Marking the start of an “exciting” new banking journey, Barwa Bank announced its rebranding into Dukhan Bank, with effect from this month.
The announcement was made on Wednesday in the presence of HE the Governor of the Qatar Central Bank, Sheikh Abdulla bin Saoud al-Thani, HE the Deputy Governor of the QCB, Sheikh Mohamed bin Hamad bin Qasim al-Thani, Sheikh Mohamed bin Hamad bin Jassim al-Thani, chairman and managing director of Dukhan Bank, and the bank’s board of directors.
The event was broadcasted to the public through the bank’s social media channels.
Under its vision to cement its position as “Qatar’s Bank of Choice”, the bank’s rebranding comes at a time of “massive transformation” for the group. The bank is eyeing a fully digital infrastructure that delivers on operational efficiency and profitability, as well as on secure, simplified and seamless banking experience for its customers.
The rebranding also reflects a shift in the bank’s mindset towards product and service innovation; guided by the mission to empower people in solving their everyday problems and planning for their financial present, rather than for their distant future.
The bank’s new name takes after the City of Dukhan, West Qatar, the site of the first substantial oil reserve to have been discovered in the country; a milestone discovery that has laid the foundations for Qatar’s economic and social growth for over eight decades.
Today, as Qatar ushers in yet another economic transformation towards knowledge-based and digital industries, Dukhan has transcended its physical significance to its symbolic power. It remains a beacon of change that transforms a nation, that crosses geographies and that moves societies forward.
On the occasion, Sheikh Abdulla said, "We are glad to witness the birth of this new emblem and journey. Best wishes to our brothers in the Board of Directors, the Executive Management as well as the depositors and shareholders. We wish for the bank prosperity and progress at these particular times that are filled with challenges in the banking and economical fields.”
Sheikh Mohamed bin Hamad bin Jassim al-Thani said, “Today, we celebrate the unveiling of our new brand which goes beyond a mere change in name but, rather, acts as the turning point of a new beginning which stems from a firm belief in continuous innovation despite all challenges. It means to have a new mindset that keeps pace with the folds of our present and fulfils our commitment to meet our customers and stakeholders’ aspirations in the future”.
“It has taken us a lot of time, effort and contemplation to define our new vision, mission and culture which embrace all of our shared experiences. At the same time, we have studied our organisation, implemented major improvements, and enhanced our central operations when finalising Dukhan Bank as a financial services provider, which not only gives our customers a banking experience that meets their needs but one that goes beyond their expectations. We vow to continue our relentless pursuit of leadership and excellence in banking, while adopting an ambitious approach anchored in sustainability, growth, and development at its core; whilst taking bolder steps and observing intelligent risk management policy to support this approach”.
On the strategic direction of the rebranding, Khalid al-Subeai, group chief executive officer, Dukhan Bank said, “At Dukhan Bank, we provide real-life and innovative solutions in Qatar to contribute to reinforcing the banking sector, providing banking products and services that meet the needs and interests of customers.
“We aim at developing services with the most advanced banking technologies, and doubling our efforts to meet the strategic goals in order to reinforce the bank’s position in the banking sector and grow its market share. We are eager to develop its role in the market and play a key role in achieving the goals of the Qatar Vision 2030, while developing our human capital, expanding the engagement of skilled and qualified Qatari youth and developing their skills to contribute to revival of the State of Qatar”.
Dukhan Bank is a powerful alliance between those who built Qatar’s banking industry and those who positively challenged it; the complementary forces shaping the present and future of banking, as told by the new logo.
Talal al-Khaja, Dukhan Bank Group chief marketing and communications officer said, “Bank Dukhan is yet another proof of the rise of a new dawn for major financial and dynamic institutions in Qatar. Dukhan’s is deeply-rooted in Qatar’s heritage and to the first oilfield discovered in Qatar which was the first and major booster for our country’s economy for over eight decades. The choice of Dukhan’s name is a commemoration to a heritage that sets the foundations of the future, where our expertise takes a modern swift to provide innovative banking solutions keep pace with modern life and capable of meeting people daily needs.
“Hence, we look forward to encouraging individuals to take good banking decisions and to provide services and products that meet our customers’ expectations.”
The rebranding announcement comes nearly a year after the official completion of the legal merger between Barwa Bank and IBQ. The merger, the first ever in Qatar’s history, brought two of the nation’s leading and most dynamic financial players under one roof, establishing a powerhouse Shariah-compliant financial institution backed by robust liquidity and solvency levels.
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