QIIB Wins Best Islamic Bank in Qatar Award 2018

Doha, April 16 (QNA) - QIIB has won the "Best Islamic Bank in Qatar Award 2018", during the annual IFN Awards Ceremony organized by REDMoney. This years event was held in the Malaysian Capital, Kuala Lumpur, in the presence of numerous representatives from the Islamic Banking sector, other business sectors as well as experts in Islamic banking. Commenting on the Banks winning of the award, QIIB CEO Dr. Abdulbasit Ahmed Al Shaibei said, "Receiving this award from a prestigious institution such as Red Money basically reflects the strength of the Qatari economy and the big opportunities it provides for various institutions operating in Qatar, especially banks, to grow, prosper, reinforce their financial positions and actively contribute to the Qatari economic boom". Furthermore, he said, "QIIB actively contributes to development projects and plans in line with the Board of Directors strategy based on the best globally-adopted banking standards. All indicators achieved by the bank show that we are moving forward in achieving the desired goals both in terms of targeted growth numbers and various financial indicators". At the end of 2018, QIIB achieved a net profit of QR882.1 million, with a growth rate of 6% compared to 2017 and earnings per share standing at QR5.46. The Bank's total assets at the end of 2018 amounted to QR50.3 billion and operating revenues to QR2.1 billion compared to QR1.9 billion at the end of 2017, with a growth rate of 11.9%. The Banks total equity, at the end of 2018, stood at QR6.8 billion while its capital adequacy under Basel III stood at 16.42%. (QNA)