Qatar Islamic Bank (QIB), the region’s first Islamic financial institution, ranked third in the Forbes Middle East’s “30 Most Valuable Companies in Qatar”, making it the largest in the private sector, at the Forbes Digital Qatar Symposium and Awards Ceremony 2021.
Forbes Middle East recognized the biggest firms in Qatar based on market capitalization. QIB has a market value of $11.9 billion and a market share of over 40 percent in the country’s Islamic banking sector.
The ranking reflects QIB’s outstanding performance and further underlines the strength and commitment the bank continued to show in the past year. As the largest private sector bank in the country, QIB’s net income increased by 15.8 percent during the first nine months of 2021 to $691.8 million.
In November 2021, QIB introduced new features to its artificial intelligence (AI) Virtual Assistant “Zaki” offering customers and non-customers more convenience when interacting with the bank. In the same month, QIB also announced the launch of a video banking service through its mobile app.
“We are pleased to be recognized as one of the most valuable companies in the country by Forbes Middle East. This award reflects the bank’s strength and dedication during these unprecedented times. As a leading bank in Qatar, we have contributed to reshaping the banking scene in the country as we strive to continue to improve our digital transformation strategy and customer-centric approach. This accolade is a strong reinforcement of the bank’s resilient financial and business model.”
Recently, QIB launched Apple Pay enabling its customers to pay safely and securely using their Apple devices. In addition, QIB partnered with The Group to launch the Stock Trading Service through its Mobile App and expanded its Direct Remit Service to The Philippines, Pakistan, and Jordan following its successful launch in India.
Forbes Middle East extended the brand footprint across the Arab world, setting the pace for preemptive business journalism by uncovering trends and anticipating business opportunities in the regional marketplace.