Barwa Bank announces soft launch of operations

The main branch, located on Doha's Grand Hamad Street, will have both Mens and Ladies branches and will offer current, savings and fixed deposit accounts with a view to rolling out a range of innovative banking products and services in the coming months. Customers can currently access bank services via ATM, mobile phone banking, e-banking and 24 hour customer call centre.

Established in Doha with an authorized capital of QR1bn, Barwa Bank is licensed & regulated by the Qatar Central Bank and is a fully owned subsidiary of Barwa Real Estate Co. Built on the firm principles of Shari'ah finance, Barwa Bank will provide an inclusive and friendly retail banking environment. In addition, Barwa Bank is committed to being a first class local employer, with a comprehensive staff training programme to ensure the delivery of excellence in customer service.

In addition, Barwa Bank today announces that it has been appointed as Mandated Lead Arranger by Qatari Diar Real Estate Investment Company (Qatari Diar), the leading Qatari real estate developer and investment firm, to provide the sum of QR500m as part of a QR4bn Shari'ah-compliant syndicated facility to help finance European Investments.

Commenting on the launch Mr. Mohammed Abdul Aziz Al Saad, Acting CEO - Barwa Bank, stated:

"Today marks the beginning of a new era in banking in Qatar. We will offer the public a totally fresh and exciting approach to modern banking practices. The Barwa Bank brand will stand for quality of service, creativity and innovation. Barwa Bank will not only be a bank for the post credit-crunch era but also one that is perfectly aligned with Qatar's future ambitions and aspirations as set out by the vision and leadership of His Highness The Emir, Sheikh Hamad Bin Khalifa Al Thani. We aim to lead the way in innovative Shari'ah banking for the current and future generations of Qatari society. We will remain totally committed to setting the newest standards in customer service."

"This launch is a major step for us. Having carefully consulted on the banking needs of today's society, we have designed a fresh and creative approach that will break the mould, creating a wholly new, easier and innovative customer experience. In the next few months and into 2010 we will introduce these new products and services which will be totally unique and set us apart," he added.

"At the same time, we are delighted to announce our Murabaha syndicate participation with Qatari Diar, which follows our recent Murabaha financing agreement with Masraf Al Rayan. We expect to help originate and participate in Qatar's most prominent investments both locally and internationally and look forward to making further high profile announcements in the coming months," he concluded.