Islamic finance awards 2013: Qatar Islamic Bank
Best Islamic bank in Qatar
As in Kuwait, there are competitors arriving on the sidelines – in this case fast-growing Barwa, particularly in sukuk – but Qatar Islamic Bank continues to have the scale and backing to defend its leadership position.
QIB has just under 40% of the Qatar Islamic banking market and 11% of the national banking sector as a whole. Its asset base of QR66.8 billion ($18.3 billion) at the end up September 2012, up 26.7% in a year, dwarfs its competition, and a net profit of QR1.13 billion for the year to that date suggests good health. Customer deposits grew 50% in a year alongside a 20% climb in operating income, all at the same time as lifting provisions and capital adequacy ratios. Its $750 million sukuk issue in October was a regional landmark, while as a financier, deals with Qatar Telecom and Nakilat, the national gas transport company, used its heft and connections.