Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been recognised as the Safest Islamic Bank in Qatar and 2nd in the GCC by Global Finance in its annual World’s Safest Banks 2024 - Islamic Banks In GCC ranking. This prestigious acknowledgment solidifies QIB's position as a beacon of safety and stability in Islamic banking locally and globally.
QIB's inclusion in this list reflects Qatar's standing as a safe, stable, and prosperous nation in the Middle East, underpinned by its sophisticated banking system. Within the Islamic banking sector, QIB has secured the top position among Qatari banks in the Safest Islamic Bank rankings, with assets of QAR 197.5 Billion for the nine months’ period ended 30 September 2024, which makes it the largest Islamic bank in the country. Additionally, the bank has ranked among the Top 10 Islamic financial institutions 2024, showcasing its response to diverse economic and geopolitical factors to maintain its safety and stability.
In July 2024, Fitch Ratings affirmed QIB credit rating at ‘A’ with a stable outlook. In June 2024 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook. In April 2024, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.
QIB's strategic focus on digitalisation has significantly improved customer experience while also streamlining internal operations, with an impressive 99% of transactions now seamlessly conducted through self-service channels. The bank's award-winning Mobile App offers over 280 digital products designed to cater to customers' evolving needs, leading to the instant processing of over half of all Personal Financing and Credit Card applications.
Furthermore, QIB's strategic alignment with Qatar’s National Vision 2030 underscores its dedication to economic diversification and the financial well-being of its customers. Through continuous investment in cutting-edge technology, rigorous cost optimisation strategies, and a dedication to exceeding customer expectation, QIB has achieved the best cost-to-income ratio in Qatar at 17.3%, while also surpassing local market benchmarks with a 2.5% Return on Assets (ROA) and 17.7% Return on Equity (ROE). These achievements, combined with a record net profit of QAR 3,265 Million for the nine months’ period ended 30 September 2024 and strong financial ratios, further reinforces QIB's position as the leading Islamic bank in Qatar.
Bassel Gamal, Group CEO of QIB, said: “Our focus on fortifying the strength and security of our institution remains top priority. We prioritise our customers’ needs and proudly serve as a trusted partner to all stakeholders. This prestigious acknowledgement is a testament to the dedication of our team and the support of our Board of Directors. As we continue to navigate the evolving financial landscape, QIB stands firm in its commitment to excellence, innovation, and safety standards.”
Global Finance's assessment of the safest Islamic banks acknowledges institutions committed to advancing Shari’a-compliant banking models, influencing adjustments in rankings for 2024.
