QIB opens new branch at Al Jazeera Net

QIB opened its 21st branch in Qatar, taking it one step closer to achieving its strategic goal of having 35 branches operational by the year 2012.

Qatar: Tuesday, July 15 - 2008 at 09:47
PRESS RELEASE

A Group photo caption for QIB's and Al Jazeera Executives.

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The new branch has been opened primarily to serve Al Jazeera Net and its employees, and is accordingly located in the support services complex of Al Jazeera Netl at TV Roundabout.

Mr. Syed Maqbul Qader, Group Chief Risk Officer said:

'This new branch is quite different from other QIB branches in the city, in that it is built primarily to serve the banking requirements of employees of one organization. However, it fits in very well with our plan of having a presence in key locations across the country and our objective of keeping pace with Qatar's thriving economy as well as the increasing demand for Islamic banking services.'

He added: 'The new branch will bring QIB's state of the art banking services right at the doorstep of the employees of Al Jazeera Net, which has been one of QIB's biggest clients since it was founded. Al Jazeera employees across all ranks will now be able to take advantage of QIB's wide range of services and offerings.'

Mr. Amer Mohammed Al Jabri, Senior Executive Manager, Head of Branches, had this to say: 'The opening of this branch further reinforces QIB's pioneering position in the Qatari market, and will serve as an important stepping stone in the bank's ambitious plans of expanding its network to reach our clients wherever they may be.'

He also said, 'The new branch is a demonstration of QIB's commitment to provide quality services to its customers.. The branch will provide every Sharia'a compliant service and facility that could conceivably be required by Al Jazeera or its employees, including Islamic banking, financing and investment services.' He added: 'QIB's network is considered one of the most modern and developed networks in Qatar supported by more than 90 ATM available 24 hours.'

The branch opening was attended by senior executives from both Al Jazeera and QIB.

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About Qatar Islamic Bank

Qatar Islamic Bank (QIB) was founded 25 years ago and was the first Islamic and Sharia compliant bank in Qatar and is also one of the five largest Islamic banks in the world. Today the bank enjoys the premier position within the Islamic banking sector and holds 53.4% share in the Islamic banking sector and 10% of the total Qatar banking sector. QIB was upgraded from A- to A by both Fitch and Capital Intelligence in May 2008.

QIB was the pioneer in launching Sharia compliant Islamic Financial products, for retail, corporate and private banking and operates today in Qatar via 20 branches and 91 ATMs. QIB is also the pioneer in successful real estate investment funds in the UK, USA and France.

QIB's net profit in 2007 reached 1.25 bn Qatari rial which represented an outstanding 25% increase versus the previous year. With this result, QIB is now ranked 14th in the world for 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 was awarded for Qatar Airways to finance their purchase of an Airbus A 340-600 which 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 Aqar real estate company and recently Qinvest an Islamic Investment bank licensed by the Qatar Financial centre (QFC) with USD 1bn declared capital and USD 500 million paid up capital.

When operating in the international market, the bank thinks globally but acts locally. This means that each market QIB enters, it opens a fully fledged Islamic institution that addresses the principles of QIB as well as addressing the requirements and needs of the local market. 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 opened in January 2008 the European Finance House.

QIB Chairman is 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

For more information please contact:

Elise Zwein, Action Qatar
Phone: 4361499

Posted by Eman Hassan
Tuesday, July 15 - 2008 at 09:47 UAE local time (GMT+4)

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