Latest news with #Shari'a
Qatar Tribune
18-06-2025
- Business
- Qatar Tribune
QIB named Qatar's best Islamic bank and best digital bank for SMEs by Euromoney
Tribune News Network Doha Qatar Islamic Bank (QIB), has been named Qatar's Best Islamic Bank and Qatar's Best Digital Bank for SMEs at the Euromoney Awards for Excellence 2025, reaffirming its market leadership and dedication to delivering innovative, Shari'a compliant digital financial solutions. This recognition from Euromoney, one of the world's most respected financial publications, reflects QIB's exceptional performance, strong market position, and strategic focus on digital transformation within the framework of Islamic banking principles. QIB's sustained investment in technology and innovation, combined with its strong financial performance, has solidified its leader position. For the first quarter ended 31 March 2025, QIB reported a net profit of QAR 985 million, marking a 3.1% increase over the same period last year. The Bank's Total assets reached QAR 212 billion, while the Bank maintained a cost-to-income ratio of 16.6%, the best in the Qatari banking sector. QIB also continued to demonstrate prudent risk management and controls, with a non-performing financing assets ratio of 1.76% which is considered one of the lowest ratios in the banking sector, reflecting the quality of the bank's financing portfolio and effective risk management framework. The financing-to-deposit ratio reached 91.4%, reflecting the bank's strong liquidity position. The award for Best Digital Bank for SMEs highlights QIB's customer centric approach and commitment to enabling Qatar's small and medium-sized enterprises. Through a suite of tailored, Shari'a-compliant digital solutions including digital onboarding, Corporate Internet Banking, the QIB Corporate App, and co-branded credit cards with Ooredoo QIB has simplified business banking. The Bank also offers a comprehensive range of payment services such as POS terminals, Payment Gateway, and QIB SoftPOS App, empowering SMEs to manage finances, improve liquidity, and scale sustainably. On this occasion Bassel Gamal, QIB Group CEO, said: 'We are pleased to receive this recognition from Euromoney, which reflect our unwavering commitment to delivering innovative, Shari'a-compliant financial solutions and supporting Qatar's economic development. These accolades reaffirm QIB's leadership in Islamic banking and underscore the success of our digital transformation strategy. Our focus on empowering SMEs through tailored digital services is a key pillar in fostering sustainable growth and contributing to the country's diversification efforts.' The Euromoney Awards for Excellence were the first of their kind in the financial publishing industry. It remains one of the most prestigious and respected awards in global banking. The awards programme seeks to showcase financial institutions that deliver world-class services to their clients and which are successfully able to adapt to changing market conditions.
Qatar Tribune
15-06-2025
- Business
- Qatar Tribune
QIB receives two prestigious awards from The Asian Banker
Tribune News Network Doha Qatar Islamic Bank (QIB), Qatar's leading digital bank, has received two major accolades at The Asian Banker Leadership Achievement Awards 2025. QIB Group CEO Bassel Gamal has received CEO Leadership Achievement for Qatar Award, while QIB has been named Best Managed Bank in Qatar for the period from January 2022 to December 2024. This recognition reflects the strength of QIB's strategy, its consistent performance, and its commitment to building a modern, inclusive, and resilient financial institution. Under the visionary leadership of QIB Group CEO Bassel Gamal, the bank has redefined the banking experience in Qatar and beyond, establishing itself as a global leader in Islamic finance. Since assuming his role in 2013, Gamal has transformed QIB into a pioneering institution, driving innovation, exceptional financial performance, and unmatched customer satisfaction while upholding Shari'a principles at the core of its operations. In 2024, QIB's net profit rose by 7 percent year-on-year to reach QR4,605 million. Total assets increased by 6.1 percent, reaching QR200.8 billion by the end of 2024 — a strong testament to the bank's sustained growth trajectory. QIB's total income grew by 9.4 percent to QR11.7 billion, driven by robust financing and investment activities, while customer deposits rose 3.4 percent to QR125 billion. The bank's cost-to-income ratio of 17 percent remains the lowest among Qatari banks, reflecting strict cost discipline and operational effic iency. Asset quality remains strong, with a non-performing financing assets ratio of 1.86% and a coverage ratio of 95 percent. QIB's financial strength continues to be recognized by international rating agencies. In 2024, Fitch Ratings affirmed QIB's rating at 'A' with a stable outlook, Moody's affirmed the bank's long-term depositratings at 'A1' with a stable outlook, and Capital Intelligence Ratings affirmed the bank's long-term rating at 'AA-' with a stable outlook. Over the last three years, QIB introduced several first-to-market innovations that have simplified banking for customers. Key milestones include real-time digital onboarding for new customers, and instant personal financing through the Mobile App, which is now offering over 300 features. The bank has introduced new innovations beyond banking including the QIB Marketplace providing a diverse range of products and including a section for local SMEs to display and sell products. QIB has also introduced the first Auto Marketplace in Qatar, also within its mobile app, enabling customers to browse, book a test drive, select and finance vehicles online. Furthermore, QIB consistently emphasises its commitment to environmental responsibility through tangible actions. In a recent stride towards sustainability, the bank launched an eco-friendly credit card crafted from recycled materials, in addition to publishing a sustainability report every year. Embracing a comprehensive approach, QIB actively fosters a culture of sustainability within its workforce and board of directors through extensive training programmes. Commenting on the awards, QIB Group CEO Bassel Gamal said, 'We are pleased and honoured to be recognised by The Asian Banker. This recognition reflects the strength of our strategy and the commitment to delivering the best to our customers and shareholders. These awards are a testament to the hard work and dedication of all our employees, the continuous support of our board of directors and our customers' trust. 'Over the past three years, we've focused on digital innovation, operational excellence, and building a more inclusive, sustainable bank. We will continue to support Qatar's economic development and advance our efforts in line with Qatar National Vision 2030.' The Asian Banker Leadership Achievement Awards are held every three years and recognize outstanding leadership by CEOs and boards in the financial industry. This award affirms QIB's continued leadership in shaping the future of Islamic banking in Qatar and across the region.
