Qatar: Best Bank for SMEs 2021
Qatar Islamic Bank
The country’s first Islamic institution, now in its 39th year, could make a credible run at best Qatari bank. While it might lack the overall scale to dominate the market, QIB continues to impress as it helps to diversify an economy long dependent on a handful of corporate giants. For that, it is Asiamoney’s choice for best bank for SMEs in Qatar for 2021.
Few dynamics matter more to government officials in Doha than reducing Qatar’s reliance on oil and gas. No sector holds greater promise for engineering this transformation than the country’s SMEs – an area where QIB specializes, and does so profitably, too, under chief executive Bassel Gamal’s leadership.
In the first three months of 2021, total revenue increased 8%, year on year, while QIB’s pre-tax profit rose 18% in the same period. Net profit was up 9%, year on year, at the end of March.
The focus on SMEs stems from the bank’s signature ‘Aamaly,’ or ‘My Business’ programme. This centrepiece of QIB’s existence provides tailored products and services to SMEs, including guidance and advice from highly specialized relationship managers, to facilitate growth at all the phases of companies’ lifecycles.