Qatar Islamic Bank (QIB), Qatar's leading Islamic Bank, has for the second year in succession been awarded the title of 'Islamic Bank of the Year, Qatar' by The Banker magazine, the world's longest running international banking title and leading monthly title of the Financial Times Group.
This is the second year that The Banker has decided to hold an Islamic Awards and this is the only such award made in the country by the magazine, whose selection process is based on the bank which has made the most progress over the twelve months from March 2013 to March 2014.
In a letter to QIB, The Banker's publishing director for MENA region explained that the aim of the awards programme is to reward and promote industry-wide excellence in the global Islamic banking community.
"We believe that the recognition of being named ˜Islamic Bank of the Year 2014' in Qatar is testament to the strong management, sound business model and prudent risk approach of QIB," he wrote.
It is worth mentioning that QIB's results for three months ending March 31, 2014 were positive where net profit of the bank amounted to QR335 million for the first quarter of 2014 representing a growth of 15 percent over the first quarter of 2013.
Total assets of the bank now stand at QR 83 billion having increased 21 percent compared to March 2013. Financing activities have significantly grown by 30 percent compared to March 2013. Customer deposits of the bank registered a strong growth of 45 percent compared to March 2013, allowing the bank to significantly improve its liquidity positions.
QIB's total income grew by 14 percent compared to the first quarter of 2013 and reached QR 840 million for the three months ending March 2014. Income from financing activities was the primary growth driver which has increased by 21 percent compared to the first quarter of 2013.
Net commission and fees income has also registered a strong growth of 57 percent compared to the first quarter of 2013. Total shareholders' equity of the bank increased by 3.5 percent to reach QR11.2 billion in the first quarter.
From first quarter, the bank started implementing QCB requirements under Basel III for the calculation of the Capital Adequacy Ratio (CAR). The ratio stood at 15.8 percent as at March 31 2014, higher than the minimum regulatory requirement of 12.5 percent prescribed by Qatar Central Bank.
QIB Group CEO Bassel Gamal said,"We believe that the recognition of being named ˜Islamic Bank of the Year 2014' is testament to the collective efforts of all our staff, our clients' trust, a sound business model and our commitment to the community."
Bassel said,"The award recognises the significant progress that QIB is consistently making; we have managed to achieve 15 percent positive growth in the first quarter of this year compared to same quarter last year. This enhanced performance makes us look forward to maintain our leadership as the first and leading Islamic Bank in Qatar by providing innovative financial products and services to our individuals and corporate clients."© Copyright - Qatar Tribune