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Qatar International Islamic Bank has once again earned Citibank New York’s Straight Through Processing Excellence Award for 2026 in recognition of its strong performance across commercial and foreign currency payments. The bank said in a statement that the accolade reflects its achievement of exceptional straight-through processing rates, allowing the vast majority of transactions to clear automatically without manual intervention while meeting rigorous global compliance standards. This latest win builds on QIIB’s ongoing investments in technology infrastructure and operational controls that have consistently delivered speed, accuracy and efficiency for clients. According to the bank’s announcement, the award was presented at its Doha headquarters during a meeting with Citi representatives.
QIIB’s Chief Operations Officer Mohammed Khair Barhoumeh received the award from Seemanti Borkotoky, Citibank’s Head of Financial Institutions Sales for the Middle East, with additional attendees including senior executives from both institutions responsible for treasury, payments and international operations. In the statement, Barhoumeh said “Receiving this award once again from Citibank New York underscores the strength and consistency of QIIB’s operational framework. It highlights our commitment to delivering reliable, high-quality payment services through continuous investment in technology and people.” Citibank, in the same release, described the award as acknowledgment of QIIB’s adherence to stringent standards and its enhancements to technological capabilities that ensure seamless processing.
Straight-through processing enables payments to move directly from initiation to settlement, eliminating delays and reducing the scope for errors that can arise in manual reviews. The QIIB statement emphasised that maintaining elevated STP levels has become increasingly important as transaction volumes rise in Qatar’s expanding economy, where the bank supports both corporate clients and the nation’s trade links across the Gulf and beyond. By prioritising automation, QIIB has positioned itself to manage higher demand without proportional increases in operational overhead.
Central Bank of Qatar data shows that the value of transactions on payment systems reached 97.7 billion riyals in August 2026, with the number of transactions growing 28 percent year on year. A PwC report on the Qatar banking sector placed aggregated assets at QAR2.37trn in the first quarter of 2026, up 4.8 percent from the prior year, as lenders continued to expand credit and support economic activity. Research from Nium and Celent found that Middle East banks, including those in Qatar, expect new forms of money such as stablecoins and CBDCs to account for more than 20 percent of cross-border payment volume by 2035.[[2]](https://uaefintech.co/middle-east-banks-expect-new-forms-of-money-to-reach-20-of-cross-border-payments-by-2035/)
The Citibank STP Excellence Award is conferred each year on partner banks that achieve top-tier results in automating international payment flows through the Citi network, evaluating metrics that include processing speed, error rates and overall automation percentages. QIIB’s statement noted that the recognition validates its focus on robust controls and advanced delivery channels that deliver timely execution while upholding the highest international benchmarks. This sustained performance has reinforced the bank’s reputation among regional and global financial institutions for dependable cross-border services.
Industry benchmarks from payment infrastructure providers indicate that banks attaining STP rates above 95 percent can reduce processing times substantially and lower costs for end users, advantages that have grown more critical amid rising global trade volumes. QIIB said its latest award forms part of a longer pattern of such honours, reflecting the effectiveness of its strategic emphasis on digital transformation within an Islamic banking framework. The bank added that it will continue prioritising enhancements that benefit customers seeking reliable, efficient international payment solutions.
