Doha: Qatar Islamic Bank (QIB) has decorated yet another feather in the hat as it has won the award of “Best Islamic Financial Institution in Qatar.”
Qatar Islamic Bank happens to be the benchmark Islamic Bank in the Gulf state and it has secured the top position of being the best Islamic financial institution in the country for the second consecutive year.
QIB was announced the winner of the award by Global Finance, a top notch business magazine, during the fifth annual awards of the influential media outlet.
The award recognizes QIB's successes in contributing to the growth of Islamic Banking both locally and internationally through the wide range of Shariah-compliant products the bank offers, and in possessing the correct standards for productive and ethical growth in the future.
QIB Acting Chief Executive Officer, Ahmad Meshari, commented, “We were delighted to win this award last year and to do so again in 2012 is obviously something we're very pleased about. It confirms the bank's status as market leader in Qatar, and also that we have a burgeoning international presence with our overseas subsidiaries.”
“That QIB continues to receive noteworthy awards shows that we're still achieving excellent performance and responding to our customers' needs whether they are institutions, corporations or individuals,” he added.
Global Finance Magazine's awards cover a number of different categories and QIB came top of the list in Qatar for the second successive year. Editors of the magazine collaborate with bankers, corporate finance executives and analysts all over the world to determine the winners.
The awards consider specific criteria to determine the performance of the nominees that includes growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the informed opinions of equity analysts, banking consultants and others involved in the finance industry. Winners were chosen in a ceremony earlier this year at the magazine's New York headquarters.
Global Finance magazine was established in 1987 and has a circulation of more than 50,000 in more than 163 countries. A good percentage of magazine’s readers are influential financiers and high-ranking members of financial organizations. The magazine targets a global hard core of 8,000 investors who manage a massive 80 percent of the world's total investment assets.