Doha, Qatar - Wednesday, April 20th 2016 [ME NewsWire]
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 Shariah-Compliant Funds |
Al Rajhi Capital |
Best Islamic Financial Institution for SMEs |
Abu Dhabi Islamic Bank |
Best Shariah-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.” Makkawi added.
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.” Giarraputo added.
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.
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.
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