QIB recognised as Safest Islamic Bank in Qatar and 2nd in GCC by Global Finance

Qatar Islamic Bank (QIB) 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 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 QR197.5bn for the nine months ended September 30, 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.

“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,” said Bassel Gamal, Group chief executive officer of QIB.

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 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.

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, QIB has achieved cost-to-income ratio of 17.3%, while 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 QR3.27bn for January-September 2024 and strong financial ratios, further reinforces QIB's position as the leading Islamic bank in Qatar.