Latest news with #BasselGamal
Qatar Tribune
a day ago
- Business
- Qatar Tribune
QIB successfully issues sukuk worth $750 mn
Tribune News Network Doha Qatar Islamic Bank (QIB), rated A1 by Moody's and A by Fitch, successfully issued a $750 million sukuk with a profit rate of 4.803 percent and tenor of 5 years on June 3. The profit rate was equivalent to a credit spread of 80 basis points over the US Treasury Rate, which was well inside QIB's fair value and lower than secondary market spreads of all Qatari banks, reflecting the positive perception of international investors around QIB's credit quality. Moreover, QIB's profit rate was the lowest achieved by a GCC bank for a senior unsecured 5 year issuance in 2025. QIB announced its intention to issue a Sukuk on Monday morning and conducted calls throughout the day with European, Asian and Middle Eastern accounts. Initial investor feedback was encouraging and allowed QIB to open the order book on Tuesday morning. The order book quickly grew to peak at $1.7 billion, representing an oversubscription rate of 2.3 times, one of the highest levels of demand seen for Sukuk issuances. The robust order book enabled QIB to confidently tighten the pricing by 35-40 basis points from Initial Price Thoughts in one iteration to 80 basis points over the US Treasury Rate. Investor diversity was broad and comprised of banks, private banks, fund managers and agencies from all over the world. Acting as joint lead managers and book runners were Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, KFH Capital, Mashreq, QNB Capital, QInvest, SMBC, Standard Chartered Bank and The Islamic Corporation for the Development of the Private Sector. Commenting on the issuance, QIB Group Chief Executive Officer Bassel Gamal said, 'QIB is proud of another successful transaction in the international capital markets, where it has built a reputable name and large investor base from around the globe. The strong demand for our Sukuk underscores the faith investors have in robust economic position of the State of Qatar's and strong financialfundamentals of QIB.'
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
QIB named Islamic bank of the year in Middle East by The Banker
Tribune News Network Doha Qatar Islamic Bank has been named Islamic Bank of the Year in the Middle East by The Banker (Financial Times Group) at The Islamic Banking Awards 2025. The recognition reflects QIB's leadership in Islamic finance, its continued investment in innovation, and its focus on delivering secure, Shari'a-compliant financial solutions across the region. The award comes as QIB continues to strengthen its position as one of the most efficient and digitally advanced Islamic banks in the region. In the first quarter of 2025, QIB reported a net profit of QAR 985 million, a 3.1% increase over the same period last year. Total assets grew to QAR 212 billion, while the Bank maintained a cost-to-income ratio of 16.6%, the best in the Qatari banking sector. QIB also continued to demonstrate prudent risk management, with a non-performing financing assets ratio of 1.76% and a financing-to-deposit ratio well within regulatory limits. QIB's financial strength continues to be recognized by international rating agencies. In 2024, Fitch Ratings affirmed QIB's rating at 'A' with a stable outlook, Moody's affirmed the Bank's long-term deposit ratings at 'A1' with a stable outlook, and Capital Intelligence Ratings affirmed the Bank's long-term rating at 'AA-' with a stable outlook. Over the past years, the Bank introduced several first-to-market innovations that have simplified banking for customers. Key milestones include real-time digital onboarding for new customers, and instant personal financing through the QIB Mobile App, which is now offering over 300 features and a refined user experience. The Bank has introduced new innovations beyond banking including the QIB Marketplace providing a diverse range of products and including a section for local SMEs to display & sell products. QIB has also introduced the first Auto Marketplace in Qatar, also within its mobile app, enabling customers to browse, book a test drive, select and finance vehicles online. Bassel Gamal, QIB Group CEO, said: 'We are pleased to be named Islamic Bank of the Year in the Middle East by The Banker. On this occasion, I would like to extend my appreciation to QIB's Board of Directors, the entire QIB team and our customers for their trust and support.'
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar Islamic Bank wins top retail and SME bank awards
Tribune News Network Doha Qatar Islamic Bank has been named best retail bank in Qatar and best SME bank in Qatar at the MEED MENA Banking Excellence Awards 2025, reaffirming its position as a leading financial institution committed to innovation, customer excellence, and sustainable growth. The best retail bank in Qatar award reflects QIB's strong retail proposition built around accessibility, efficiency, and trust. The bank's success is grounded in a well-balanced strategy that integrates digital innovation with personalized support. With over 300 features and an intuitive user experience, the QIB Mobile App has become the preferred banking channel for QIB customers, offering a comprehensive and user-friendly platform for all their banking needs. The App offers customers the ability to have full control of their accounts, cards, and transactions and to fulfil all their banking requirements remotely. All citizens and residents in Qatar can open their first account in QIB within few minutes through the mobile app without the need to visit a branch. Existing QIB customers can open additional accounts, apply for personal financing and/or a Credit Card, instantly via the QIB Mobile App. Further strengthening its position as a digital leader, QIB has introduced new innovations beyond banking including the QIB Marketplace providing a diverse range of products and including a section for local SMEs to display & sell products. The Bank has also introduced the first Auto Marketplace in Qatar, also within its mobile app, enabling customers to browse, book a test drive, select and finance vehicles online. The best SME bank in Qatar award underscores QIB's comprehensive approach to supporting small and medium-sized enterprises. QIB offers a wide range of tailored Shari'a-compliant products and digital services, including online account opening, Corporate Internet Banking, and its Corporate Mobile App. The Bank has also introduced co-branded credit cards in partnership with Ooredoo, as well as a suite of payment solutions such as POS machines, Payment Gateway, and the SoftPOS App. These services are designed to simplify banking for SMEs, improve access to financing, and help businesses manage their cash flow more efficiently, supporting their growth and contribution to Qatar's economic diversification. QIB's continued investment in innovation, combined with its strong financial performance, has cemented its status as a market leader. For the three months ended 31 March 2025, QIB reported a net profit of QAR 985 million, a 3.1% increase over the same period last year. Total assets grew to QAR 212 billion, while the Bank maintained a cost-to-income ratio of 16.6%, the best in the Qatari banking sector. QIB also continued to demonstrate prudent risk management, with a non-performing financing assets ratio of 1.76% and a financing-to-deposit ratio well within regulatory limits. Commenting on the awards, Bassel Gamal, QIB's Group CEO, said: 'We are pleased to be recognized by MEED for our excellence in retail and SME banking. These awards reflect the strength of our digital strategy, our focus on innovation, and our customer-first mindset. We remain committed to delivering secure, convenient, and inclusive banking experiences that meet the needs of individuals and businesses across Qatar.' MEED, in partnership with GlobalData financial services publications Retail Banker International and Private Banker International, hosted the fourth edition of the MENA Banking Excellence Awards 2025. This year's awards program honored top-performing financial institutions across the Middle East and North Africa, spotlighting innovation, customer experience, and operational excellence across various banking segments.
