Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company; Sheikh Tamim bin Faisal Al Thani, Deputy CEO of Aamal Company with other senior officials during the meeting.
Doha, Qatar: Aamal Company (“Aamal”), one of the region’s leading diversified companies, held its Annual Ordinary General Assembly Meeting, after the quorum was achieved on 12 March 2024 at Marriott Marquis City Center Doha, at Al Areen Ballroom.
After the quorum was achieved, Sheikh Faisal bin Qassim Al Thani, Chairman of Aamal Company – welcomed the attendees stating: Aamal was able to achieve good results during the year 2023, including the addition of new companies to our investment portfolio, captilising on opportunities in a number of vital sectors such as energy, information technology and services.
One of the most important factors that led to this remarkable success is the diversification strategy the Company enjoys, its strong financial position, and its ability to benefit from opportunities and develop its activities, in addition to the strength of the Qatari economy, and the efforts of our wise Government, led by H H Sheikh Tamim bin Hamad Al Thani, to provide a safe and stable investment environment.
We will continue to achieve more success, and I would like to thank our shareholders for their trust in the company, and to thank our Board Members and executive management for their guidance and efforts in managing the Company and leading it toward growth during 2023.
The Assembly proceeded to discuss the items on the agenda of the Ordinary General Assembly meeting which included to hear and approve Chairman’s report on the Company’s activities and the financial position for the financial year ended 31 December 2023, and hearing the Company’s future business plan.
Sheikh Tamim bin Faisal Al Thani, Deputy CEO, delivered the Chairman’s report as follows: This report highlights the exceptional performance of our company and the resilience of our strategy that enabled us to achieve strong growth and remain on track despite the challenges posed by a dynamic and rapidly changing market.Aamal Company reported a strong performance in 2023, marked by a marginal increase in revenues and a 4.7% rise in net profit. Notably, our Trading and Distribution segment and our Property segment demonstrated outstanding performances, leveraging
Aamal’s solid financial position to capitalise on the diverse opportunities across the sectors. Our growth strategy remains aligned with the Qatar National Vision 2030.
Through our diversified activities, Aamal Company plays a pivotal role in enhancing the diversification of the Qatari economy and in contributing to sustainable development goals. Our performance underscores our dedication to driving Qatar’s economic growth and global competitiveness across the sectors in which we operate.
In a dynamic market, the agility and innovation demonstrated by our companies have been instrumental in our growth over the past year - a true testament to the excellent leadership of our executive team.
In addition to our commercial achievements, Aamal remains committed to initiatives.
This in relation to corporate social responsibility which align with our values and positively contribute to community development and enhancement.
Looking ahead, the Board of Directors remains committed to exploring attractive growth opportunities.
On the other hand, maintaining a strong financial position. Our goal is to achieve sustainable returns for our shareholders.
In line with this commitment, while the Board evaluates several encouraging business opportunities, the Board of Directors proposes to the General Assembly to retain the profits from 2023.
Doha, Qatar: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, received two prestigious awards including the Financial Inclusion Award in the Middle East, and the coveted title of the Best Islamic Bank in Qatar for the seventh consecutive year, at the EMEA Middle East Banking Awards 2023, underscoring its commitment to excellence and inclusivity.
These accolades were announced during the sixteenth edition of the EMEA Middle East Banking Awards ceremony held recently in Dubai, attended by QIB’s senior management.
In the past year, QIB has made significant strides in enhancing its digital offerings, both for customer-facing interactions and internal operations, resulting in substantial benefits for its customers and stakeholders. Notably, 99% of transactions are now self-serve while more than 50% of Personal Financing and Credit Cards are fulfilled instantly through the QIB mobile app. The bank introduced over 50 new digital products and services for both individual and corporate customers, contributing to its efficiency and elevating customer satisfaction. These achievements, including a a record net profit of QR4,305bn, an ROA of 2.3% and a cost-to-income ratio of 17.1% substantiate its recognition as the Best Islamic Bank in Qatar.
QIB has been advancing financial inclusion through its innovative, separate QIB Lite App, which simplifies payments and transfers, is available in multiple languages and provides easy access to financial products and services for low-income earners. QIB is also offering the Bedaya Student Account to empower students and promote financial literacy among the young population. Furthermore, the bank provides dedicated banking solutions for women and small & medium-sized enterprises.
These initiatives align with the objectives outlined by the Qatar Central Bank and Qatar National Vision 2030, focusing on elevating the customer experience, championing innovation, and fostering greater financial inclusion.
Bassel Gamal, QIB’s Group CEO said: “It is gratifying to see QIB’s growing recognition in Qatar and the region, reaffirming our dedication to innovation and leadership in Shari’a-compliant banking. Through leveraging technology, we have spearheaded financial market innovation, introducing advanced products and services to fulfil our customers’ banking requirements. These accolades further validate our strategic vision, customer-focused approach, and ongoing endeavours to reshape the banking landscape in Qatar and beyond. This achievement is a testament to the dedication of our team and the steadfast support of our Board of Directors”.