Fintech News ME
11-06-2025
- Business
- Fintech News ME
Switzerland's Leonteq Partners with Emirates Islamic on Shari'a-Compliant Structured Products
Leonteq, a Zurich-based fintech company, announced today the formation of a partnership with Emirates Islamic, a financial institution in the UAE, to manufacture and distribute Shari'a-compliant structured products. The collaboration builds on Leonteq's strategic move into the Gulf region. In 2022, the firm introduced a Shari'a-compliant trust certificate issuance programme through IBDAA Certificate Issuer (IBDAA), a dedicated Islamic issuance vehicle. Amanie Advisors, a recognised Shari'a advisory firm, has been engaged by Leonteq to provide guidance on the Shari'a aspects of the programme and subsequent initiatives involving IBDAA. Under this partnership, Emirates Islamic will co-develop certain trust certificates issued by IBDAA and offer these products through its distribution network. Leonteq will support the initiative by providing a full range of services, including issuance arrangements, Shari'a-compliant hedging, and lifecycle management. This collaboration marks a notable development in the Islamic structured product space, bringing together Leonteq's capabilities in investment solutions, structuring, and technology with Emirates Islamic's market presence, credit standing (rated A+ by Fitch), and reach in the UAE wealth management sector. Clients of Emirates Islamic will gain access to investment solutions that were previously limited in availability or scale. These products will be issued via IBDAA, which is among the first Islamic issuance entities able to offer a broad range of payoff structures across various asset classes, supported by automation and flexible investment thresholds. Christian Spieler, CEO of Leonteq, commented: 'We are proud to partner with Emirates Islamic, a top tier institution in the Middle East. This collaboration will allow clients of Emirates Islamic to benefit from Leonteq's longstanding expertise in white-labelling solutions and marks a milestone for Leonteq's growth ambitions in the Middle East.' Farid AlMulla, CEO of Emirates Islamic, said: 'We have always endeavoured to offer Islamic solutions that make a difference in the lives of our customers and beyond. This new partnership will enable our clients, in particular, to benefit from an even bigger product universe that further enhances their investment choices and access to global markets.' Emirates Islamic, a member of the Emirates NBD Group, was established in 2004. It offers a wide range of Shari'a-compliant retail, business, and corporate banking services through a network of 40 branches across the UAE.
