QIB Climbs Rankings in 50 Biggest GCC Companies List |
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8th July, 2008, Doha-Qatar: Qatar Islamic Bank's (QIB)Qatar Islamic Bank's (QIB)
ranking rose on a list of the largest 50 Arab companies in the GCC. The classification was based on company market value and QIBQIB advanced 12 places from its position in 2007 to become the 33rd most successful company in the GCC. Among local Qatari companies, QIBQIB was also ranked the third most successful company out of seven Qatari companies on the list. The rankings were determined and published by Arabian Business Magazine July 2008 issue.
The contributing factors to QIBQIB's success include the fact that as the nation's largest Islamic Bank, it achieved a profit of QR 455.6 million for the first quarter of 2008 and had grown by 69% in size compared to 2007. Buoyant from the publication of the rankings, Mr. Salah Jaidah, CEO of QIBQIB said, "QIBQIB's placement amongst the 50 biggest GCC companies comes as no surprise to us. Our strong financial performance and the advancements of the bank in local and international investments coupled with branch expansion, introducing the latest banking techniques to Qatar and launching new products have all helped us improve our placement in the GCC business place overall."
Mr Jaidah added, "Our improved ranking by Arab Business Magazine comes at a time when QIBQIB is enjoying rewards for performance and profitability from other organisations as well. Fitch recently upgraded our rating from (A-) to (A) and Euromoney conferred the awards of 'Best Islamic Real Estate House' and 'Most Improved House' on QIBQIB as well."
These awards and ratings have been made possible because of QIBQIB's high profits and high market value. The variety of Islamic financing and investment tools such as Mudarabah, Musawama, Murabaha and Ijara reinforce the bank's position in financing public and private projects compliant to Sharia'a law.
The bank is a prominent and leading financial establishment which has more than 70% of its financing and investment portfolio in the Qatari market itself. In addition to this, QIBQIB has drastically upscaled its global presence through strategic partnerships, real estate portfolios and private acquisitions in Northern Africa, Europe, the Far East and Asia. QIBQIB looks forward to continuing this winning trend in order to exceed customer expectations and achieve its own financial goals.
-Ends-
About Qatar Islamic Bank
Qatar Islamic Bank (QIBQIB) 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. QIBQIB was upgraded from A- to A by both Fitch and Capital Intelligence in May 2008.
QIBQIB 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. QIBQIB is also the pioneer in successful real estate investment funds in the UK, USA and France.
QIBQIB's net profit in 2007 reached 1.25 bn Qatari rial which represented an outstanding 25% increase versus the previous year. With this result, QIBQIB is now ranked 14th in the world for best return on asset among the 1000 biggest banks in the globe.
In Qatar QIBQIB 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 QIBQIB 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 USD 500 million paid up capital.
When operating in the international market, the bank thinks globally but acts locally. This means that each market QIBQIB enters, it opens a fully fledged Islamic institution that addresses the principles of QIBQIB as well as addressing the requirements and needs of the local market. In 2004, QIBQIB established in Lebanon the Arab Finance House and today this institution operates with a network of six branches in Lebanon. In March 2007 QIBQIB inaugurated the Asian Finance Bank in Kuala Lumpur, Malaysia. In London the bank opened in January 2008 the European Finance House.
QIBQIB Chairman is Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani.
QIBQIB Vice Chairman is Mr. Mohamed Bin Abdulatif Al Mana.
QIBQIB Managing Director is Mr. Abdullatif Bin Abdulla Al Mahmoud.
QIBQIB Chief Executive Officer is Mr. Salah Jaidah
For more information please contact:
Elise Zwein, Action Qatar.
Phone: 4361499
E-mail: elise.z@actionprgroup.com
© Press Release 2008
from Action Group
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