(MENAFN- The Peninsula) Qatar Islamic Bank (QIB), country's leading Shariah-compliant financial institution, has bagged the "Best Islamic Bank in Qatar", award from Islamic Finance News based on its 2014 financial results, achievements and major financing deals, said a statement yesterday.
The Islamic Finance News awards honour the best in the Islamic financial industry and are widely recognised as one of the most prestigious awards by global Islamic capital markets. A panel of experts from non-competing organisations examine all submissions thoroughly during an elimination process until just one candidate in each category remains and is thus deemed the winner of that category.
In 2014 QIB's net profit reached QR1.6bn, representing a growth of 20 percent compared to 2013. Total assets of the bank now stand at QR96bn, having increased 24 percent compared to the previous year. Financing activities, which remain the key growth driver, reached QR60bn, representing a 27 percent growth over 2013, and customer deposits moved up to QR67bn, registering a strong growth of 32 percent. Meanwhile total shareholders' equity in the Bank reached QR12.5bn, an increase of five percent compared to September 2013. The total Capital Adequacy of the Bank under Basel III guidelines stands at 14 percent, against the minimum of 12.5 percent prescribed by Qatar Central Bank.
For more than 30 years, QIB has succeeded in becoming one of the best known and most respected local and regional Islamic Banking and Finance institution. Its ambitions are international, as evidenced by its presence in London, through its wholly owned subsidiary QIB UK, as well as in Malaysia, Lebanon and Sudan.
QIB conducts its domestic business in Qatar with 30 branches spread throughout the country in addition to providing dedicated centres for ladies and lounges for affluent and private banking customers. The branch network is augmented by more than 165 multi-function ATM installations and QIB's electronic services through Internet banking, mobile banking and phone banking.
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