Doha
Qatar Islamic Bank (QIB) has received the ‘Islamic Bank of the Year’, ‘Islamic Issuer of the Year – Financial Institution’, and ‘Best Bank Sukuk’ global awards at the recently announced Asset Triple A Islamic Finance Awards 2021.
QIB’s recognition as a leading issuer under the sukuk structure is a result of the successful total issuances of $1.65bn in 2020.
Globally, QIB became the first bank to access the Formosa market in the Islamic format through issuance of $800mn of sukuk listed on the Taipei Stock Exchange.
QIB also successfully closed a $750mn 5-year sukuk with a profit rate of 1.95% per annum, the lowest ever paid by QIB on their fixed rate sukuk issuances.
QIB’s results ending June 30, 2021 reflect the bank’s leading positing in the Islamic sector.
QIB’s net profit amounted to QR1.59bn in H1 2021, representing a growth of 11.8% over the same period in 2020. Total assets of the bank have increased by 5.4% compared to December 2020 and 10.9% compared to June 2020 and now stand at QR184bn driven by the continued growth in the financing activities.
Financing activities have now reached QR127bn having grown by 6.7% compared to December 2020 and up by 13.2% compared to June 2020.
Customer deposits of the bank now stand at QR125bn registering a growth of 6.1% compared to December 2020 and up by 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 programme has expanded year-on-year, reflecting unparalleled industry understanding and notable momentum in distinguishing best-in-class organisations.
The Asset adopts a rigorous approach in selecting the best Islamic institutions and transactions in the various countries. Point scores for both quantitative and qualitative factors are combined to determine the winners.
Gourang Hemani, chief finance officer, said: “QIB’s recognition 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 offering the best Islamic banking products and services in Qatar, the region, and even worldwide. The Gulf news
