Qatar Islamic Bank (QIB)
Qatar Islamic Bank (QIB) was the first Islamic bank to start operating in the country in 1982 and it is still the largest today: The Bank currently holds 40% share of the Islamic banking sector and approximately11% of the total domestic banking sector.
QIB conducts its domestic business through a modern branch network spread throughout Qatar with key branches featuring distinctive centers with specialized relationship managers focused on servicing specific customer segments: Private Banking Centers, Affluent Banking Centers, as well as Ladies Banking Centers. In addition to its branch network, the Bank has accelerated its investments in digital channels providing its services through QIB Mobile App, internet banking applications for individuals and companies, multi-functional ATMs, Interactive Teller Machine (ITM) and an award winning Call Center.
QIB’s growth strategy is built on its position as a leading Islamic Bank with deeply rooted customer relationships and strong engagement with the local communities. The Bank’s strategy is closely tied with Qatar’s National Vision 2030 and the Government’s commitment to investments in the country’s infrastructure, the diversification of the economy and the development of a strong private sector. QIB is a stable financial group covering all segments of the financial markets, including individuals, government institutions, large corporations and SMEs providing innovative Sharia-compliant banking solutions.
QIB Group has a stake in a number of Qatari Sharia’-compliant financial services companies. This includes QInvest, its investment banking subsidiary, and its associates Beema (Takaful solutions provider) and Al Jazeera Finance (Consumer Finance company).
The Group has established an international presence in key markets so as to be able to serve the cross border needs of its customers as well as to develop a focused presence in geographies with high interest in Islamic banking services. QIB-UK is a subsidiary established in 2008 covering the financial needs of Qatari individuals and companies in the United Kingdom. Furthermore, the bank has presence in Lebanon through Arab Finance House and one branch in Sudan.
In November 2020, Moody’s Investors Service, (“Moody’s”) has affirmed the Long-term deposit ratings of QIB at “A1” with a Stable outlook. Fitch Ratings affirmed Qatar Islamic Bank at ‘A’ with a Stable outlook. Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-’ with a Stable outlook. In May 2020, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term Currency Rating (LTCR) of ‘A+’ with a Stable outlook. In 2020, QIB received 30 global awards in recognition of its outstanding performance and digital services.