Doha, Qatar - March 12, 2012: Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar and one of the top-five Sharia'-compliant banks in the world, has signed a Memorandum of Understanding (MoU) with Al Sulaiteen Agricultural and Industrial Complex, designed to facilitate the financing of the landscaping of house gardens and grounds.

Landscaping and cosmetic development of domestic gardens and grounds is a massive growth industry in Qatar, and Al Sulaiteen seeks to address this market for all customers - potential and existing - whether they are customers of QIB, Qatari nationals or expatriates.

This MoU is borne of a strong relationship between two parties; the recognition on the part of QIB that Al Sulaiteen is a business with a product in demand, a wish to expand and a solid business plan. On the part of Al Sulaiteen, that QIB is a reliable, ethical and liquid financial institution with a long track record of assisting small and medium enterprises (SMEs).

The MoU was signed on behalf of QIB by Ahmad Meshari, the bank's Acting CEO, and Abdullah Salem Al Sulaiteen, the Chairman of Al Sulaiteen Agricultural and Industrial.

Speaking for the bank, Ahmad Meshari commented, "The concept behind this Memorandum of Understanding is twofold. Firstly, it aims to strengthen a solid and pre-existing relationship between QIB and Al Sulaiteen. Secondly, it gives both parties to examine financial and business opportunities that are potential by-products of Al Sulaiteen's business expansion and how QIB can help finance those activities in a mutually beneficial way.

"QIB has an extensive and demonstrable track-record of working with SMEs and Al Sulaiteen falls into this category. We're confident that this is a company that is going places, and QIB wants to help them get there," Meshari said.

Al Sulaiteen's Abdullah Salem Al Sulaiteen, added, "The MoU with the bank is going to help the company develop its customer services and its way of doing business. We want to bring innovative landscaping ideas to customers, such as integrating their garden spaces, planting of trees, flowers, greenery and so on.

"We're also looking at unique flower breeds and arrangements, as well as safe houses for vegetables to protect them from the excesses of heat.

This project aims at increasing the awareness on the need to see more green spaces throughout the country. This is certainly the vision of the state and it's one we share, given our business. We see this MoU with QIB as the perfect way to facilitate this vision together," added Al Sulaiteen.

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© Press Release 2012