Qatar Islamic Bank (QIB), Qatar’s largest Islamic bank in Qatar, received the coveted “Best Islamic Bank in Qatar and the Arab World” award at the Arab Banks Awards and Commendations of Excellence 2022, in recognition of its leadership in the Islamic banking and financial sector in Qatar.

QIB was recognized for its strategic contribution to the growth of Islamic banking in Qatar, and for meeting the growing needs of Islamic banking customers through its distinguished Shari’a compliant products and services. By leveraging new technologies and with extensive expertise in Shari’a compliant banking, QIB has been recognized as a robust, modern, and customer-centric Islamic banking institution, which also supports the State of Qatar towards advancing financial inclusion. QIB’s growth strategy has been built on its position as a leading Islamic bank, serving all segments of the financial markets.

QIB maintained its position as the largest Islamic bank in Qatar and achieved the best cost to income efficiency ratio in Qatar and the MENA region for 2021. Furthermore, QIB has been outperforming the market and delivering continuous value to its shareholders. Over the past three years, QIB’s net profit grew by a CAGR of 10.3% versus a market average growth of 2.8% over the same period, with QIB’s profit reaching QAR 3.56 billion by the end of 2021 financial year. 

Commenting on winning this prestigious award, Mr. Bassel Gamal, QIB's Group CEO said: “We are happy to be recognized for our efforts to continuously improve as an organization and serve better the financial needs of all our retail and corporate customers. Such recognitions, entices us to achieve more and offer our customers even better banking services, and more convenience with distinguished Shari’a compliant banking products. This award is another testament to our strategic vision and customer-centric approach, our ongoing efforts to reshape the banking scene in Qatar and beyond as well as the dedication and commitment from all our teams and the support of our Board of Directors.”

Organized on an annual basis by the World Union of Arab Bankers (WUAB), a sister organization of the Union of Arab Banks, the award ceremony was held in Istanbul, Turkey to recognize and celebrate the achievements of banks and financial institutions that stand out in terms of innovation and excellence.