Islamic finance awards 2014: Qatar Islamic Bank
Best Islamic bank in Qatar
By far the biggest Islamic bank in Qatar, QIB’s QR73.2 billion ($20.1 billion) of assets give it a 35% slice of the national Islamic sector and 9% of its overall banking market. Its 32 branches cover the whole peninsula. "QIB aims to be a bank of the people, for the people," the bank’s rhetoric goes, and it certainly reaches them all.
It was a good year for the bank, with financing activities up 13.7% year on year in the third quarter and customer deposits up 14.1% to QR45.6 billion. Performance has been impressive across the board from wholesale and SME banking to personal, with particular improvement in mobile banking. New products over the last months have included structured treasury and payroll solution launches, travel and auto takaful, sukuk trading and debit cards.
It’s also at the heart of Qatari corporate life, with a client list befitting its state ownership. In 2013 big murabaha financings were completed for Gulf Cement, Al Mana and Gulf Trading Company, and an ijarah for Hama Ghanem Al Hudfi.