The Asian Banker Thursday, 18 July 2024

World’s Best Islamic Retail Bank goes to Qatar Islamic Bank

5 min read

Qatar Islamic Bank (QIB) has distinguished itself with its comprehensive and innovative approach to Islamic retail banking, boasting a loan portfolio of more than QAR 30.3 billion ($8.3 billion), high profitability and advanced digital offerings. Its modern digital banking provides enhanced control over the speed of innovation and customer experience.

QIB’s strategic involvement with the Qatar FinTech Hub, initiated by the Qatar Development Bank (QDB), positions the bank at the forefront of the burgeoning FinTech ecosystem, fostering local and international collaborations to advance financial technology solutions.

Furthermore, QIB has integrated essential services like utility bill payments and automated Islamic finance processes through its digital platforms, streamlining customer transactions and enhancing the user experience. The bank has also ventured into digital bancassurance, offering various insurance products directly via its mobile banking services.

The digital adoption rates among QIB’s clientele underscore its success, with a significant majority actively engaging with its digital platforms: 83% in the retail sector and notably, 99.5% in retail banking transactions. These figures reflect QIB’s effective digital engagement strategies and its commitment to delivering superior retail Islamic banking services.

This combination of technological innovation, strategic partnerships, and high digital engagement rates cements QIB's position as a leader in the Islamic retail banking sector. For solidifying its leadership in Islamic retail banking and becoming the preferred choice for customers, QIB was awarded the title of the World’s Best Islamic Retail Bank.

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