Qatar Islamic Bank (QIB) – the country’s leading Islamic bank – has been named for the third consecutive year as the ‘Best Islamic Bank in Qatar’ for 2012 at the Islamic Finance News (IFN) awards.
The IFN Awards, established in 2005, honour the best in the Islamic financial industry, and are some of the most prestigious and highly recognised by global Islamic capital markets. They are formulated after a poll of some 3,000 votes cast by leading participants in the industry, investors, non-banking financial intermediaries and government bodies from around the world.
At a ceremony held in Dubai on the 24th Feb 2013, Salem Almarri – QIB’s Assistant General Manager – Financial Group, received the award on behalf of the Bank. This reflects QIB’s commitment to its customers and stakeholders, and reinforces QIB’s position as one of the principal Islamic Banking pioneers in Qatar, in the region and across the world. Over the past 30 years, QIB has succeeded in establishing a recognisable local, regional and international presence that has ensured it is a frontrunner in the regional and international Islamic banking industry.
QIB signed various major Islamic Financing deals during 2012 which included a USD 500 million Islamic finance deal with the leading Qatar telecommunications company Qtel and a USD 180 million package for the Qatar Gas Transport Company, Nakilat. In addition to these deals, QIB also financed NBK QR 800 million.
At the same time, Fitch Ratings has affirmed Qatar Islamic Bank’s Long-term Issuer Default Rating (IDR) at ‘A’ with a stable outlook and Viability Rating (VR) at ‘bbb’; while Standard & Poor's assigned its 'A-' long-term and 'A-2' short-term counterparty credit ratings to QIB with a stable outlook rating on the long-term, reflecting QIB’s sound financial position and business strategy. This was S&P’s first rating of QIB, and it hailed the Bank’s business position, its leading position in the fast-growing Qatari Islamic banking segment and its business model and management.
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