QFB named 'Best Islamic Financial Institution'

20/04/2016 07:44 AST

Qatar First Bank (QFB), Qatar's leading Shariah-compliant bank, has been named in 2016's 'Best Up-and-Coming Islamic Financial Institution' in Global Finance magazine's ninth annual awards for the World's Best Islamic Financial Institutions.

QFB won the prestigious award after Global Finance had extensive consultations with bankers, corporate finance executives and analysts throughout the world. In selecting the world's top Islamic Financial Institutions, Global Finance considered a wide range of quantitative factors including growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovations, as well as informed subjective criteria such as reputation, customer satisfaction, and the opinions of analysts and industry experts.

"We are honoured to be named 2016's 'Best Up-and-Coming Islamic Financial Institution' by the renowned, authoritative Global Finance magazine. The prized global award is a translation of QFB's winning strategy and innovative approach to Islamic Finance," said Ziad Makkawi, QFB's Chief Executive Officer.

"Our strategy focuses on the bank's role as a trusted advisor, a gateway for investors who wish to tap into innovative, Shariah-compliant, financial solutions and investment opportunities in local, regional and global markets. We are at the beginning of a new era for our bank and have already started reaping the benefits of our ambitious strategy, as each area of the Bank performed well, bringing growth and generating new recurring income. This celebrated global award is a confirmation that QFB is on the right path, as it continues to identify and seize new, attractive opportunities, deliver excellence for both private and corporate clients, build a strong brand, and provide shareholders with robust returns," Makkawi added.

Winners will be honoured at an Awards Ceremony conducted the morning of October 8th during the IMF/World Bank Annual Meetings in Washington, DC.

The esteemed global award comes on the heels of QFB several milestones across all its business lines, while reporting continued profitability for the bank's seventh full year of operation, as released in March.

"Islamic finance continues to expand rapidly-both geographically and in terms of structures and products," said Joseph Giarraputo, Global Finance publisher and editorial director.

The Peninsula