Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) has been titled as the ‘Strongest Bank in Qatar’, ‘Fourth Strongest Bank in the Middle East’, ‘Strongest Islamic Bank in Qatar’, and ‘Second Strongest Islamic Bank in the World’ in the Asian Banker’s 2021 Rankings for the 500 Strongest Banks.
In this year’s, Asian Banker Strongest Banks by Balance Sheet evaluation, QIB maintained its financial strength. The bank’s performance was evaluated through six key indicators weighted by their relative importance: scale of the banks’ assets relative to domestic gross domestic product (GDP), balance sheet growth of net finance and deposits, risk management of the bank’s operations, profitability and its sustainability, strength and credibility of finance disbursed and liquidity of assets to meet adverse events requiring cash outflow.
The new achievements reflect QIB’s strong and steady financial performance over the past year and its ability to withstand business despite the challenges imposed by the global pandemic.
Bassel Gamal Group CEO – QIB
“We are pleased with QIB’s performance as we can see a major improvement compared to last year. We were strong and able to support our customers during uncertain times, and we are proud of maintaining a healthy balance sheet. We are also proud of the significant development of the Qatari banking sector that enabled us to compete with other Islamic Banks regionally and internationally. Looking into the future, we are committed to supporting our customers and continuously improving our services while achieving positive results.”
Over the past years, QIB has been setting the benchmark for Islamic Banks in the region with innovative products offering customers a seamless banking experience. Recently, the bank announced its results for the nine months period ended 30th September 2021. Net profit attributable to the shareholders of the bank amounted to $693 million for the nine months period ended 30 September 2021 representing a growth of 13.9 percent over the same period in 2020.
Total assets of the bank now stand at $51 billion higher by 6.7 percent compared to December 2020 with a growth of 9.4 percent compared to September 2020 driven by the continued growth in the financing and investing activities. Financing activities have now reached $34.8 billion having grown by 6.7 percent compared to December 2020 and a growth of 12.3 percent compared to September 2020.
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