International Finance
Islamic Banking

International Finance Magazine, Financial Awards – Qatar 2013

International Finance Magazine announces Financial Award winners for Qatar 2013

29th July, 2013

International Finance Magazine has announced the financial award winners for Qatar 2013. IFM Financial Awards-2013 are based on independent research and a rigorous evaluation process which includes evaluation from an internal research team and an external research agency. The awardees are also judged based on their customer numbers, customer satisfaction, branch distribution, technology application, commitment to corporate governance and CSR activities. The awardees also have the honour of attending the awards dinner in the mesmerising city of Dubai, in December later this year.

Qatar is a peninsula in the Persian Gulf, sharing a border with Saudi Arabia. Economic policy in the nation is focused on developing Qatar’s non-associated natural gas reserves and increasing private and foreign investment in non-energy sectors, oil and gas have made Qatar the highest per-capita income country with the lowest unemployment.

The International Monetary Fund has predicted a growth of 5.6 percent this year; the IMF’s executive board said the Gulf state would see “robust non-hydrocarbon growth” with inflation rising over the medium term.

International Finance Magazine Awards shines spotlight on those companies who have outperformed not only through their financial results but have also contributed equally to the society and industry through their innovations, customer service and socially responsible initiatives.

The recipients of the financial awards 2013 for Qatar are:

Best Islamic Bank

Barwa Bank

Barwa Bank, the newest Islamic bank in Qatar, is licensed and regulated by the Qatar Central Bank. With Authorised Capital of QAR 4 billion, and Issued Capital at QAR 3 billion, Barwa Bank provides a full range of Shari’ah compliant banking services including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management.

Steve Troop, CEO, Barwa Bank commented, “We are honoured to be acknowledged by IFM Financial Awards for Qatar 2013: they are a reflection of our commitment to growth and to building an innovative and customer focused Shari’ah compliant bank that can lead the way in this growing sector. The bank has grown significantly in both size and stature since it was established in 2008 and these awards demonstrate that with hard work, ambition and good service a young bank can become a leader in a short period of time.  We have had a lot to celebrate this year and intend to maintain our momentum as we go forward in future.”

Best Commercial Bank

Doha Bank

Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar on March 15, 1979.

As one of Qatar’s leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.

Fastest Growing Bank

Barwa Bank

Barwa Bank has been in the Qatar Banking sphere for just over 4 years but has achieved phenomenal feats. The past years have been all about putting Barwa Bank on the map and a great deal of hard work has gone into establishing the bank as a credible competitive force in the Qatar financial services market place. Barwa Bank is the Fastest Growing Bank in Qatar and is aiming to capitalise on this phenomenal growth to create more value to its customers.

Best Internet Bank

Mashreq Bank Qatar

Mashreq Bank is providing banking and financial services to its customer since 1967 and one of UAE’s leading financial institutions with a growing retail presence in the region including Egypt, Kuwait and Bahrain. Its banking app has easy to use features and provides services such as ATM locator, credit card summary services, it also provides easy money transfer services, bill payment and other online services to its consumers.

Fastest Growing Insurance Company

General Takaful

General Takaful has been serving the insurance needs of individuals and businesses since 2008 on the basis of co-operation in accordance with the Sharia principles. It provides plans such as Group family, Motor Insurance, Property, Engineering and Marine.

Best Asset Management Firm


Established in 1998, it was the first investment firm licensed by the Qatar Central Bank and establishing a presence in the Qatar Financial area. It provides both investment management and investment advisory services to their clients; the firm uses both traditional as well as alternative investment strategies with a special emphasis on designing customised solutions.

Best Financial Website Design

Barwa Bank

Commenting upon the award, Barwa Bank said “There is an increasing desire amongst our clients to seamlessly manage their finances across channels, using their laptops, tablets, and smart phones round-the-clock. In recognition of this, we at Barwa Bank have redesigned our website to offer one-stop solutions for all their financial needs and inquiries. We are always on the lookout to proactively explore opportunities to enhance our customers’ online experiences.”

Best Sukuk Arranger

Barwa Bank

Commenting upon the award, Barwa Bank said “We are very proud to have been selected as Best Sukuk Arranger by International Finance Magazine. This is a significant milestone and demonstrates our credibility, strong regional relationships and ability to deliver in the Debt Capital Markets space. We will gain momentum as we move forward and continue to add more accounts”

Best Customer Loyalty Program

Lulu Doha Bank Shopping Card Loyalty Program

Doha Bank stakes claim to having the best card loyalty program on the basis of being the: Generous program for cardholders: With a minimum value back of 1.25% (and going up to 5%) as stand-alone card features, the DB program rewards cardholders with best value. It rewards cash withdrawals.

Simple Accumulation & Redemption process: Redemption on Doha Bank cards is as simple as a normal card transaction and open at all times (without black-out periods, validity, etc) and provides flexibility and ease to cardholders

Wide range of redemption partners and merchandise: Redemption on Doha Bank is agnostic on partners, time and merchandise.

Best Customer Service Initiatives

Qatar UAE Exchange

It provides retail services such as bill payment, remittance, forex, travel and wealth management to name a few. Its corporate services include payroll solutions, corporate cash collection, corporate cash payout etc.

Edison Fernandez, Country Head, Qatar UAE exchange commented “We are overjoyed and humbled on this achievement.We express our sincere gratitude to the expert committee for selecting our company in the best customer service initiative category in Qatar’s Exchange house industry.”

Best Facilities Management Company

MMG Qatar

Established in 1999, MMG has 6 offices in 5 countries; it has its presence in Lebanon, Jordan, Syria and the U.A.E. It provides facility management in multiple disciplines by optimising the best functionality of the facility under management in the most cost effective way.

Youssef Abillama, CEO of MMG, said “We are delighted to have been selected as the Best Facilities Management Company in Qatar by IFM.  MMG has a long-established reputation for quality and excellence, and this Award pays tribute to the hard work of all the team in Qatar.”

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