand further in Qatar, he said:“While we have closed some branches in the past, we believe there is tremendous scope for opening newer ones in malls, especially in those facilities that see good footfall.
“We will also look at the Doha Metro system,” the QIIB CEO said without elaborating.
Dr al-Shaibei also sees good prospects for tapping artificial intelligence (AI) in the banking ecosystem.
“At QIIB, this is something, which we already make use of. We use AI in specific areas such as in risk. We have a dedicated team in that area as well.”
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