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Digital Transformation behind Qatar bank’s growth

Digital Transformation behind Qatar bank’s growth

Banking & FinanceMore NewsQATAR

The Digital Transformation of a Qatari bank has led to its substantial growth and continued success.

Qatar Islamic Bank (QIB) announced its financial results for the year 2019 with it achieving a net profit of QR3.05 billion, representing a growth of 10.9% for the same period in 2018.

Additionally, total assets of the bank have increased by 6.7% compared to December 2018 and now stand at QR163.5 billion.

QIB has embarked on Digital Transformation to face banking trends that are changing to meet the customer’s evolving digital expectations.

QIB’s strategy is closely tied with Qatar’s National Vision (QNV) 2030 and the government’s commitment to investment in the country’s infrastructure, the diversification of the economy and the development of a strong private sector.

The bank’s growth strategy is built on its position as a leading Islamic Bank covering all segments of the financial markets. It has financed major developmental projects in different fields which include infrastructure, oil and gas, construction projects, and other sectors in alignment with the QNV.

QIB has also been recognised as the ‘Best Islamic Bank in Qatar’ by Islamic Finance News (IFN) readers.

Bassel Gamal, QIB’s Group CEO, said: “This showcases that our team’s commitment to the country, and to our customers and stakeholders, continues to be appreciated.”

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