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Monday, 10 March 2014

Global Finance names QIB Qatar’s ‘Safest Islamic Bank'

QIB has been recognised as the ‘Safest Islamic bank in Qatar’ in Global Finance’s first-ever list of the “Safest Islamic banks in the GCC” through a rigorous evaluation process that assessed the stability of the region’s banks.

QIB Group CEO Bassel Gamal said, “It’s great to see that all our efforts and achievements in 2013 are being recognised by a trusted financial magazine like Global Finance.

The bank “scored high” for its 2013 credit standing, which was rated (A) by Fitch and (A-) by Standard & Poor’s, he said.

“The overall QIB 2013 financial results were very positive; it has increased business volumes across all market segments, which has a positive impact on QIB’s end of year financial results, solidifying its position as a leading bank in Qatar,” Gamal said. The ranking reflects QIB’s implementation of a “successful risk management policy” that strengthened all prudential ratios and built a strong foundation for future business expansion.

Gamal added that “QIB’s innovation and excellence in risk management meets all the rigorous safety standards and this, together with the bank’s commitment to providing excellence in banking services to all the clients, is what differentiates QIB.”According to Gamal, customer deposits saw a steep rise of 16.7% or QR50.4bn by the end of 2013 compared to QR43.1bn in 2012. “This enabled QIB to effectively support the constant growth of assets,” he stressed.

The “strong operating performance” in 2013 has enabled the bank to pursue a conservative impairment policy by allocating QR360mn towards improving the provision coverage on financial investments and financing activities compared to QR491mn in 2012. Gamal noted that QIB managed to raise the quality of its investment portfolio this year, where non-performing financing assets dropped 0.9% with provision coverage of 94% in 2013 compared to 1.6% with provision coverage of 63% in 2012.

For the first time, this year, Global Finance assessed banks that only offered Islamic products and have been rated by at least two reputable international agencies. A total of 25 Islamic banks currently operate in the Gulf, representing a third of all active commercial banks in the region.

Gamal said this recent accomplishment “is a result of our ongoing commitment to provide a seamless banking experience to our individual and corporate customers while at the same time ensure that we are applying a successful risk management strategy,” Gamal stressed.

(Gulf Times / 08 March 2014)
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