Doha, – Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, was awarded the Product Innovation Award under the Islamic Finance category from Global Finance.

The award recognized QIB’s efforts in introducing innovative sharia compliant products that meet customers’ needs by providing them with long-term deposits with flexible profit payment options, QIB said in a press release on Sunday.

QIB’s Group CEO Bassel Gamal expressed pleasure that QIB’s commitment to product innovation has been recognized.

“Through market research, we are able to tailor our services to meet and even exceed our customers’ expectations,” he added.

The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Each year Global Finance selects the best financial institutions around the world. These awards have become a recognized and trusted standard of excellence. Global Finance magazine has announced The Innovators 2017 – Islamic Finance, this is the publication’s second annual listing of sharia-compliant financial institutions and service providers that have fully recognized the critical importance of product and service innovation together with technology enhancement and investment.

QIB’s profit grew by 12.8% reaching QAR 555 million for three months ending on March 31, 2017 compared to same period last year. QIB assets currently stand at QAR 143.3 Billion having grown by 9.1% on a year on year basis. Financing activities have reached QAR 99.5 Billion having grown by 9.3% compared to March 2016. Total Income reached QAR 1,496 Million compared to a Total Income of QAR 1,287 Million during the same period of last year registering a growth of 16.3%.

The Bank has been recognized by the industry receiving multiple awards from highly reputable entities. Recently, QIB won the “Best Islamic Financial Institution in Qatar and the GCC” award from Global Finance cementing its position as a leading Islamic Bank in Qatar and a major player in the regional Islamic banking sector. (QNA)

Source: Qatar News Agency