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, the bank announced in a statement on Saturday.
Recognising 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 in the 3rd place as the “Most Valuable Company in Qatar”.
Attended by top executives from leading companies in Qatar, 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 QR6,124 million for the first nine months of 2021 and net profit amounted to QR2,525 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, 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.”
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 recently announced the results of the nine months’ period ending September 30 2021.
Net profit attributable to the shareholders of the bank amounted to QR2,525 million, representing a growth of 13.9% over the same period in 2020. Total assets of the bank stood at QR186 billion higher by 9.4% compared to September 2020 driven by the continued growth in the financing and investing activities. Financing activitiesreached QR127 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.