QIB Board approves purchase of 10% of its issued shares

Notes and media contacts

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 QR1.25bn 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 $500m 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

Media contact:

Alicia Holland
Sr. Account Manager
Action Qatar PR Group
A division of Action Global Communications
Handassa St., B Ring Rd.
Bldg. 142, First Floor
P.O. Box 2900, Doha, Qatar
T: 974.4361499
F: 974.4370167