Qatar Islamic Bank (QIB), Qatar’s leading digital bank, received two prestigious awards including the Financial Inclusion Award in the Middle East, and the coveted title of the Best Islamic Bank in Qatar for the seventh consecutive year, at the EMEA Middle East Banking Awards 2023, underscoring its commitment to excellence and inclusivity.
These accolades were announced during the sixteenth edition of the EMEA Middle East Banking Awards ceremony held recently in Dubai, attended by QIB’s senior management.
In the past year, QIB has made significant strides in enhancing its digital offerings, both for customer-facing interactions and internal operations, resulting in substantial benefits for its customers and stakeholders.
Notably, 99% of transactions are now self-serve while more than 50% of Personal Financing and Credit Cards are fulfilled instantly through the QIB mobile app. The bank introduced over 50 new digital products and services for both individual and corporate customers, contributing to its efficiency and elevating customer satisfaction. These achievements, including a a record net profit of QR4,305bn, an ROA of 2.3% and a cost-to-income ratio of 17.1% substantiate its recognition as the Best Islamic Bank in Qatar. QIB has been advancing financial inclusion through its innovative, separate QIB Lite App, which simplifies payments and transfers, is available in multiple languages and provides easy access to financial products and services for low-income earners. QIB is also offering the Bedaya Student Account to empower students and promote financial literacy among the young population. Furthermore, the bank provides dedicated banking solutions for women and small & medium-sized enterprises.
These initiatives align with the objectives outlined by the Qatar Central Bank and Qatar National Vision 2030, focusing on elevating the customer experience, championing innovation, and fostering greater financial inclusion.
Bassel Gamal, QIB’s Group CEO said: “It is gratifying to see QIB’s growing recognition in Qatar and the region, reaffirming our dedication to innovation and leadership in Shari’a-compliant banking. Through leveraging technology, we have spearheaded financial market innovation, introducing advanced products and services to fulfil our customers’ banking requirements.—QIB
