Qatar Islamic Bank (QIB) is the first Islamic bank in Qatar, established in 1982. It has grown into a leading Shariah-compliant financial institution with a strong presence in Qatar and international markets, known for its innovative products and digital banking initiatives.
Chronological Storyline (40 Milestones)
1982 CE
QIB Founded as First Islamic Bank in Qatar
Qatar Islamic Bank (QIB) is established under Emiri Decree No. 11 of 1982 as the first Islamic bank in Qatar, with an initial capital of QAR 10 million. #banking #finance #islamicfinance
QIB Founded as First Islamic Bank in Qatar By Qatar Islamic Bank (Q.P.S.C) - Own work based on: QIB-Logo.png: https://www.qib.com.qa https://www.qib.com.qa/wp-content/uploads/2019/09/QIB-Aman-App-OTP-Demo.pdf, Public domain, https://commons.wikimedia.org/w/index.php?curid=129056018
1983 CE
First Branch Opening in Doha
QIB opens its first branch in the Salwa Road area of Doha, offering basic Islamic banking services including current accounts and Murabaha financing. #banking #expansion
1985 CE
Launch of QIB's First Home Financing Product
QIB introduces its first Shariah-compliant home financing product (Murabaha), enabling Qataris to purchase homes without interest. #islamicfinance #housing
1990 CE
Expansion to Second Branch in Al Khor
QIB expands its network by opening a second branch in Al Khor, serving the northern region of Qatar. #expansion #retailbanking
1993 CE
Appointment of First Qatari CEO – Sheikh Abdul Redha
Sheikh Abdul Redha Al Refaie is appointed as the first Qatari CEO, leading the bank's strategic growth and localization. #leadership #management
1995 CE
Launch of QIB's Credit Card (Murabaha-Based)
QIB becomes the first Qatari bank to offer an Islamic credit card using the Murabaha structure, called 'QIB Credit Card'. #creditcard #innovation
1998 CE
Introduction of First Islamic Auto Financing
QIB launches an Ijarah-based auto financing product, allowing customers to purchase vehicles through lease-to-own. #islamicfinance #automotive
2001 CE
Capital Increase to QAR 200 Million
QIB increases its paid-up capital from QAR 100 million to QAR 200 million through a rights issue to shareholders, fueling expansion. #finance #capital
2002 CE
Listing on Doha Securities Market (QSE)
QIB lists its shares on the Doha Securities Market (now Qatar Stock Exchange) under ticker QIBK, becoming the first Islamic bank to go public in Qatar. #stockmarket #ipo
2004 CE
Partnership with Visa International
QIB signs a strategic agreement with Visa International to issue co-branded debit and credit cards, expanding card services. #partnership #payments
2006 CE
Opening of London Representative Office
QIB establishes a representative office in London, marking its first international presence to attract investment and serve Qatari diaspora. #internationalexpansion #uk
2007 CE
Launch of Online Banking Platform
QIB launches its first internet banking platform, 'QIB Online', enabling customers to perform transactions remotely. #digitalbanking #technology
2008 CE
Establishment of Al Jazeera Finance Company
QIB establishes Al Jazeera Finance Company as a wholly owned subsidiary to provide consumer finance and vehicle loans. #subsidiary #finance
2009 CE
Launch of Mobile Banking App
QIB releases its first mobile banking application for smartphones, allowing customers to check balances and transfer funds on the go. #mobilebanking #app
2010 CE
First Sukuk Issuance of QAR 1 Billion
QIB issues its debut QAR 1 billion Sukuk (Islamic bonds) on the Qatar Exchange, attracting strong demand from local and international investors. #sukuk #capitalmarkets
2011 CE
Opening of QIB Branch in Malaysia
QIB expands into Southeast Asia by opening a branch in Kuala Lumpur, Malaysia, offering trade finance and wealth management services. #internationalexpansion #malaysia
2012 CE
Best Islamic Bank Award from The Banker
QIB is named 'Best Islamic Bank in Qatar' by The Banker magazine, recognizing its market leadership and financial performance. #award #recognition
2013 CE
Establishment of QIB Sudan Branch
QIB opens a branch in Khartoum, Sudan, to tap into the North African market and support trade finance. #expansion #sudan
2013 CE
Launch of QIB Investor App for Trading
QIB launches the 'QIB Investor' mobile app, enabling clients to trade on the Qatar Stock Exchange directly from their smartphones. #stocktrading #fintech
