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"This agreement is in accordance with and complements QIB's strategy of encouraging and advancing the State of Qatar's current economic boom by providing financing options for national companies in accordance with the standards set by domestic legitimate supervising authorities."
Mr. Jaidah added, "This development with Barwa Real Estate Company represents a new step forward in our local operations. It solidifies our position as a pioneer and trendsetter among national banks, as it strengthens our ranking as the second largest Islamic bank in the world."
"There is a strong link between QIB and Barwa," he added, "as we were partners in the acquisition of London's Shard of Glass investment. We also partnered in this QR14.2bn venture with other Qatari companies including QInvest and Qatar National Bank."
Mr. Tamer Mohamed Khedr, Group Chief Financial Officer of Barwa, stated, "This financial agreement is part of a structural plan aimed at maintaining and managing Barwa's liquidity. It is also in line with Barwa's strategic risk management plan to combat disturbances in the global market."
In a dramatic jump, QIB's finance portfolio has increased to QR15.3bn in the first half of this year, as compared to QR9.6bn for the same period in 2007; a 59.4% growth. Over 85.5% of this portfolio was recruited in the Qatari market. QIB is aggressively active in the real estate sector in an effort to maximize that industry's explosive development and progress in Qatar. The sudden and intense building and growth experienced in this industry created the need for new options in banking, financing and investing.
This provided QIB with an opportunity to offer Sharia'a-compliant financial alternatives to real estate and investment clients while furthering the bank's vision and mission of developing and advancing the local and global economies and society as a whole while adhering to the highest ethical and moral principles and standards.
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Posted by Medilyn Manibo, Assistant News Editor
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