Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) has won the ‘Islamic Bank of the Year’, ‘Islamic Issuer of the Year-Financial Institution’, and ‘Best Bank Sukuk’ global awards at the Asset Triple A Islamic Finance Awards 2021.
The bank was recognized as a leading issuer under the sukuk structure and it is a result of the successful total issuances of $1.65 billion in last year. Globally, QIB became the first bank to access the Formosa market in the Islamic format through the issuance of $800 million of sukuk listed on the Taipei Stock Exchange.
QIB also successfully closed a $750 million 5-year sukuk with a profit rate of 1.95 percent per annum, the lowest ever paid by the bank on their fixed rate sukuk issuances.
The Qatari bank’s results ending June 30, 2021, reflect its leading position in the Islamic sector. QIB’s net profit amounted to $440 million in the first half of 2021, representing a growth of 11.8 percent over the same period in 2020.
Total assets of QIB increased by 5.4 percent compared to December 2020 and 10.9 percent compared to June 2020 and now stand at $50.5 billion driven by the continued growth in the financing activities.
“QIB’s recognition with three titles by the prestigious Asset Triple A Islamic Finance awards is a testament to the resilience, robustness, and revolutionary nature of our Islamic banking offering, as well as our commitment to offering the best Islamic banking products and services in Qatar, the region, and even worldwide. The strong demand witnessed in the sukuk issuances reflects the comfort investors draw from QIB’s robust credit fundamentals and consistent financial performance, as well as in the Qatari economy and banking sector.”
The prestigious Asset Triple A Awards defines excellence in the financial services sector and represent the industry’s most notable awards for banking, finance, treasury and capital markets. The world’s largest awards program has expanded year on year, reflecting unparalleled industry understanding and notable momentum in distinguishing best-in-class organizations.
Asset Publishing and Research, which is an integrated multi-media company, adopts a strict approach in selecting the best Islamic institutions and transactions in various countries. Point scores for both quantitative and qualitative factors are combined to determine the winners.
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