QIB Ranks 3rd in Forbes Middle East’s Top 30 Most Valuable Companies in Qatar

Dec 12, 2021 by Qanect

Doha, Qatar – December 11, 2021: Qatar Islamic Bank (QIB) ranked 3rd place in the Forbes Middle East’s “30 Most Valuable Companies in Qatar”, making it the largest in the private sector, at the Forbes Digital Qatar Symposium and Awards Ceremony 2021.


Recognizing the biggest companies in Qatar, Forbes Middle East acknowledged top companies in the country based on their market capitalization. With a market value of $11.9 billion and a market share of over 40% in the country’s Islamic banking sector, QIB emerged as 3rd place as the “Most Valuable Company in Qatar”. Attended by top executives from leading companies in Qatar, Mr. Gourang Hemani, Chief Financial Officer at QIB, received the award on behalf of the bank.


The ranking reflects QIB’s outstanding performance, and further highlights the strength and dedication the bank continued to show in the past year. As the largest Islamic bank and the largest private sector bank in the country, QIB’s Total income increased to QAR 6,124 Million for the first nine months of 2021 and Net Profit amounted to QR 2,525 Million.


As part of its digital transformation plan, QIB recently launched an all-new version of its award-winning Mobile App, creating a simplified and more engaging user experience. Furthermore, QIB launched the first Video Banking service in Qatar through its Mobile App and introduced more features to “Zaki”, the first AI virtual assistant in Qatar, offering customers more control of their banking needs from anywhere around the globe.


QIB recently launched Apple Pay enabling its customers to pay safely and securely using their Apple devices. In addition, QIB partnered with The Group to launch the Stock Trading Service through its Mobile App and expanded its Direct Remit Service to The Philippines, Pakistan, and Jordan following its successful launch in India. In addition, QIB enhanced its Absher Rewards Program, adding global and regional favorite fashion and entertainment brands to the program’s extensive list of redemption partners.


For Corporate customers, QIB launched Host-to-Host (H2H) Online Payment Management solution making it the first Islamic Bank that allows corporate customers to submit their payments from their Enterprise Resource Planning (ERP) Systems automatically without any manual intervention at any time, in addition to developing its fully integrated postal delivery Point of Sale (PoS).


Commenting on QIB’s ranking, Mr. Bassel Gamal, QIB's Group CEO, said: “We are pleased to be recognized as one of the most valuable companies in the country by Forbes Middle East. This award reflects the bank’s strength and dedication during these unprecedented times. As a leading bank in Qatar, we have contributed to reshaping the banking scene in the country as we strive to continue to improve our digital transformation strategy and customer-centric approach. This accolade is a strong reinforcement of the bank’s resilient financial and business model.”


Mr. Bassel added: “These achievements reflect the bank's success in maintaining its leading position in the competitive banking industry in Qatar. It is a true testament of the efforts of our employees, the continuous support of our Board of Directors, the confidence of our customers in our services, and our commitment to constantly develop our products. This new accolade is a great addition to the 40+ awards received this year from major international magazines including The Banker, The Asian Banker, and Global Finance.”


QIB has announced the results of the nine months’ period ending 30 September 2021. Net Profit attributable to the Shareholders of the Bank amounted to QAR 2,525 Million for the nine months’ period ended 30 September 2021 representing a growth of 13.9% over the same period in 2020. Total Assets of the Bank now stands at QAR 186 Billion higher by 9.4% compared to September 2020 driven by the continued growth in the financing and investing activities. Financing activities have now reached QAR 127 Billion having grown by 12.3% compared to September 2020.


Forbes Middle East extended the Forbes brand footprint across the Arab world, setting the pace for preemptive business journalism by uncovering trends and anticipating business opportunities in the regional marketplace. The “Most Valuable Companies in Qatar” list ranked companies in different sectors based on their market capitalization as of November 9 2021.


For more information on QIB, please visit www.qib.com.qa