Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) has secured the eighteenth position in Forbes Middle East Magazine’s annual ranking of the top 100 listed companies in the region for 2021.
QIB was also placed second in the top company in Qatar according to the same ranking. The new achievement reflects the Qatari bank’s continuous improvement in performance and stability during the COVID-19 and its success in maintaining its longstanding position as the country’s largest private as well as Islamic bank.
The Forbes’ “Top 100 Companies in the Middle East” list features the largest most valuable, and profitable companies in the region which were selected based on data collected from listed stock exchanges in the Arab countries and ranks companies based on four elements, including market value, sales, assets, and profits.
The ranking was revealed in Forbes Middle East’s June 2021 issue, featuring Bassel Gamal, QIB’s Group CEO. Mr. Bassel gave an in-depth and exclusive interview to the magazine, where he highlighted QIB’s plans and vision for the financial industry.
“We are pleased with our ranking amongst the top 100 companies in the Middle East and is one of the top 20 performing business institutions in the region. This prestigious ranking is indeed a confirmation of QIB’s outstanding financial performance and stability despite the challenges posed by the coronavirus pandemic since 2020. QIB is a leading regional bank, and we have contributed to reshaping banking in Qatar and the Middle East through our ambitious business model, digital innovation, and customer-centric approach.”
QIB has succeeded to maintain positive financial performance levels in 2020 despite the impacts of the pandemic. As per the bank’s results for the period ended 31 March 2021, the total assets of the bank have increased by 8.5 percent compared to March 2020 and 3.4 percent compared to December 2020.
The bank has achieved sales valued at $2.2 billion and $831 million in profits, while the bank’s assets went up to $47.9 billion in 2020. QIB’s market value is now at $11.3 billion.