QIB Receives Two Awards from Islamic Finance News (IFN)

Doha, February 28 (QNA) - Qatar Islamic Bank (QIB) was presented two awards from the Islamic Finance News (IFN), QIB was recognized as "The Best Islamic Bank in Qatar", and also received the "Perpetual Sukuk Deal of the Year" award. The Annual Islamic Finance News "Best Banks Poll" and "Deals of the Year" awards recognize the best providers of Islamic financial services across a series of markets and sectors as voted directly by the readers of Islamic Finance News. Islamic finance issuers, investors, non-banking financial intermediaries and government bodies were invited to elect the best banks and deals by casting their votes. The award for the "Perpetual Sukuk Deal of the Year" was presented to QIB for the issuance of the first Basel III & IFSB Compliant additional Tier 1 perpetual Sukuk in the State of Qatar. The perpetual Sukuk was issued under the "Mudaraba" structure with agreed expected profit for the first six years. While it can be called back by the bank at the end of 6 years, since the Sukuk does not have a maturity date it has been classified as equity strengthening QIB's core capital position. This issuance has established the structural framework adapted by other Islamic banks in Qatar for raising Tier 1 Sukuks. Founded in 1982, QIB has established itself as a leading Islamic Bank in Qatar and the region. Its stable growth for the past five years coupled with a series of strategic investments in human capital, technology and the development of innovative products and services have contributed to the praise and recognition it is receiving from key prestigious entities within the financial industry. Commenting on the award, QIB's Group CEO Bassel Gamal stated: "We are always humbled by the recognition we receive from recognized, independent publications and their readers. Our success stems from our core belief that we are here to support the country's economy, all companies operating and all individuals living and working in Qatar. These awards are received as a testament to the success of our business strategy which is built on offering modern and efficient Sharia-compliant banking along with a customer-centric approach." (QNA)