EuroMoney, the preeminent international finance magazine, recognized QIB's Sharia-compliant finance deal for the Ras Laffan Water and Power Project, last year's largest non-recourse power and water project in the region.
QIB's Ras Laffan Water & Power Project is a $250m Islamic finance deal with Ras Laffan Power Company. The Bank is financing six, multi-effect distillation desalinization units with a total project cost of over $3bn. The project aims to enhance power production rates and ensure the provision of water and power to answer Qatar's increasing demand for these commodities.
The project will generate around 2,730 megawatts of electricity in addition to producing approximately 6.3 million Imperial gallons of water. This will provide 30% of the country's needs when the project is completed in 2011.
QIB General Manager - Investment Banking & Development Group, Mr. Jean-Marc Riegel, accepted the award on behalf of QIB saying, "QIB is honored to be recognized by EuroMoney for the competitiveness and scope of this Ras Laffan Water & Power Project. The Bank will continue to consolidate its role as a major Islamic finance supplier for the State of Qatar and for global macro-projects as QIB expands its reach and influence into Europe and Asia. QIB is proud to receive this distinction, as the industry we operate in is vibrant and aggressive. To be acknowledged by EuroMoney and the industry as a leader in Islamic project finance is, indeed, an honor."
EuroMoney's annual awards recognize Islamic financial services around the globe and are considered the benchmark for industry excellence. QIB's Ras Laffan Water & Power Project most impressed EuroMoney with the competitive and innovative use of its Sharia'-compliant build-own-operate-transfer model. The Bank competed with over 70 global candidate submissions to win the award.
EuroMoney's awards panel rated the submissions on both quantitative and qualitative factors such as Key Performance Indicators (KPIs), innovation and promotion of the Islamic finance industry over a 12-month period.
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QIB wins top EuroMoney award
- Qatar: Wednesday, March 04 - 2009 at 12:41
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QIB won the prestigious EuroMoney 'Islamic Project Finance Deal of the Year' award at the 8th Annual Islamic Finance Summit last week in London.
QIB wins top EuroMoney award.
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Posted by Rana MesbahWednesday, March 04 - 2009 at 12:41 UAE local time (GMT+4)
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This article was updated on Wed Aug 19 2009.
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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 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 $1bn declared capital and $500m paid up capital.
For more information, please contact:
Alicia Holland
Sr. Account Manager
Action Qatar PR Group
Handassa St., B Ring Rd.
Bldg. 142, First Floor
P.O. Box 2900, Doha, Qatar
T: 974.4361499
F: 974.4370167
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 $1bn declared capital and $500m paid up capital.
For more information, please contact:
Alicia Holland
Sr. Account Manager
Action Qatar PR Group
Handassa St., B Ring Rd.
Bldg. 142, First Floor
P.O. Box 2900, Doha, Qatar
T: 974.4361499
F: 974.4370167
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