Qatar Islamic Bank (QIB), the largest Shariah-compliant lender in the country has been honored as the ‘Best Islamic Bank in Qatar’ for the fourth consecutive year in the 13th edition of the Middle East Banking Awards.
The award comes following QIB’s success in maintaining its position as the most prominent Islamic Bank in Qatar by initiating a set of market first innovative products and accelerating the implementation of digital banking services.
In addition to being the first Islamic Bank in the world to introduce a digital end to end personal finance product and the first Bank in Qatar to introduce other digital products like the Digital Onboarding Solution, Instant Credit Card and fully end-to-end digital accounts for domestic workers, QIB has also incorporated unprecedented levels of digitization in its banking offerings, particularly through its award-winning QIB Mobile App.
The bank was rated A1, A-/A-2 and A by the globally acclaimed credit rating agencies Moodys, S&P and Fitch respectively. QIB has also maintained a positive financial performance level despite the economic challenges that occurred due to the pandemic.
“Our recognition with this award for the fourth consecutive year demonstrates once again QIBs position in Qatar’s banking industry. We continue innovating and strive to offer our retail and corporate customers the best, fastest, and most secure digital banking products and services. Regardless of the challenges posed by the pandemic in 2020, we were able to introduce digital Shariah-compliant banking solutions that allowed all our customers to bank with us remotely 24/7, and to fulfill all their banking needs without needing to visit any of our branches.”
The prestigious award was presented by EMEA Finance, the leading finance magazine in Europe, the Middle East, and Africa, marking QIB’s strong financial performance and the successful implementation of its business strategy.
EMEA Finance is a leading global industry publication that reports on major financial events initiated and influenced by the international financial industry active in Europe, the Middle East, and Africa. EMEA Middle East Banking Awards are presented to the top-performing Islamic, commercial and investment banks, as well as asset managers and brokers in countries across the region.
Qatar Islamic Bank
Established in 1982, Qatar Islamic Bank (QIB) is the first Islamic financial institution in Qatar. Being the largest shariah-compliant lender in the country the QIB currently holds a 40 percent share of the Islamic banking sector and nearly 11 percent of the total domestic banking sector. All the products and operations of the Doha-headquartered bank is supervised by the shariah board to ensure that QIB adheres to Islamic banking principles.