Zawya
29-04-2025
- Business
- Zawya
QIB named Qatar's best bank for High Net Worth Individuals by Euromoney
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, has been named Qatar's Best Bank for High Net Worth Individuals by Euromoney at the Private Banking Awards 2025, underscoring its leadership in delivering Shariah-compliant, world-class wealth management and banking solutions for high earning customers. QIB Private Banking stands out for offering highly personalized, relationship-led services rooted in Islamic principles. Each customer benefits from a dedicated relationship manager who crafts tailored financial strategies aligned with personal goals and risk tolerance. The Bank offers a full suite of services, including bespoke investment solutions, financing, estate planning, and exclusive access to premium investment opportunities. In recent years, QIB has expanded its investment product portfolio to meet evolving customer demands. Key initiatives include the launch of the Sustainable Deposit, a Shari'a compliant Absolute Mudaraba product, and the integration of a powerful Next Best Offer recommendation engine, using AI to deliver personalized saving and investment suggestions. QIB Private customers also benefit from seamless digital investment services via the award-winning QIB Mobile App. Through the Bank's partnership with The Group Securities Company, customers can trade stocks on the Qatar Stock Exchange directly through the App, manage their brokerage accounts, and transfer funds instantly — all under a single login. Internationally, QIB enhances its offering through QIB (UK), its Mayfair-based private bank serving HNWIs. QIB (UK) provides Shariah-compliant banking solutions such as Wakala deposits, property financing for London real estate, foreign exchange services, and multi-currency savings options, catering to customers seeking cross-border wealth management solutions. Commenting on the award, Mr. Bassel Gamal, QIB's Group CEO, said:"We are pleased to receive this recognition from Euromoney, which reflects the hard work and dedication of our team. Our goal is to always deliver outstanding, Shariah-compliant banking services that meet the diverse and sophisticated needs of our customers. I thank our Board of Directors, our customers for their continued trust, and our employees for their continued commitment to innovate and deliver personalized service." The Euromoney Private Banking Awards are among the most prestigious in the financial services industry, recognizing banks that excel in innovation, service, and leadership in private banking and wealth management. This accolade reaffirms QIB's position as the leading Islamic private bank in Qatar, committed to delivering premium, responsible, and digitally driven banking solutions for high-net-worth individuals.
Zawya
14-04-2025
- Business
- Zawya
QIB wins Best Bank and Best Islamic Financial Institution in Qatar awards by Global Finance
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank, is proud to announce that it has been awarded the prestigious title of " Best Bank in Qatar" for the third year in a row as well as the " Best Islamic Financial Institution in Qatar" by Global Finance magazine, a globally recognized leader in banking and financial services publications. This distinguished recognition highlights QIB's unwavering commitment to excellence, innovation, and leadership in providing cutting-edge Islamic banking solutions. The awards were given in recognition of QIB's strong financial performance, operational efficiency, and customer-centric services, which continue to set new benchmarks in the banking industry. Global Finance evaluates banks globally across several criteria, including growth, profitability, customer service, and technological advancements. QIB's strong track record in delivering innovative products and services tailored to the evolving needs of its customers has earned it this high honor. Commenting on the awards, Mr. Bassel Gamal, QIB's Group CEO, said: "We are honored to receive the Best Bank in Qatar and Best Islamic Financial Institution in Qatar awards from Global Finance. This achievement is a testament to the hard work, dedication, and innovation of our team, the support of our Board of Directors, as well as the trust and loyalty of our customers. Our success is rooted in our deep commitment to providing innovative Islamic financial solutions and maintaining the highest levels of customer satisfaction. We will continue to build on this success and strive to further elevate the banking experience for all our customers." QIB's award-winning efforts in 2025 reflect its leadership in key areas, including digital banking, sustainable finance, and corporate governance. The bank's robust digital transformation strategy has led to the launch of cutting-edge mobile banking platforms, which empower customers to manage their finances seamlessly and securely, anytime and anywhere. Additionally, QIB's commitment to supporting the Qatari economy and contributing to the development of Qatar's financial ecosystem has been pivotal in its evolution to a leading bank in the region. The bank continues to align its operations with the Qatar National Vision 2030 of sustainable economic growth, innovation, and financial inclusion.
