Latest news with #Shari'a-compliant
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.'
Mid East Info
26-05-2025
- Business
- Mid East Info
Muzn Islamic Banking Strengthens Support for Oman's Housing Vision through Developer Partnerships - Middle East Business News and Information
26 May 2025, Muscat: NBO Muzn Islamic Banking has announced the signing of two Memoranda of Understanding (MOUs) with Sohar Real Estate Development LLC to support the Hai Majd Project and Zain Property Development LLC to support Husn Al Zain Project. The agreements enable Muzn Islamic Banking to provide Shari'a-compliant home financing solutions to eligible customers purchasing properties developed under the Sorouh Initiative for Integrated Residential Neighbourhoods. Formalised by officials from the Ministry of Housing and Urban Planning, the National Bank of Oman (NBO), and the respective developers; the agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Mahmood Al Mandhari, CEO of Sohar Real Estate Development LLC, and Mish'al Al Raisi, Managing Director of Zain Property Development LLC. Commenting on the agreements, Salima Obaid Issa Al-Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, stated, 'These partnerships mark a significant milestone in our efforts to deliver accessible, Shari'a-compliant housing solutions. Muzn Islamic Banking is committed to empower individuals and families across Oman with ethical financing options that align with their values. Through our collaboration with trusted developers and MOHUP, we are proud to support the government's vision of sustainable urban communities.' The Sorouh Initiative, spearheaded by the Ministry of Housing and Urban Planning, aims to provide integrated residential communities across Oman through partnerships with the private sector. Muzn Islamic Banking's role in this initiative underscores its ongoing support for national development priorities and its focus on delivering innovative Islamic financial products and services.
Daily Tribune
22-05-2025
- Business
- Daily Tribune
AUB recognised for Islamic and Digital leadership
TDT | Manama Ahli United Bank has secured dual accolades at Euromoney's 2025 Banking Excellence Awards, reinforcing its leadership in both Islamic finance and digital innovation tailored to large corporate clients. The bank was named 'Best Islamic Bank in Bahrain 2025' and 'Bahrain's Best Digital Bank for Large Corporates' at the awards ceremony held in Dubai, highlighting its achievements in Shari'a-compliant banking and high-tech financial solutions for multinational corporations, government-related entities and institutional clients. Corporate digital focus The honours reflect AUB's focus on next-generation banking, particularly for large-scale clients. Recent advancements include the rollout of a fully automated, Shari'a-compliant Payable Finance Solution and a major expansion of its Virtual Accounts Management platform. Through strategic use of technologies such as API integrations, advanced cash and liquidity management, and a fully digitised trade finance offering, AUB has deepened its engagement across more than 20 jurisdictions. Regional recognition Dr. Shadi Zahran, Group Chief Executive Officer of AUB, said the recognition was a reflection of the bank's regional strength and team commitment. 'Being named Bahrain's Best Islamic Bank and Best Digital Bank for Large Corporates is a testament to AUB's excellence in developing innovative, Shari'a-compliant banking solutions and advancing our digital capabilities for corporate clients,' he said. 'These awards reflect the strength of our performance, our robust financial base, and our leading position both in Bahrain and the wider region.' Consistent excellence
ILoveQatar.net
21-05-2025
- Business
- ILoveQatar.net
PayLater and LuLu AI partner to shape Qatar's fintech future
PayLater, Qatar's first licensed Shari'a-compliant Buy Now, Pay Later (BNPL) provider, announces a strategic investment partnership with LuLu Alternative Investments (LuLu AI), the fintech investment arm of LuLu Financial Holdings. This collaboration marks another important milestone for Qatar's fintech sector, as it fuels PayLater's mission to create ethical, user-driven financial technology that's scalable, inclusive, and innovation-led. As a homegrown fintech startup, PayLater has quickly emerged as a category-defining company, rethinkingcredit for the digital era. In under a year, it has onboarded over 100,000 users, partnered with 150+merchants across 200 branches, and delivered seamless, interest-free installments. The platform integrates into point-of-sale and e-commerce systems and is fully linked to Qatar's Credit Bureau. LuLu AI's investment is a strategic alignment driven by a shared commitment to smarter, more inclusive everyday transactions. 'This partnership with LuLu AI marks a major business milestone for us at PayLater. It's a shared belief in the future of responsible, flexible finance in Qatar. LuLu brings regional scale and experience, and together, at PayLater, we're committed to building solutions that empower both consumers and merchants, while reinforcing Qatar's position as a fintech hub in the region,' said Mohammed Al-Delaimi, Co-Founder and CEO of PayLater. 'Through LuLu AI, we are building more than a portfolio — we are shaping a future where financial services are intelligent, inclusive, and deeply human-centric,' said Adeeb Ahamed, Managing Director of LuLu Financial Holdings. LuLu AI's investment is a strong vote of confidence in Qatar's growing digital economy and marks its firstdirect fintech investment in the country. It aligns with the firm's mission to support disruptive financial technologies in high-growth markets. The partnership will accelerate PayLater's roadmap by expanding features, enhancing merchant tools, anddelivering deeper personalization and real-time insights, all while maintaining its ethical, Shari'a-compliantfoundation. It also sets a model for how startups and institutional investors can shape the future of fintech in the GCC. Source and cover image: Press Release Follow us on our social media channels: @ILQlive @ILQlive @ILoveQtr ILoveQatar Start a discussion
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.
