Qatar Islamic Bank

Qatar Islamic Bank (QIB)
Public Company
Industry Banking
Founded 1982
Headquarters Doha, Qatar
Number of locations
 Qatar, Sudan, UK, Lebanon, Malaysia
Number of employees
 501-1000 employees

Qatar Islamic Bank (QIB) was established in 1982 as the first Islamic financial institution in Qatar. Its products and operations are supervised by a Shari’a board, which ensures the Bank adheres to Islamic finance principles.[1][2][3] It is the country's largest Shari’a-compliant lender.[4]

Overview

QIB is now the largest Islamic Bank in Qatar, with a 35% share of the Islamic sector and a 9% share of the banking market overall. It has over 170,000 retail clients and more than 3,000 corporate clients. It conducts its domestic business through 32 branches spread throughout the country in addition to private centres for ladies and dedicated lounges for affluent customers, augmented by more than 175 multi-function ATM installations.[5][6]

Major share holders

The Qatar Investment Authority (QIA) is the single largest shareholder of QIB. The balance of QIB’s shareholders comprise other Qatari individuals, families and institutions; and QIB’s shares are listed on the Qatar Exchange.[7]

Board of directors

QIB is overseen the following directors:[8]

History and acquisitions

In 1982, QIB was established with a paid up capital of QR 25mn. It opened its first branch for customers in July 1983.

In 1989, Al Jazeera finance was established, 30% owned by QIB. By 1996, QIB’s paid up capital increased to QR 200mn and in 1998 it was listed on the Qatar Stock Exchange. 2000 saw the establishment of Aqar, 49% owned by QIB. Arab Finance House (37% owned by QIB) was established in Beirut in 2003. By 2005, the number of QIB’s branches stood at 8; and its paid up capital was increased to QR 663m.[9]

2005 also saw the establishment of Asian Finance Bank (41.67% owned by QIB); and the following year QIB’s paid up capital increased to QR 1.19bn.

QInvest was established in 2007 (46.96% owned by QIB), as was Bawabat Al-Shamal (a Real Estate Development and Investment company); QIB-UK was set up in 2008 (70.00% owned by QIB); and in 2009 BEEMA was established, with 25% owned by QIB. The Bank’s capital increased that year to QR 2.06bn.

In 2010 QIB launched a US$750m Sukuk. Paid up capital increased to QR 2.36bn in 2011.[10]

QIB International

QIB international is responsible for all international banking activities of the QIB Group.[11]

References

  1. ↑ "Qatar Islamic Bank Q2 net profit gains 15 pct, beats estimates". Reuters. Jul 14, 2014. Retrieved 24 July 2014.
  2. ↑ "QIB profit grows by 15% to reach QR725m for 6 months ending 30 June 2014". AMEinfo. 15 July 2014. Retrieved 24 July 2014.
  3. ↑ "QIB profit grows by 15pc to QR725m". The Peninsula Qatar. July 15, 2014. Retrieved 24 July 2014.
  4. ↑ "UPDATE 1-Qatar Islamic Bank Q1 net profit rises 19 pct". Reuters. 15 April 2015. Retrieved 15 April 2015.
  5. ↑ "Qatar- QIB profit grows by 15pc to QR725m". Menafn. 2014-07-15. Retrieved 24 July 2014.
  6. ↑ "QIB net profit surges 15pc to $107m". Gulf Daily News. July 15, 2014. Retrieved 24 July 2014.
  7. ↑ "Qatar's QIB posts 15% jump in Q2 net profit". Arabian Business. 14 July 2014. Retrieved 24 July 2014.
  8. ↑ "Board of Directors". www.qib.com. Qatar Islamic Bank. Retrieved 14 July 2015.
  9. ↑ "QIB profit increases by 15 per cent to QAR 725 million for H1 2014". CPI Financial. 15 July 2014. Retrieved 24 July 2014.
  10. ↑ "Strong lending growth drives up Qatar Islamic Bank's Q2 profit". Reuters. Jul 14, 2014. Retrieved 24 July 2014.
  11. ↑ "Qatar rally loses steam; PMI rebound lifts Egypt". Gulf News. July 3, 2014. Retrieved 24 July 2014.

External links

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