QIB' General Assembly approves the distribution of 70 per cent cash profit

In his statement before the Assembly H.H. Sheikh Jassim Bin Hamad Al Thani, Chairman, confirmed that the bank has successfully increased its assets during 2006 up 14.9 billion Riyals.

He emphasized that QIB had a large stake in the record results achieved in the banking sector in general and played a positive role in structuring , developing and stabilizing the national economy. He also confirmed that such increase in the bank assets, which represent a growth rate of 56% , led to a 31.9% increase in Equity against 28.5% in 2005, he added.

"Needless to say how such indicators are expressive of the sound and unshakable financial position your bank is enjoying " said Sheikh Jassim, commenting on those results.

"In parallel with those outstanding financial results, considerable development took place in the bank' structure and Organization chart. Expansion in banking, financing and investment services have been launched, accompanied with an emphasis on improving quality, he continued.

"Further, in addition to the success the bank realized in exporting its products to large sectors at regional and international levels, Qatar Islamic Bank has successfully maintained its historical experience in launching investment and property portfolios and funds, with a remarkable proficiency in establishing and managing such products.

"Talking about future, the bank's five-year plan up to 2011 would stand on a number of basic elements, namely:

Consolidation of the bank's position in the field of Islamic financial services industry, as a bank that has always maintained a leading rank at all levels.

Provide the Islamic banking market with innovative tools that fulfill customers expectations.

Ensure sustained growth in its activities and operations to the end of achieving the best investment rates to its partners and investors.
Confirm its interest towards its staff and endeavor to grasp to its experienced employees.
Confirm interest in geographical spread at the national level plan for further initiatives in the field of strategic alliances.

"During the current year 2007, we intend to adopt the work plans that would increase growth rate and maximize profitability through pumping more capitals in investment and funding activities. We plan also to give more interest to retail funding. Our means to achieve this target will be through development of branches and diversification of their services.

"The bank aims as well at developing the corporate sector by making available proper financing opportunities and give more attention to offer privileged property portfolios in the "Pearl" and "Al Waseel" national projects. It is also our intention to focus on new Islamic tools such as the issue of Islamic-devised "Sukuk".

"All this shall be sought in parallel with planned expansion at regional and international levels by launching investment and property portfolios and funds and giving high interest to incorporating funding and investment foreign establishments such as the Asian Finance Bank which started its activities in January, the European Finance House, expected to start its operations during the third quarter of this year and the Q-invest bank which is the first investment bank of its king in Qatar relevant to Qatar Money Center and expected to be operative during the first semester of this year.