Qatar First Bank (QFB), the leading Shari’ah bank in Qatar, is reaping the benefits of a strategy they introduced last year as they are named as 2016’s Best Up-and-Coming Islamic Financial Institution during the 9th annual awards of Global Finance magazine’s World’s Best Islamic Financial Institutions.
They won this prestigious award as Global Finance received extensive consultations with bankers, corporate finance executives, and analysts throughout the world.
When it comes to selecting the top Islamic Financial Institutions in the world, Global Finance took a variety of quantitative factors into consideration. This includes growth in assets, geographic reach, profitability, strategic relationships, new business development, and product innovation. They also factored in informed subjective criteria, including customer satisfaction, reputation, and opinions of certain analysts and experts in the industry.
The global award served as a milestone achievement of QFB across their business lines as they reported continued profitability for their 7th full year of operation, according to the data they released in March.
Mr. Ziad Makkawi, the Chief Executive Officer of QFB, said in a statement, “We are honored 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.”
“Our strategy focuses on the bank’s role as a trusted advisor, a gateway for investors who wish to tap into innovative, Shari’ah-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,” he added.
2015 has been a milestone for QFB. They confirmed their strategy and streamlined their businesses to offer compliant services to Shari’ah, which includes alternative investments that focuses on private equity and real estate, as well as corporate and institutional banking, treasury and investments, and private banking and wealth management.
The winners of the Global Finance World’s Best Islamic Financial Institutions, including QFB, will be honored at an Awards Ceremony in October during the annual meetings of IMF and World Bank in Washington, DC.