Reaping the benefits of the strategy it introduced in 2015, Qatar First Bank (QFB), Qatar’s leading Shari’ah compliant bank, has been named exclusively 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ in Global Finance magazine’s ninth annual awards for the World’s Best Islamic Financial Institutions.
QFB won the prestigious award after Global Finance had extensive consultations with bankers, corporate finance executives and analysts throughout the world.
In selecting the world’s top Islamic Financial Institutions, Global Finance considered a wide range of quantitative factors including growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovations, as well as informed subjective criteria such as reputation, customer satisfaction, and the opinions of analysts and industry experts.
Global winners include:
|Best Islamic Financial Institution||Samba|
|Best Bank for Islamic IPOs||J.P. Morgan|
|Best Up-and-Coming Islamic Financial Institution||Qatar First Bank|
|Best Islamic Custodian||Deutsche Bank|
|Best Provider of Shari’ah-Compliant Funds||Al Rajhi Capital|
|Best Islamic Financial Institution for SMEs||Abu Dhabi Islamic Bank|
|Best Shari’ah-Compliant Index Provider||MSCI Islamic Index Family|
|Best Islamic Trade Finance Provider||Dubai Islamic Bank|
|Best Islamic Commodities Provider||International Islamic Trade Finance Corporation|
|Best Sukuk Bank||Maybank Islamic|
Regional winners include:
|Gulf Cooperation Council (GCC)||Kuwait Finance House|
|Non-GCC Middle East/North Africa||Al Baraka Banking Group|
|Asia-Pacific||CIMB Islamic Bank|
|Europe||Al Rayan Bank|
Winners will be honored at an Awards Ceremony conducted the morning of October 8th during the IMF/World Bank Annual Meetings in Washington, DC.
The esteemed global award comes on the heels of QFB several milestones across all its business lines, while reporting continued profitability for the bank’s seventh full year of operation, as released in March.
Commenting on winning the acclaimed award, Mr. Ziad Makkawi, QFB’s Chief Executive Officer, said:
“We are honored to be named 2016’s ‘Best Up-and-Coming Islamic Financial Institution’ by the renowned, authoritative Global Finance magazine. The prized global award is a translation of QFB’s winning strategy and innovative approach to Islamic Finance.”
“Our strategy focuses on the bank’s role as a trusted advisor, a gateway for investors who wish to tap into innovative, shari’ah-compliant, financial solutions and investment opportunities in local, regional and global markets. We are at the beginning of a new era for our bank and have already started reaping the benefits of our ambitious strategy, as each area of the Bank performed well, bringing growth and generating new recurring income. This celebrated global award is a confirmation that QFB is on the right path, as it continues to identify and seize new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns.”.
Mr. Joseph Giarraputo, Global Finance publisher and editorial director, said:
“Islamic finance continues to expand rapidly—both geographically and in terms of structures and products”.
“Those firms that have been named as this year’s Best Islamic Financial Institutions have consistently supported the needs of their clients. They are able to respond dynamically to the changing environment for Shari’ah compliant financing, while upholding both the spirit and the letter of Shari’ah law.”
Last year was a milestone year for QFB. The bank confirmed its strategy and streamlined its businesses to offer Shari’ah compliant services including alternative investments with a focus on private equity and real estate, as well as corporate & institutional banking, private banking & wealth management, and treasury & investments.
QFB has previously announced its 2015 results recording gross income of QAR 336.5 million (US$ 92.5 million), and net income of QAR 66 million (US$ 18.1 million) with total assets increasing by 26 per cent to reach QAR 5.9 billion (US$ 1.6 billion). The Bank, during 2015, invested a total of QAR 33.9 million (US$ 9.3 million), bringing the total capital invested to date to QAR 1.54 billion (US$ 423.0 million). The Sukuk book continued to grow in size to reach QAR 943 million (USD$ 259 million) and total deposits reached around QAR 3 billion.
Among other major developments during 2015, QFB launched its exclusive Private Banking business line, symbolized by the opening of its lounge, which provides innovative wealth management solutions at the highest standards of governance and transparency.
A full report on the Global Finance World’s Best Islamic Financial Institutions selections will appear in the June issue of the magazine and online at GFMag.com. The Winners, including QFB, will also be honored at an Awards Ceremony conducted in October during the IMF/World Bank Annual Meetings in Washington, DC.