Qatar Islamic Bank (the Bank) has been rated the safest Islamic bank in Qatar and the second safest Islamic bank in the Gulf Cooperation Council countries. This is part of Global Finance’s annual classification of the safest Islamic banks for the year 2024.
This prestigious recognition reinforces the bank’s position as a role model for security and stability in Islamic banking services at the local and global levels.
The bank’s inclusion in this list reflects Qatar’s position as a safe, stable and prosperous country in the Middle East, supported by a developed banking system. The bank topped the list among Qatari banks in the classification of the safest Islamic banks, as the bank’s total assets reached 197.5 billion riyals for the nine-month period ending on September 30, 2024, making it the largest Islamic bank in the country. Moreover, the bank was ranked among the top 10 Islamic financial institutions for the year 2024, as it demonstrated a distinctive response to various economic and geopolitical factors to maintain its security and stability.
Last July, the international credit rating agency “Fitch” confirmed the bank’s credit rating at “A” with a stable outlook.
In June 2024, Moody’s Investors Service (Moody’s) confirmed the bank’s long-term deposit rating at “A1” with a stable outlook. In April 2024, Capital Intelligence (CI) confirmed the bank’s long-term rating (LTCR) to “AA-” with a stable outlook.
The bank’s focus on digital transformation has significantly improved customer experience, along with streamlining internal processes, with 99% of transactions today conducted through self-service channels.
Mr. Basil Gamal, CEO of the Bank’s Group, said: “We consider enhancing the strength and security of our institution to be our top priority. We give priority to the needs of our customers, and we proudly – as a reliable partner – provide our services to all stakeholders. This prestigious honor is a testament to the dedication of our team and the support of our Board of Directors. As we continue to be a leader in the evolving financial landscape, we remain steadfast in our commitment to standards of excellence, innovation and security.”
Global Finance’s assessment of the safest Islamic banks is an indicator of institutions committed to developing banking models compatible with the provisions of Islamic Sharia.
