QIIB Looks To Scale Up Technology, Enhance Product Offerings And Grow Customer Base In 2025: Al-Shaibei

(MENAFN- Gulf Times) Prominent Islamic bank QIIB looks to scale up technology, enhance product and service offerings and grow its customer base, tapping into all segments of the society in 2025, according to Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei.
“We believe in innovation, constantly upgrading technology and providing state-of-the-art product and services to our customers. This year, we wish to see more Qatar residents, Arabs and non-Arabs, signing up for QIIB product and services. This is our goal,” Dr al-Shaibei said in an interview with Gulf Times.
QIIB, he said, has significantly enhanced its operational efficiency, leveraging the remarkable advancements in digital transformation achieved over the years.
“At QIIB, we believe in digital transformation. Investing in technology is investing in our future. We have seen how digital transformation can drive growth and contribute to our bottom line,” the CEO noted.
In 2024, QIIB posted a net profit of QR1.26bn, achieving a growth rate of 8.2% compared to 2023, with earnings per share reaching QR0.77.
Total assets amounted to QR60bn, and financing assets had gone up by 7.7% compared to the year before, reaching QR39.33bn.
On the main drivers of QIIB's growth in 2024, Dr al-Shaibei noted:“2024 was marked by numerous achievements and progress in delivering exceptional products and services to our retail and corporate clients. We continued to implement our digital transformation plans, achieving tangible milestones that significantly enhanced our operations.
“Among these was the launch of a first-of-its-kind service in the local banking sector - personal financing rescheduling through our 'Mobile Banking App'. This service now allows customers to reschedule their personal financing instantly and seamlessly through mobile banking.
“As part of advancing digital transformation efforts, QIIB launched its digital platform for issuing letters of credit, enabling clients to complete the process without the need to visit the bank.
“QIIB is the first bank in Qatar to introduce this service. The platform is distinguished by its high standards of efficiency, accuracy, and security, providing companies with the tools they need to seamlessly handle trade finance transactions, thereby enhancing productivity and competitiveness,” Dr al-Shaibei pointed out.
Dr al-Shaibei specifically highlighted 'Joud' savings account, which significantly enhanced QIIB's product portfolio in 2024.
This innovative savings solution offers customers quarterly profit distributions and the chance to win some 141 prizes annually, including a grand prize of QR1mn.
'Joud' achieves two objectives, he pointed out.
First, customers get an opportunity to make profit out of the savings scheme. Second, they stand a chance to win many prizes including the mega prize through 'Joud' savings account.
The CEO said QIIB continues to be a“trusted partner” for the local business sector, SMEs and MSMEs in particular.
“We focus on the SME and MSME segment...it is very promising. Some of the small and micro businesses have seen facing challenges, adapting to the modern financial and banking system. So, we have taken up the responsibility of educating them, besides financing and help them manage their finance well. We help them grow,” Dr al-Shaibei said.
On QIIB's engagement in the local market, the CEO said:“We remain steadfast in our commitment to the local economy. QIIB continues to be a trusted partner for the local business sector, having established extensive relationships across various industries and contributing to the financing of numerous projects that add value to the local business environment.
“We remain committed to this policy of focusing on the local market, recognising the growth opportunities it offers. We see it as our duty to serve our beloved nation.”
Asked about rising competition in the local market, Dr al-Shaibei said:“Competition is good, as it leads to innovation. Without competition, there is no innovation. Competition is healthy. And we have reached a point, wherein, if you don't innovate, you are out of the market. This is why we invest heavily in technology and innovation.”
On whether QIIB plans to raise debt from the market this year, the CEO said:“It is too early to get into the market. We are closely watching (the market) in terms of interest rate movement. We want to enter the market at the right time. When there is a good appetite, we will go...but the timing has to be right.
“If (at all) we go this year, we will probably go in for the local currency, based in Qatari riyal. Our last issuance was in dollar.”
De al-Shaibei said QIIB is focused on reaching out to a huge base of non-Arab customers in Qatar, such as expatriates from India, Pakistan and The Philippines this year.
“QIIB is everyone's bank. We want all segments of our society to try our products and services. We want to serve and deliver them an exceptional banking experience,” the CEO emphasised.

MENAFN02022025000067011011ID1109158590