Doha: Qatar Islamic Bank (QIB) received the award of “Islamic Bank of the Year”, “Islamic Issuer of the Year – Financial Institution” and “Best Sukuk Bank”, global awards at the recent Asset Triple ceremony At Islamic Finance Awards 2021.
QIB’s recognition as a premier issuer under the Sukuk structure is the result of the successful total issuance of $ 1.65 billion in 2020. QIB became the first bank globally to enter the market of Formosa in Islamic format through the issuance of $ 800 million listed Sukuk. at the Taipei Stock Exchange. QIB also successfully closed a $ 750 million 5-year Sukuk with a profit rate of 1.95% per annum, the lowest QIB has ever paid on its fixed-rate Sukuk issues.
QIB’s results for the period ended June 30, 2021 reflect the bank’s leadership position in the Islamic sector. QIB’s net profit attributable to shareholders of the Bank amounted to QR 1,595 million for the period ended June 30, 2021, an increase of 11.8% compared to the same period in 2020. Total Bank assets increased by 5.4% compared to December 2020 and 10.9% compared to June 2020 and now stands at QR 184 billion, thanks to continued growth in financing activities. Financing activities have now reached QR 127 billion, increasing by 6.7% compared to December 2020 and by 13.2% compared to June 2020. The deposits of the Bank’s customers now amount to 125 billion of QR, registering growth of 6.1% compared to December 2020 and up 17.6% compared to June 2020.
The Asset Triple A Awards are Asia’s defining recognition for excellence in the financial services industry and represent the industry’s most prestigious awards for banking, finance, treasury and capital markets. The world’s largest awards program has grown year on year, reflecting unparalleled understanding of the industry and a notable drive to recognize top organizations.
The Asset takes a rigorous approach in selecting the best Islamic institutions and transactions in different countries. The points for the quantitative and qualitative factors are combined to determine the winners.
Commenting on this recognition, Mr. Gourang Hemani, CFO said: “The recognition of QIB with three titles by the prestigious Asset Triple A Islamic Finance awards is a testament to the resilience, robustness and revolutionary nature of our Islamic banking offering, as well as our commitment to providing the best Islamic banking products and services in Qatar, the region and even around the world. The strong demand seen in Sukuk issues reflects the comfort investors derive from QIB’s strong credit fundamentals and consistent financial performance, as well as in the Qatari economy and banking sector. “
Mr. Gourang added, “We are very proud to receive these prestigious awards and will continue our client-centric approach to provide smooth and cutting-edge banking services to our clients. “
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For more information, please visit www.qib.com.qa