QIB wins International Islamic Finance Forum Award for Qatar Charity Project

The award was received on behalf of the Bank by Mr. Ahmed Meshari, QIB General Manager - Business Domestic Group, and recognizes innovation and achievement in the application of electronic banking cards.

This QIB Qatar Charity collaboration focused on the issuance of electronic debit cards in the place of vouchers and assisted 1,200 families in purchasing monthly essentials through the Qatar Charity program, "Family and Women Care and Social Involvement."

The QIB program was granted the award because it excelled in the innovations it used to apply Sharia' principles to the electronic card business. The program was also unique in that it offered budget support for the client and was a joint project.

Mr. Meshari said of the recognition,

"This 'Innovations in Card Application' award is a notable achievement for QIB and reflects the leading role the Bank is playing in advancing local society through its strategic partnerships with charitable institutions in an effort to better serve Qatari society."

"This award acknowledges the successful example QIB and Qatar Charity have set and distinguishes QIB's service approach. It also reflects the diversity of sectors QIB is reaching out to, providing benefits and quality services. This collaboration builds a fundamental relationship with the national institutions that assist in the evolution and progress of society and help meet the State's social support objectives," he continued.

Most recently, QIB was awarded EuroMoney's 2009 Islamic Project Finance Deal of the Year award for its groundbreaking financing of the US $250 million Islamic tranche of the Ras Laffan Power Company multi-effect distillation project, a US $3 billion development that will produce an estimated 30 percent of Qatar's water and power needs once completed.