QIB: 317 million-funding for Sheikh Abdullah B. Khalid's Tower

Mr. Mansour Al Muslih, QIB board member attended the signing of the contract.

In parallel, the bank signed a Construction Contract with "RAMCO" Trading & Contracting Co. and a third contract with SABENA Engineering Consultants for Supervision.

Mr. Abdullatif Al Meer, AGM-Business Group, and Mr. Adel Hassan, Executive Manager- Corporate Financing, signed the contracts on behalf of QIB along with Messrs. Anwar Al Qawasemi for the Contractor and and Ra'ed Salem for the Consultant respectively.

Mr. Al Meer stated on this occasion that the signature of this contract represents an asset to the bank's financing activities directed towards the national urban development projects and a new ceiling to the bank's Istissna Portfolio limit.

He confirmed further that QIB is well-known for its successful Islamic Funding Strategy vide Istissna Contracts, to the extent that its experience in that field has inspired other banks to follow its steps.

Stating that QIB is always developing its Islamic financial tools to cope with the fast-growing Islamic financing services industry, he mentioned the cases of transformation taking place with a number of financial establishments that have "Islamized" themselves or those which opened "Islamic Outlets/Windows" for that purpose.

Mr. Al Meer stated finally that QIB is currently working on a long-term strategy that would consolidate its pioneering role locally and abroad. It aims at enlarging the bank's retail & corporate service base and incorporating investment activities abroad. This would, in the long run, realize diversification of income resources through selective quality investment opportunities.

Other officials attended the signature ceremony namely, from QIB: Mr. Ala' Riyadh, Manager/ Corporate Financing and EngS.Mohamed Al Afifi, A Zahed Bachir, R-E Dept., in addition to Eng. Manal Al Remmawi, Contractor's Operation Manager, and Eng. Emad Al Azzi, Contractor's Project Manager.