Qatar First Bank Named Global Finance 2016’s Best Up-And-Coming Islamic Financial Institution Global Award

Doha, Qatar-Wednesday 20 April 2016 [ AETOS Wire ]

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.


Contacts

Grey Doha

Denise Yammine Chouity, +974-333-18761

Denise.yamine@greydoha.com





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Mr. Ziad Makkawi, QFB’s Chief Executive Officer (Photo: ME NewsWire)

Mr. Ziad Makkawi, QFB’s Chief Executive Officer (Photo: ME NewsWire)

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