QIB licensed for a QR 1-Billion investment fund in the Qatari stocks

The fund would specialize in the Qatari corporate shares. It would offer attracting opportunities to investors to take part in the expected exceptional growth in the Qatari capital market.

Qatar Islamic Bank will ensure the fund's management services in coordination with Global Investment House - Kuwait conforming to a strategy aiming at generating returns beyond market index. The fund will be supervised by QCB as per the rules and controls regulating shared investment funds. Subscription will be on a monthly basis, whereas investment would be in selective listed stocks that are compatible with the Islamic Shari'a precepts.

Commenting on the launch of the Sanabel fund, Qatar Islamic Bank CEO Mr. Salah Al Jaidah declared that the fund represents a sizeable initiative. It would offer a great opportunity to investors to enter the "strong and regionally active" Qatari market, and is expected to realize high returns, as is the case with all the distinctive investment products offered by QIB, he said.

"This QIB-Global partnership constitutes one of the main features of this project. It would largely allow for benefiting from the other Gulf financial markets, especially that it comes at a time of declined prices in Doha Stock Market (DSM)," explained Mr. Al Jaidah.

The fund will endeavor to exploit, to the best, the elements of the blossoming national economy, high state income, available liquidity, inter-bank competition, and the expanding corporate activities. Mr. Al Jaidah confirmed that, with a capital of one billion Riyals, the fund would do its best to optimize investment opportunities at the national level.

He emphasized further that, based on its distinctive and successful investment structure and the fact that indicators show that high economic growth would be maintained in the future, the fund would constitute a viable opportunity for investing in best performing shares and at the same time focusing on maximizing returns.

Mr. Al Jaidah added that the launch of the Sanabel fund reflects the bank's keenness to provide innovative products to its national and foreign clientele as implied by our investment strategy. He confirmed that the fund would play a primordial role in expanding the Islamic investment activities and consolidating the national capital.

On the other hand, Mr. Abdullatif Al Meer, AGM-Business Group, said that management of the fund would be ensured jointly by a team of experts from QIB and Global Investment House. Qualifying it as one of the largest companies listed in the regional Exchanges, he reminded that Global, which manages 32 investment funds with aggregate asset value of over 7.2 billion US Dollars, is holder of several international awards, mainly the Eureka Hedge and Euromoney awards. He further stated that the fund, besides enhancing its banking base and acquiring the necessary information of value for up-grading its know-how, would focus on developing the mechanisms of managing and operating capitals and achieving cut-edge expertise in risk management.

The fund, evaluated in Qatari Riyals, aims at doubling utilized capitals by investing them in selected, Shari'a compatible stocks, said Mr. Al Meer, adding that subscription will be on a monthly basis as from May 2007 and would allow for the redemption of the net asset value after at least 60 days from subscription date.

Mr. Al Meer emphasized that the fund's main features reflect a wise investment strategy and full compliance with Islamic Shari'a principles. He said finally that, apart from the proper timing of offering the underlined fund, thorough studies confirmed the availability of numerous investment opportunities in the shares of companies with permissible activities.
The Investment Division's Senior Executive Manager Mr. Mutaz Saqer stated that the Sanabel fund would be investing in the Qatari shares and would endeavor to expand the Islamic investment base. "We are confident that this fund will be a great success due to the strong support it has from its organizers and also due to the strategic partnership it has with one of the largest investment companies in the region; the Global Investment House" he said.

In conclusion, Mr. Sager clarified that the minimum stated subscription amount would be QR50,000 and that the fund will be supervised and controlled by Qatar Islamic Bank's Shari'a Control Board.