Doha: Islamic Finance sector continues to dominate in Qatar as Qatar International Islamic Bank (QIIB) has grabbed the award for “Best Islamic Bank in Qatar” at the Global Sukuk Summit which was held recently in London, UK.
The award was conferred on the bank in recognition of its outstanding achievements in the sukuk market and in the Islamic finance industry.
QIIB Chairman and Managing Director, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, received the award at the event held in the presence of H E Sheikh Abdullah bin Saoud Al Thani, Governor of Qatar Central Bank, and high-level personalities from the global financial industry and business. Sheikh Dr. Khalid was also honored at the event.
Sheikh Dr. Khalid said, “Sukuks have become a key tool and an important market in Islamic banking. Global sukuk markets have been going from strength to strength, which is evident from the overwhelming response to the instruments worth billions of dollars on offer. This comes as a logical response to the needs of the market.”
“The importance of the Islamic instruments can be gauged from some recent specialized economic reports that estimated that the size of the global sukuk markets reached $130 billion in 2012, up 50 percent on the previous year,” he added.
Sheikh Dr. Khalid expressed delight at conferring the award on QIIB and said it would further motivate the bank to design and focus on more such Islamic instruments and participate in the process of developing the global sukuk market by cooperating with all banking entities in the region and around the world.
QIIB CEO, Abdulbasit A.Al Shaibei, said that the award comes in the series of great successes achieved by International Islamic in the issuance of sukuks.
The bank’s 700 million 5-year sukuk raised more than 5 billion, which was oversubscribed more than seven times. This reflects the confidence enjoyed by Qatari economy among international investors and reflects the strong financial position of the bank in addition to QIIB’s high ratings from international and reputable rating agencies.
Al Shaibei said, “The award proves once again the leadership of International Islamic and its ability to respond positively, properly and timely to the latest developments in the world of Islamic banking. It also is recognition of International Islamic’s contribution to the enrichment and development of market instruments, which have seen a strong response in various countries, an indication of bright outlook for the Islamic banking industry and its various tools.
The Global Sukuk Summit in London shed light on various issues pertaining to the global sukuk market, Islamic instruments and the Islamic banking industry in general. The Islamic banking industry is booming in various parts of the world.
The event provided a platform for dialogue and exchange of knowledge and information as it was attended by influential personalities from important financial institutions and businessmen.
QIIB has been rated A3/A- by Moody’s and Fitch respectively, both with stable outlook.