Gulf Today
06-05-2025
- Business
- Gulf Today
Adnoc successfully completes $1.5b debut international sukuk issuance
Adnoc Murban Sukuk Limited (the Issuer), a special purpose vehicle specifically set up to issue Sukuk certificates, has successfully issued its inaugural offering of Shari'a compliant trust certificates (Sukuk) under its newly established International Sukuk Programme (the Programme). The Obligor for the Sukuk is Adnoc Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (Adnoc) and the primary debt capital markets issuing and rated entity for Adnoc Group. The Sukuk was issued on the International Securities Market of the London Stock Exchange at a principal amount of US$1.5 billion, maturing on 6th May 2035, with an annual profit rate of 4.75 per cent to be paid semi-annually. The offering generated significant interest across key global Islamic investors, reflecting the market's belief in Adnoc's exceptional credit quality and resilient strategy across commodity price cycles. It was successfully priced on 28th April 2025, at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, and at the region's tightest-ever corporate US dollar 10-year spread. The successful issuance, which captured a strategic opportunity to further diversify Adnoc's funding sources and broaden its investor base, is part of a disciplined funding strategy building onAdnoc Murban's inaugural Global Medium Term Note bond issuance in September 2024, and Green Financing Facility signed in June 2024. Net proceeds of the issuance will be used by Adnoc Group for general corporate purposes. Adnoc Murban is rated 'Aa2' by Moody's Investor Services, 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings - aligned with ratings assigned toAdnoc's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a rating of 'Aa2' by Moody's, and 'AA' by Fitch. Standard Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank acted as Active Bookrunners and Joint Sukuk Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, whereas KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners on the Sukuk offering. Meanwhile, Adnoc Drilling Company has announced it has been awarded a contract for three island rigs by Adnoc Offshore for an estimated total contract value of US$806 million to support expanding operations at the offshore Zakum development project. These three rigs are in addition to three ordered in July 2024. Abdulrahman Abdulla Al Seiari,Adnoc Drilling CEO, said, 'Adnoc Drilling is proud to be awarded this significant, long-term contract, marking another major milestone in our accelerated growth journey. These next generation island rigs, built with embedded artificial intelligence, represent a leap forward in technology, enhancing safety, efficiency and performance. This award strengthens our position as a critical enabler of Adnoc's production capacity targets, while delivering sustainable, high-quality returns for our shareholders well into 2038 and beyond.' The contract will follow existing agreements that generate long-term revenue and attractive returns. The three new island rigs will operate on Adnoc's existing and newly constructed innovative artificial islands for drilling and completion of wells. Tayba Abdul Rahim Al Hashemi, Chief Executive Officer o of Adnoc Offshore, said, 'We are focused on unlocking maximum value from the resources in Abu Dhabi's waters in the most efficient and innovative ways possible. These advanced island rigs delivered byAdnoc Drilling will play a vital role in achieving our production capacity goals and meeting global energy demand. Together, we are pushing the boundaries of technology, operational excellence and partnership to power sustainable growth.' This new generation of island rigs, expected to gradually join the fleet between 2027 and 2028, will be developed through a strategic collaboration betweenAdnoc Drilling and Honghua Group (HH). The partnership is formed specifically to embed the transformative power of AI, advanced digitalization and real-time analytics into rig design and operations. Leveraging real-time condition monitoring, performance optimsation and predictive analytics, the rigs will generate actionable insights that drive higher operational efficiency, improved well delivery times and enhanced safety. Designed to operate on Adnoc's pioneering artificial islands – home to the world's five longest wells, including a recent record-setting well at 53,000 feet – the rigs will be optimised for extended reach drilling (ERD). Additionally, state-of-the-art walking capabilities will enable seamless movement between well slots without the need for rig dismantling, significantly improving uptime, reducing emissions and lowering operating costs. Agencies
Al Etihad
06-05-2025
- Business
- Al Etihad
ADNOC successfully completes $1.5 billion Debut International Sukuk Issuance
6 May 2025 13:48 ABU DHABI (WAM)ADNOC Murban Sukuk Limited (the Issuer), a special purpose vehicle specifically set up to issue Sukuk certificates, has successfully issued its inaugural offering of Shari'a compliant trust certificates (Sukuk) under its newly established International Sukuk Programme (the Programme).The Obligor for the Sukuk is ADNOC Murban RSC Ltd, a wholly owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C. and the primary debt capital markets issuing and rated entity for ADNOC Sukuk was issued on the International Securities Market of the London Stock Exchange at a principal amount of $1.5 billion, maturing on May 6, 2035, with an annual profit rate of 4.75 percent to be paid offering generated significant interest across key global Islamic investors, reflecting the market's belief in ADNOC's exceptional credit quality and resilient strategy across commodity price cycles. It was successfully priced on April 28, 2025, at one of the lowest-ever new issue premiums for Shari'a-compliant securities in the region, and at the region's tightest-ever corporate US dollar 10-year successful issuance, which captured a strategic opportunity to further diversify ADNOC's funding sources and broaden its investor base, is part of a disciplined funding strategy building on ADNOC Murban's inaugural Global Medium Term Note bond issuance in September 2024, and Green Financing Facility signed in June proceeds of the issuance will be used by ADNOC Group for general corporate Murban is rated 'Aa2' by Moody's Investor Services, 'AA' by Standard & Poor's (S&P) and 'AA' by Fitch Ratings – aligned with ratings assigned to ADNOC's shareholder, the Government of Abu Dhabi. The Sukuk has been assigned a rating of 'Aa2' by Moody's, and 'AA' by Chartered Bank acted as sole Global Coordinator and Joint Sukuk Structuring Bank. Abu Dhabi Islamic Bank, Dubai Islamic Bank, and First Abu Dhabi Bank acted as Active Bookrunners and Joint Sukuk Structuring Banks. Emirates NBD Capital, Abu Dhabi Commercial Bank, MUFG, and Morgan Stanley acted as Active Bookrunners, whereas KFH Capital, Sharjah Islamic Bank, SMBC, and the Islamic Corporation for the Development of the Private Sector acted as Passive Bookrunners on the Sukuk offering.
