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Qatar: QIB inks deal with Korean bank

Doha: Qatar Islamic Bank ( QIB ), the largest Islamic bank in Qatar and one of the leading Islamic banks in the world, yesterday signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM), reflecting the growing trade and investment flows between Qatar and South Korea.

The MoU was signed on Tuesday Abdullatif bin Abdulla Al Mahmoud, Managing Director, QIB and Ki-Sub Nam, Executive Director and Board Member, the Export-Import Bank of Korea. The signing ceremony was attended by senior QIB executives and KEXIM delegation.

This pioneering agreement aims to provide companies in both countries with competitive advantage through the mutual exchange of information and project co-operation, especially in sectors such as oil and gas, petrochemicals, infrastructure developments, renewable energy and transportation. The agreement will help support and finance the significant trade flows of capital and goods between the two countries, and underlines the importance of Qatar as a trade partner for Korea, and vice-versa.

In addition to the exchange of relevant information, both QIB and KEXIM will seek to propose appropriate individual projects in which the two parties might most effectively use their respective resources for mutual benefit. Further, in a groundbreaking move, both parties have also agreed to consider accepting trainees or secondments of staff.

Abdullatif bin Abdulla Al Mahmoud, Managing Director of QIB , said: "Korea is a highly developed, industrialised nation and KEXIM is a well-respected and influential institution with huge domestic and international experience. We are excited about this agreement because of the benefits it will bring to QIB , its customers and to Qatar as a whole in opening up new projects and investment opportunities.

"We feel that KEXIM is the perfect partner for mutual business cooperation to aid the flow of information and business between us. Opportunities exist in both countries and by working together to help domestic and international companies in Qatar and Korea, we can boost the strategic business partnership between the two countries. "The goal of QIB has always been to serve its customers while helping advance Qatar as a whole and this agreement will help us do both," he added.

Ki-Sub Nam, Executive Director of KEXIM, commented, "We're delighted to sign this landmark agreement with QIB . With Qatari banks emerging as important sources of financing for large-scale projects, we recognise the need for stronger collaboration with financial institutions in Qatar. I am confident that this MoU will accelerate cooperation between KEXIM and QIB and we hope to explore new areas of co-operation, including co-financing and information exchange, in the years to come."

KEXIM has been providing comprehensive credit and guarantee programs to support Korean enterprises conducting overseas business since 1976, actively facilitating economic co-operation with foreign countries. The strength of the Qatari economy and QIB 's market leadership within Qatari Islamic banking, allied to KEXIM's experience were the chief motivating factors behind the agreement.

© The Peninsula 2011

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