QR 145 M funding from QIB for Waqf Project

The project consists of five buildings comprising 176 flats. Its earnings will be applied towards charitable purposes (endowments) in the name of late Ahmed Abdullah Al Misnad. It will be erected over a total area of 13250 m2 in Ben Imran district and is expected to be completed within 18 months.

Contracts have been exchanged between Mr. Salah Al Jaidah, Chief Executive Officer of Qatar Islamic Bank and Mr. Hassan M. Al Kubaisi, Deputy Chairman of the Qatar Awqaf Authority in presence of Mr. Abdullatif Al Meer, General Manager- Business Group, Mr. Saeed Al Khayareen, manager/ Government finance, both from QIB, and Mr. Abdullah Juaithen, General Manager, Mr. Bader A. Al Mahmoud, Head of Development Section and Mr. Fakki Ahmed, Senior Investment Officer, from the Endowments Authority.

According to Mr. Al Jaidah, the signature of this financing contract comes as a mark up to the privileged relation that links Qatar Islamic Bank to the Qatari Authority for Endowments and a continuation to the close cooperation already existing between the two entities ( in a mention to the funding , by QIB, of previous projects for this authority, mainly the "Waqf Tower" which became the H.Q. of the Ministry of Education and was one of the first towers to be financed by QIB).

Mr. Al Jaidah praised the leading role Qatar Islamic Bank is assuming in the national economic and urban development through its participations in funding number of macro projects ranging from infra-structure, health, education and other fields.

He emphasized the fact that the bank is currently witnessing a distinctive metamorphose in its banking and financing activities targeting to ensure the bank's pioneering role in Islamic banking in Qatar and up grading its sharing in the national economy by increasing its stake in the local market.

From his part, Mr. Al Kubaisi highly appreciated the deep-rooted relation and positive cooperation between Endowments Authority and QIB in financing the Waqf projects which he said has become a corner stone in the management and investment of the Waqf capitals with the aim to preserve and invest such funds within the purposes of Waqf in Islamic Sharia and achieve the goals stated by the Endowments Authority.

In this context Mr. Al Kubaisi praised the act of retaining funds for endowments purposes by some benevolent donators, and highlighted the role of Waqf in consolidating the activities of this authority.

Mr. Al Kubaisi confirmed in conclusion that the Endowments Authority is adopting a clear strategy that encompasses the requirements of developing the Waqf activities at the present time and in the future.