2014 CE
Issuance of First Tier 1 Sukuk (USD 750 Million)
QIB successfully issues a USD 750 million Tier 1 perpetual Sukuk, the first of its kind from a Qatari Islamic bank, boosting capital adequacy. #sukuk #capital
2015 CE
Launch of 'QIB Smart Bank' Digital Branch
QIB opens its first fully digital branch in Doha, featuring self-service kiosks and video teller machines, reducing paper usage. #digitaltransformation #branch
2016 CE
Net Profit Exceeds QAR 1 Billion for First Time
QIB reports a net profit of QAR 1.1 billion for 2016, driven by strong lending growth and low non-performing loans. #financialresults #profit
2017 CE
Acquisition of 100% of QIB (UK) plc
QIB acquires full ownership of its UK subsidiary, QIB (UK) plc, converting its representative office into a full-fledged bank. #acquisition #uk
2017 CE
Launch of 'Aman' Takaful Insurance via Partnership
QIB partners with a Takaful operator to offer Islamic insurance (Aman) products to its customers, enhancing product suite. #takaful #insurance
2018 CE
First Qatari Bank to Issue Green Sukuk (USD 500 Million)
QIB issues a USD 500 million green Sukuk, the first by a Qatari bank, to fund environmentally sustainable projects. #greensukuk #sustainability
2019 CE
Expansion of Branch Network to 30 Branches
QIB reaches 30 branches across Qatar, including key commercial areas and industrial zones, serving a growing customer base. #expansion #retailbanking
2019 CE
Launch of AI-Powered Chatbot 'Fahd'
QIB introduces an artificial intelligence chatbot named 'Fahd' on its website and mobile app to provide customer support 24/7. #ai #chatbot
Mar 1, 2020 CE
COVID-19 Relief Measures: Loan Deferrals and Support
QIB announces a comprehensive relief package including loan payment deferrals and fee waivers to support customers affected by the COVID-19 pandemic. #covid19 #relief
2020 CE
Record Net Profit of QAR 1.8 Billion Despite Pandemic
QIB achieves a record net profit of QAR 1.8 billion in 2020, demonstrating resilience and strong asset quality. #financialresults #profit
2021 CE
Launch of 'QIB Digital Account' with Instant Opening
QIB introduces a fully digital account opening process via mobile app, allowing customers to open an account in minutes without visiting a branch. #digitalbanking #accountopening
2021 CE
Issuance of USD 1.25 Billion Dual-Tranche Sukuk
QIB issues a USD 1.25 billion dual-tranche Sukuk (5-year and 10-year), oversubscribed by 2.5 times, reflecting investor confidence. #sukuk #debt
2021 CE
Appointment of New CEO – Bassel Gamal
Bassel Gamal is appointed as Group CEO, succeeding longstanding leadership, with a focus on digital innovation and international expansion. #leadership #ceo
2022 CE
Total Assets Exceed QAR 200 Billion for First Time
QIB's total assets surpass QAR 200 billion, driven by sustained growth in financing and investment portfolios. #financialmilestone #assets
2022 CE
40th Anniversary Celebration and Brand Refresh
QIB celebrates 40 years of operations, unveiling a new brand identity and logo to reflect its modern, digital-first strategy. #anniversary #branding
2023 CE
Acquisition of 100% of Kuwait Finance House (Bahrain)
QIB acquires the entire share capital of Kuwait Finance House's Bahrain subsidiary, expanding its GCC presence. #acquisition #bahrain
2023 CE
Launch of 'QIB X' Digital-Only Bank for Millennials
QIB launches a neobank subsidiary 'QIB X' targeting younger customers with personalized digital services and budgeting tools. #neobank #digitalbanking
2023 CE
Net Profit Reaches QAR 2.5 Billion, Record High
QIB reports a net profit of QAR 2.5 billion for 2023, driven by higher net income from financing and lower provisions. #financialresults #profit
2024 CE
Launch of Sustainable Finance Framework for Green Loans
QIB introduces a sustainable finance framework to issue green loans and sustainability-linked products, aligning with Qatar National Vision 2030. #sustainability #greenfinance
2024 CE
Partnership with Google Pay for Contactless Payments
QIB integrates with Google Pay, enabling customers to make contactless payments using Android phones for the first time. #payments #googlepay
2024 CE
Opening of QIB Branch in Dubai International Financial Centre
QIB opens a branch in DIFC to boost corporate banking and trade finance services in the UAE. #expansion #uae
