The conference awarded QIIB the Banking of the Year for Partnership and Corporate Social Responsibility Award
Jamal Aljamal : Community Service is an honor and a responsibility, not an option
QIIB offered its sponsorship of the 2018 International Conference on Partnership and Corporate Social Responsibility for Islamic Banks and Financial Institutions, held at the Sheraton Doha Hotel. During the conference, Deputy CEO Mr. Jamal Abdullah al-Jamal, QIIB dudety Chief Executive Officer, submitted a working paper on the historic and present role of Islamic banks in servicing society.
During the conference, QIIB was honored with the Banking Excellence for Partnership and Corporate Social Responsibility Award, 2018.
After thanking the organizers, Mr. Al-Jamal affirmed that: “Community Service is an honor and a responsibility, not an option. Serving the country and its people and contributing to its development is an ultimate life mission, with all honesty and responsibility.”
In his working paper, Mr. Al-Jamal tackled the role of Islamic banking in serving society, pointing out that “Since it emerged in 1970 and developed into its current form, Islamic banking cannot be separated from the concept of community service. It first emerged and grew as a social need then as an economic need. The society seeks financial services that are in line with their values and principles, guarantee the high levels of trust and meet its various requirements in terms of banking products and services”.
He added "I do not exaggerate if I describe Islamic banking as the most realistic reflection of society's convictions and values in economy as it does not seek quick profits at any price or encourages financial practices that are harmful to individuals and economy. It is an ethical industry that respects society’s standards and principles, protects its interests, without seeking enrichment at its expenses and without drowning it with excessive consumption that turned many societies into pure consumers”.
He noted that: “Most data and figures indicate that Islamic banks are growing twice as fast as conventional banks, which means that Islamic financial transactions have gained a great reputation, especially in terms of safety and low risks”.
“Alternative solutions can be readily found in Islamic banks that are built on a solid foundation of rigidity and trust. They have managed to maintain their financial position and preserve the rights of shareholders, depositors and customers. They forbid debt trading and share risks with customers. Thus, we can say that the most important corporate social responsibility assumed by Islamic banks is the quality of their products and services that rely on a solid foundation of real assets away from adventures that may harm the economy and the interests of customer.”
Based on the above, Mr. Al-Jamal continued: “When we talk about the corporate social responsibility of Islamic banks, we first talk about high-quality services and financing that satisfy the needs of individual and corporate customers, the systematic development of banking operations, the provision of innovative products that meet today’s requirements and rapid development in all areas of life. In addition to their role as for-profit institutions, Islamic banks have extensive partnerships with non-profit organizations in many programs that provide great services to the community.”
In his working paper, QIIB Deputy CEO highlighted the Bank's long experience in the field of corporate social responsibility in the State of Qatar, as the bank actively participated in community service programs since its establishment in 1991 up to this date. He assured that “QIIB services to the community are not just slogans. They are programs and strategies that include Qatarization and empowerment of young Qataris to take their role in the banking sector and provide them with all necessary means of qualification and training. As such, the Bank's senior management now mainly consists of Qataris and it is constantly seeking to increase the percentage of Qataris in the team. The future of this sector lies in the hands of our children who have great potentials that deserve to be given a chance”.
Mr. Al-Jamal also spoke about the other contributions made by QIIB to serve the community saying: “In order to consolidate the Islamic banking experience and spread the knowledge and principles of the Islamic economy and Islamic banking, the bank contributed, with other banks, to the establishment of a study and research company that supports and disseminates knowledge related to the Islamic economy. Furthermore, the bank provided and is still providing its systematic and continuous support to education by sponsoring many annual activities and events in schools, educational and academic institutions in the State of Qatar, which contributes to the advancement of the educational process and links education to its outputs in the community.