Qatar Islamic Bank Recognised as "Best SME Bank in Qatar"

Strategic Insights -

Qatar Islamic Bank (QIB) has received the prestigious "Best SME Bank in Qatar" award from The Asian Banker, a leading international provider of strategic intelligence on the financial services industry. This recognition comes as a result of QIB's commitment to providing tailored banking solutions to small and medium enterprises (SMEs) and contributing to the growth and diversification of the local economy. The bank's business strategy aligns with Qatar's National Vision (QNV) 2030, focusing on investment in infrastructure, economic diversification, and private sector development.

Key Takeaways:

  • QIB has been recognised as the "Best SME Bank in Qatar" by The Asian Banker, a leading international provider of strategic intelligence on the financial services industry.
  • The bank's business strategy is closely tied with Qatar's National Vision (QNV) 2030, aiming to invest in infrastructure, diversify the economy, and develop a strong private sector.
  • QIB's Group CEO, Bassel Gamal, attributed the award to the bank's efforts towards supporting the SME sector in Qatar, highlighting the bank's strengthened partnership with Qatar Development Bank and digitisation of the SME financing process.
  • QIB's focuses on SMEs operating in Qatar through its specialised Aamaly (meaning "My Business") proposition, offering tailored products and services, financial benefits, guidance, and advice from specialised Relationship Managers.
  • The Aamaly proposition includes SME-centric banking centers, 24-hour banking, payroll services, cash and cheque collection, and flexible lending and financing options specific to sectors such as construction, trading, and services.
  • QIB has launched a set of comprehensive digital solutions for corporate and SME customers, including a Corporate Internet Banking platform and the online Wages Protection System (WPS).
  • The bank encourages customers to use digital channels through a new Corporate Deposit Only Card launched recently.

Statistics:

  • QIB's SME Financing process was digitised, leveraging a parametrised lending model and global best practices, significantly reducing the approval time and "time to cash" for SME customers applying for finance.
  • QIB's partnership with Qatar Development Bank supports SMEs and entrepreneurs, instrumental in bringing innovation to the country.
  • The bank has 40 self-service Cash & Cheque Deposit Machines (CDMs) available for customers to deposit cash or cheques in their accounts.
  • The new Corporate Deposit Only Card allows large corporations, as well as SMEs, to deposit cash or cheques in their accounts at any time.

Sources:

  • The Asian Banker's Excellence in Retail Financial Services Awards
  • Qatar Islamic Bank
  • Qatar Tribune
  • Syndigate Media Inc.