Qatar Islamic Bank (QIB) signs a $300m bridge murabaha and a sukuk mandate

Notes and media contacts

For more information please contact:

Elsie Zwein, Action Qatar.
Phone: 4361499

Kamal Nasrallah, Action Qatar
Mobile: 6562779

About Qatar Islamic Bank

Qatar Islamic Bank (QIB) was founded 25 years ago and was the first Islamic and Sharia compliant bank in Qatar. Today the bank enjoys the leadership position within the Islamic banking sector and holds 57% share in the Islamic banking sector and 10% of the total Qatar banking sector. The bank is also one of the world's five largest Islamic banks.
QIB was upgraded from BBB+ to A- by both Fitch and Capital Intelligence in 2007.

QIB was the pioneer in launching Islamic Financial Compliant, for retail, corporate and private banking and operates today in Qatar via 19 branches and ATMs. QIB is also the pioneer in successful real estate investment funds in UK, USA and France.

QIB net profit in 2006 crossed 1bn Qatari rial bar representing an outstanding 98% increase versus the previous year. With this result, QIB sits in 14th position worldwide on best return on asset among the 1000 biggest banks in the globe.

In Qatar QIB plays a key role in financing major infrastructure and real estate projects. For the first time ever in Qatar, a seven year Ijara sukuk for Qatar Airways to finance their purchase of an Airbus A 340-600 in Q1 2007 clearly shows QIB strong determination in Islamic product innovation. In 1989, the bank also established Al Jazeera Islamic Company, a sharia compliant financing company targeting mainly consumers and small and medium enterprises. The bank also established in 2000 an Aqar real estate company and recently Qinvest an Islamic Investment bank licensed by the Qatar Financial centre (QFC) with $1bn declared capital and $5m paid up capital.

Internationally the bank thinks global but acts local. This means that each market QIB enters, it opens a fully fledged Islamic institution that addresses both QIB principles and the local market requirement and needs. In 2004, QIB established in Lebanon the Arab Finance House and today this institution operates with a network of six branches in Lebanon. In March 2007 QIB inaugurated the Asian Finance Bank in Kuala Lumpur, Malaysia. In London the bank will soon open the European Finance House.

QIB Chairman is HE Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani.
QIB Vice Chairman is Mr. Mohamed Bin Abdulatif Al Mana.
QIB Managing Director is Mr. Abdullatif Bin Abdulla Al Mahmoud.
QIB Chief Executive Officer is Mr. Salah Jaidah.