QIB launches QR2bn investment funds

The two funds, proposed for trading in Sharia'a compliant Qatari stocks and supervised by QIB Sharia'a supervisory board, will offer attractive opportunities to investors to take part in the anticipated exceptional growth in the Qatari capital market.

The funds will be managed with a view to generating returns exceeding the market index, subject to Qatar Central Bank rules regulating joint investment funds. The funds will invest in assorted listed stocks of companies undertaking authorized activities.

Qualifying the funds as a 'sizeable initiative', Mr. Salah Al Jaidah, QIB CEO affirmed in a statement made on this occasion that the funds will "offer a great opportunity to investors to enter the strong and regionally active Qatari market". He expects the two funds to realize high returns, "in tune with all the other distinctive products offered by QIB".

Discussing the partnership with Global Investment House (Global), he said "The fund is managed by Global Investment House (Global); and this (QIB "Founder"/Global "Manager") partnership constitutes one of the main features of this project. It will allow QIB to benefit from 'Global's' experience in the region and vast track record in managing Islamic products".

"The funds will employ a medium to long term view to exploit the growing national economy, available liquidity, active inter-bank competition and the fast-expanding corporate activities" added Mr. Al Jaidah confirming that "with capital of 2 billion Riyals, the funds will be among the best available investment opportunities in the national market".

He further emphasized that, based on their distinctive and successful investment structure and the fact that indicators show that the exceptional growth is likely to be maintained in the short to medium term, the funds constitute a viable opportunity for investing in the best performing shares, thereby maximizing returns.

Mr. Al Jaidah added: 'The launch of the Al Sanabel funds A & B reflects the bank's keenness to provide innovative products to its domestic and foreign clientele". He confirmed that the funds would "play a key role in expanding Islamic investment activities and in consolidating the national capital market".

From his side, Mr. Muhsen M. Al Harbi, CEO of Global Investment House (Qatar) said "the synergy between the new funds, 'Global's' in depth experience in managing investment funds, and assets over USD 8.4 billion, in addition to our strong presence in Qatar and the region create the perfect vehicle to reach the funds' strategic objectives".

He pointed that 'Global' currently manages over 33 investment funds of its own and has long proven record in investment banking that goes beyond the Gulf region. "It's those tools that help us understand the needs of our clients at both ends of the spectrum".

Al Harbi thanked QIB for choosing 'Global' to manage and stressed that the new funds affirm QIB's progressiveness in Islamic banking".

Mr. Mutaz Saqer, Senior Executive Manager - Investment Division, said the funds, evaluated in Qatari Riyal, aim at doubling the utilized capitals through investments in selective Sharia'a -compliant stocks. He added: "Apart from the proper timing of offering the underlined funds, in depth studies confirm the availability of numerous investment opportunities in the shares of companies conducting Sharia'a compliant activities".

The Investment Placement Manager of Al Sanabel Fund Mr Mohamed El Masri stated: "We are confident that these funds will be a great success due to the strong support they enjoy from their organizers and also due to the strategic partnership they have with one of the leading asset managers in the region; the Global Investment House".

He concluded that the minimum stated subscription amount will be QR 50,000 for both Al Sanabel funds A & B, starting October 28th, 2007.