Following months of careful preparation work, QNB formally unveiled QNB Al Islami yesterday (June 20), the first Islamic banking operation established by a Qatar-based commercial bank.
Monday evening's spectacular launch, held at the Ritz Carlton hotel, formalized its debut in the presence of several dignitaries and diplomats and many representatives of Qatar's financial, commercial and industrial sectors.
The formal launch was complemented by an Islamic art exhibition and a multimedia presentation introducing the principles on which QNB Al Islami is based. The evening also included a rare glimpse of an artist at work as he is preparing four artistic renderings that symbolized QNB Al Islami's underlying values and transparency.
H.E. Yousef Hussein Kamal, Qatar's Minister of Finance and QNB's Chairman, after acknowledging the overwhelming support provided by His Highness the Emir, Sheikh Hamad Bin Khalifa Al-Thani, said the launch of QNB Al Islami demonstrates QNB's leadership in action and encouraged customers to fully explore this new opportunity.
"QNB leads with integrity. I trust many of you here today will resolve to embrace this new service, which gives you an opportunity to consciously choose how your financial assets are managed. We are determined to capture a significant percentage of Qatar's Islamic banking market through QNB Al Islami,"he said.
Dr. Sheikh Yousef Al Qardawi, Chairman of QNB's Shari'a Committee praised the efforts of QNB's team, who achieved this accomplishment in record time. He said that the launch of QNB Al Islami will add an important dimension to Qatar's Islamic banking sector that holds much promise and growth for the future.
"Islamic banking is an important offering that ensures individuals who wish to be loyal to Islamic ideals have that choice available,"he added.
The Chief Executive of QNB, Mr. Saeed Bin Abdullah Al Misnad was enthusiastic about the impending success of QNB Al Islami and told those in attendance the launch was just a beginning of a new banking era in Qatar.
"As Qatar's leading bank, we are confident that our Islamic Services will form an important pillar, which will address the needs of the people of Qatar and push the country forward. QNB Al Islami will offer products that support the values of our community, and provide an important alternative to residents of Qatar, enabling them to "Go Forward"with pride and dignity,"he said.
Since the opening of QNB Al Islami first branch at Salwa Road in April 2005, a broad array of facilities, all which comply fully with Islamic Shari'a principles, has been offered. Among the many services available are current accounts, call investment accounts, savings investment accounts, fixed investment deposits, Murabaha and Mudharaba.
According to branch officials, the Fixed Term Investment Accounts, which employ the Murabaha principle -a profit-sharing mechanism in which clients and the Bank share in profits generated on invested monies - is a popular choice among clients eager to explore investment opportunities that respect Islamic principles.
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QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50%) and the private sector (50%). QNB has grown to become the largest bank in Qatar controlling assets representing approximately 50% of the total banking system. QNB has the largest distribution network in the country with 32 local branches and offices, two international branches in London and Paris and 71 ATM's. QNB provides a full range of commercial banking activities for individuals, corporate institutions and government entities and the Bank's scope of products, services and delivery channels across all disciplines is unrivalled.
QNB has the highest credit rating among Qatari banks from leading rating agencies including Moody's, Fitch and Capital Intelligence. QNB is among the top 10 regional banks by Shareholders' Equity, with a ranking of 7th among the largest GCC banks as per MEES survey in September 2004. Internationally, it is ranked as 77th among the Top 250 Emerging Market Banks as per Euromoney survey in August 2004. Additionally, QNB has been the recipient of the award "Best Bank in Qatar" from leading international financial publications including: The Banker, Euromoney and Global Finance.
© Press Release 2005
