QIB wins ‘Excellence in Islamic Digital Banking’ global award

Qatar Islamic Bank (QIB) has won the ‘Excellence in Islamic Digital Banking’ global award at the prestigious The Banker Islamic Banking Awards 2024.The accolade highlights QIB’s excellent performance in delivering retail and corporate banking products and services, emphasising the bank’s commitment to customer convenience and enhancing the user experience through cutting-edge digital tools.QIB’s win represents an important milestone, marking the first time the bank has clinched a global accolade from The Banker, one of the world’s leading financial publications, part of Financial Times Group.QIB’s digital transformation has become the foundation of its business strategy to meet the evolving needs of customers in the digital age. With a commitment to innovation, QIB is reshaping the digital banking landscape by offering a diverse array of cutting-edge digital products and services tailored to everyday banking needs and beyond.From seamless account opening procedures to instant financing and credit card issuance, QIB ensures customers have access to innovative solutions that enhance their banking experience.QIB’s dedication to its customers is evident in its long-term digital strategy, which prioritises customer convenience and satisfaction. The bank remains steadfast in its commitment to providing the best, fastest, and most trusted banking products in Qatar, continually implementing new digital initiatives to enhance customer-facing offerings.Through its award-winning mobile app, the bank offers more than 250 features, catering to both retail and corporate clients. Moreover, QIB has experienced a significant increase in digital adoption, with over 83% of its total customers now engaging with the bank digitally.Looking back at the 2023 fiscal year, QIB delivered a record net profit of QR4,305bn. The bank’s dedication to leveraging technology, optimising costs, and prioritising customer needs has allowed it to emerge as the most efficient bank in the world with a cost-to-income ratio of 17.1%.Furthermore, it has generated an ROA of 2.3%, the highest in the Qatari market and an ROE of 17.3%, well above the local market average. The implementation of an effective risk management framework, including the integration of ESG principles in its credit policies & procedures, has enabled the bank to maintain high asset quality and the lowest non-performing financing assets ratio of 1.7% in the Qatari banking sector.QIB continues to pursue a conservative impairment policy maintaining a high coverage ratio for non-performing financing assets of 92% as of March 31, 2024.Furthermore, Total Capital adequacy of the bank as per the new guidelines of Qatar Central Bank (QCB) is 20.7% as of March 31, 2024, higher than the minimum regulatory requirements prescribed by QCB and Basel Committee. Following the amendment of the Article (50) in the bank’s Articles of Association, so that dividends are paid to shareholders at the place and on the dates determined by the board of directors, QIB may distribute interim dividends during the year after obtaining QCB’s approval.Bassel Gamal, QIB Group CEO said: “We are pleased to receive recognition from The Banker for our leadership in digital banking. At QIB, our vision extends beyond traditional banking, embracing the digital frontier with full commitment. This transformative journey required a significant cultural shift within our organisation, a comprehensive overhaul of our technological infrastructure, and the integration of cutting-edge digital tools to enhance the banking experience for our valued customers.”We remain dedicated to pushing the boundaries of digital banking and empowering our customers with innovative solutions. I would like to thank our board of directors for their support, our colleagues for their dedication and hard work, and our customers for their trust. This recognition would not have been possible without our collective efforts.”In March 2024, Fitch Ratings upgraded QIB’s credit rating to ‘A’ with a stable outlook. In April 2024, Capital Intelligence Ratings (CI) affirmed the bank’s Long-term rating to ‘AA-’ with a stable outlook. In June 2023 Moody’s Investors Service, Moody’s affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook.The Banker’s Islamic Banking Awards recognise the institutions – fully Shariah-compliant and otherwise – that are breaking new ground with Islamic banking. The awards are given for innovative products and services, deals, and sustainability initiatives.