QIB Receives Three Awards from Global Finance

Doha, May 12 (QNA) - Qatar Islamic Bank (QIB), has been recognized as the "Best Islamic Financial Institution in Qatar" and the "Best Islamic Financial Institution in Sudan", by the New York based Global Finance Magazine. QIB was also named the "Best Islamic Project Finance Provider" in the world for its project finance expertise in 2018. QIB's Group CEO, Bassel Gamal said, "Over the past few years, we have been consistently outperforming the market, strengthening our relationship with our customers and providing our shareholders positive results. This has placed us at the forefront of Islamic finance in the world." All selections were made by the highly professional team of Global Finance, after extensive consultations with bankers, corporate finance executives and analysts throughout the world. The quantitative criteria considered for the awards included scope of global coverage, size of staff, strategic partnerships, customer service, risk management, range of products and services, execution skills and smart use of technology. QIB was the first Islamic bank to start operating in the country in 1982 and it is still the largest today. The bank currently holds 42.3 percent share of the Islamic banking sector and approximately 11 percent of the total domestic banking sector. As of end of 2018, the total Shareholders' Equity of the bank amounted to QR 15.4 billion (4.23 billion US Dollars) with total assets reaching QR 153.2 billion (42.1 billion US Dollars). In the first quarter of 2019, the bank achieved a net profit of QR 685.2 million, representing a growth of 9.6 percent over the same period in 2018. Total Customer Deposits stand at QR 107.8 billion registering a growth of 7.1 percent compared to December 2018 and total Financing reached QR 106.3 billion having grown 4 percent from December 2018. (QNA)