Started as the Ottoman Bank in 1 November 1956, ibq has undergone several ownerships in its history.

In 1969 the Ottoman Bank sold its branches to the National and Grindlays Bank which later became known as Grindlays. In 1989 the bank changed names again to ANZ Grindlays when it was acquired by the Australian and New Zealand Banking Group.

In the year 2000, the Standard Chartered Group acquired ANZ Grindlays, thereby taking over as major shareholder.

In August 2004, the Qatari division of the bank was renamed "ibq" when National Bank of Kuwait (NBK) acquired a 20% stake in the bank and assumed management responsibilities.

In July 2007, NBK increased its share of the bank to 30%. The remaining shares of ibq continue to be privately held.

In June 2009, ibq  was recognised as "the fastest moving bank" in the Middle East and North Africa region and the 26th fastest mover globally in The Banker magazine's Top 1,000 World Bank survey 2009.

The commitment to customer relationships and best practice is reflected in the numerous awards won by the bank, including "Best Retail Bank in Qatar 2011" from Arabian Business,“Best Customer Service in the Middle East” award for four consecutive years in 2008, 2009, 2010 and 2011 from Banker Middle East Magazine.