Qatar Islamic Bank (QIB) has been recognised by Islamic Finance News (IFN) as ‘The Best Islamic Bank in Qatar’ and was presented the ‘Perpetual Sukuk Deal of the Year’ award.
The annual Islamic Finance News ‘Best Banks Poll’ and ‘Deals of the Year’ awards recognise the best providers of Islamic financial services across a series of markets and sectors as voted directly by the readers of Islamic Finance News.
Islamic finance issuers, investors, non-banking financial intermediaries, and government bodies were invited to elect the best banks and deals by casting their votes. With a record-breaking 26,507 votes placed in 2016, the ‘Best Banks Poll’ reflects the views of a large, dedicated audience which voted QIB as the ‘Best Islamic Bank in Qatar’.
Earlier this year, QIB posted a QR2.15bn net profit for the fiscal year 2016 compared to QR1.95bn in 2015, marking 10.3% increase over last year. Total assets of the bank has increased by 10% compared to 2015 and now stand at QR139.8bn driven by a robust growth in the financing activities that have now reached QR98.2bn having added QR10.7bn, representing a 12% growth over 2015.
Total income for 2016 was QR5.48bn, registering a 22% growth compared to QR4.50bn in 2015, reflecting a healthy growth in the bank’s core operating activities. The ‘Perpetual Sukuk Deal of the Year’ award was presented to QIB for the issuance of the first Basel III & IFSB Compliant additional Tier 1 perpetual sukuk in Qatar.
The perpetual sukuk was issued under the ‘Mudaraba’ structure with agreed expected profit for the first six years. While it can be called back by the bank at the end of six years, since the sukuk does not have a maturity date, it has been classified as equity strengthening QIB’s core capital position.—Agencies