Best Islamic bank 2025: Qatar Islamic Bank
Qatar Islamic Bank (QIB) has demonstrated a superlative performance in Islamic banking within Qatar, with impressive growth and innovation across financial metrics, digital initiatives and sustainable practices.
Financially, QIB has set a robust track record with year-over-year growth across all key metrics. The bank reported a net profit of QR4.605 billion ($1.263 billion), marking a 7% increase from the previous year, and a 9.4% increase in total income reaching QR11.7 billion.
Its total assets grew by 6.1% to QR200.8 billion, underpinned by customer deposits of QR125 billion. Operational efficiency was vividly reflected through maintaining Qatar’s best cost-to-income ratio at 17.0%, as well as the expansion in its Shariah-compliant financing solutions that led to a significant QR125.3 billion in its financing portfolio.
On the digital frontier, QIB has excelled in enhancing customer engagement and streamlining banking operations. The adoption of digital banking soared, with 83% of retail customers using digital channels, aided by the over 300 innovative features introduced in the QIB Mobile App, including AI-powered financial planning and secure biometric authentication processes.
The bank’s proactive adoption of AI technologies extends to its Next Best Offer recommender system and Qatar Central Bank’s instant payment system Fawran, a digital platform tailored for SMEs, fundamentally revolutionising the digital banking experience.
QIB’s alignment with environmental, social, and governance (ESG) principles further strengthens its leadership role. The bank’s sustainable products framework supports environmentally beneficial initiatives, while its carbon emission tracker and the introduction of Qatar’s first 100% recycled credit card demonstrate its commitment to environmental sustainability.
Socially, QIB is actively engaged in promoting financial inclusion through programmes aimed at women, SMEs and special needs individuals, and community initiatives such as partnerships with healthcare providers and educational institutes, exemplifying a holistic approach to corporate social responsibility.
In sum, QIB’s robust financial growth, groundbreaking digital transformations and strong commitment to sustainable and inclusive banking affirm its leading position in the Islamic banking sector of Qatar.
Best Islamic digital bank 2025: AlRayan Bank
In the dynamic world of Islamic banking, AlRayan Bank of Qatar has distinguished itself as an unparalleled leader on the digital frontier.
This recognition stems not only from its expanding customer base and growing active users, but also from its substantial double-digit percentage growth in retail financial transactions.
A pivotal element of AlRayan Bank’s triumph is the launch of the Al Rayan Go app. This application isn’t just a tool; it’s a testament to the bank’s dedication to innovative, customer-centric solutions and its commitment to environmental sustainability through “go green” initiatives.
The digitalisation push evidenced by the app’s introduction dovetails with impressive statistics that underscore the bank’s shift from traditional to digital: a staggering 97% of funds transfers, card payments and bill payments are now processed digitally.
AlRayan’s strategic partnerships are a cornerstone of its success, particularly the collaboration with ProgressSoft on the implementation of the Payments Hub platform. This initiative has seamlessly aligned with the Qatar Central Bank’s instant payment system, Fawran, propelling AlRayan Bank’s operational efficiency.
The bank’s pivotal role in enhancing digital finance aligns perfectly with the broader objectives of Qatar’s national vision, which emphasises innovation and sustainability. From significantly reducing the need for physical transactions – evidenced by the nearly full automation in ATM withdrawals and cash deposits – to driving nearly all monetary transactions through digital avenues, its leadership in the sector sets a high benchmark for excellence, robust digital engagement and sustainable banking practices within the Islamic banking landscape.
