| 06 Aug 2008 |
|
QIB and BARWA Real Estate Sign Finance Deal for QR 1.1 Billion
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Project Enhances Local QIBQIB
Operations and Reinforces BARWABARWA's Present SuccessDoha, Qatar: Qatar Islamic Bank (QIB)Qatar Islamic Bank (QIB)
and real estate conglomerate BARWABARWA announced a Murabaha Sharia'-compliant financing deal worth 1.1 billion Qatari Riyals, which has become a part of BARWABARWA's strategic financial structure. Regarding the signing of this funding arrangement, Mr. Salah Jaidah, Chief Executive Officer of QIBQIB, commented, "This agreement is in accordance with and complements QIBQIB's strategy of encouraging and advancing the State of Qatar's current economic boom by providing financing options for national companies in accordance with the standards set by domestic legitimate supervising authorities."
Mr. Jaidah added, "This development with BARWA Real Estate CompanyBARWA Real Estate Company represents a new step forward in our local operations. It solidifies our position as a pioneer and trendsetter among national banks, as it strengthens our ranking as the second largest Islamic bank in the world."
"There is a strong link between QIBQIB
and BARWABARWA," he added, "as we were partners in the acquisition of London's Shard of Glass investment. We also partnered in this QR 14.2 bn venture with other Qatari companies including QInvestQInvest and Qatar National BankQatar National Bank." Mr. Tamer Mohamed Khedr, Group Chief Financial Officer of BARWABARWA, stated, "This financial agreement is part of a structural plan aimed at maintaining and managing BARWABARWA's liquidity. It is also in line with BARWABARWA's strategic risk management plan to combat disturbances in the global market."
In a dramatic jump, QIBQIB
's finance portfolio has increased to QR 15.3 bn in the first half of this year, as compared to QR 9.6 bn for the same period in 2007; a 59.4% growth. Over 85.5% of this portfolio was recruited in the Qatari market.QIBQIB is aggressively active in the real estate sector in an effort to maximize that industry's explosive development and progress in Qatar. The sudden and intense building and growth experienced in this industry created the need for new options in banking, financing and investing. This provided QIBQIB with an opportunity to offer Sharia'a-compliant financial alternatives to real estate and investment clients while furthering the bank's vision and mission of developing and advancing the local and global economies and society as a whole while adhering to the highest ethical and moral principles and standards.
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About QIBQIB:
Qatar Islamic Bank (QIB)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. QIBQIB was upgraded from A- to A by both Fitch and Capital Intelligence in May 2008.
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 Riyals 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.
About BARWABARWA:
BARWABARWA is one of the premier organizations in the State of Qatar. As the name "BARWABARWA" or "Contractual Commitment" suggests, we are inspired by our vision of a glowing future for Qatar.
With business interest in real estate & project development, property & facility management, construction material production, environmental activities & health, banking & finance, hotels & resorts, technology & utility, knowledge & communications and agriculture; BARWABARWA is driven by the conviction that people deserve a comfortable living and working environment.
With extensive operations in Qatar and around the world, we believe that every BARWABARWA project is the seed for an incredible journey, where our greatest achievement is realizing the dreams of our stakeholders.
www.barwa.com.qa
For more information please contact:
Bassel Hanbali, Chief Officer - Communications
Mobile: 00974 6542099
Email: bassel.hanbali@barwa.com.qa
For more information please contact:
Elise Zwein, Action Qatar.
Phone: 4361499
E-mail: elise.z@actionprgroup.com
© Press Release 2008
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