Qatar Islamic Bank
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Qatar Islamic Bank (Q.P.S.C) 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 banking and finance principles. It is the country's largest Shari’a-compliant lender.
|Traded as||QE: QIBK|
Number of locations
|Qatar, Sudan, UK, Lebanon, Malaysia|
|Bassel Gamal, Group Chief Executive Officer Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani, Chairman|
|Services||Personal Banking Solutions, Wholesale Banking Solutions, Priority Banking Solutions, Ladies Banking Solutions, Private Banking Solutions|
Number of employees
As at 2016 QIB was the largest Islamic Bank in Qatar, with a 42% share of the Islamic sector and a 12% 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.
History and acquisitionsEdit
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.
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.
As of end of March 2017, the Bank's total Shareholders' Equity amounted to QR 13.67bn (US$3.67bn) with total assets reaching QR 143.3bn (US$39.4bn). Additionally, in May 2017, Moody's Investors Service assigned a first time rating of A1 with a stable outlook to the Bank's local and foreign currency deposits.
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.
Board of directorsEdit
QIB is overseen by the following directors:
- Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani (Chairman)
- Mr. Abdullatif Bin Abdulla Al Mahmoud (Vice Chairman)
- Mr. Mohamed Bin Issa Al Mohanadi
- Mr. Abdulla Bin Saeed Al Eidah
- Mr. Nasser Rashid S. Al-Kaabi
- Mr. Mansour Al Muslah
- Sheikh Ali Bin Ghanim Bin Ali Al Thani
- Sheikh Abdulla Bin Khaled Bin Thani Al Thani
- Mr. Abdul Rahman Abdulla Abdul Ghani
QIB international is responsible for all international banking activities of the QIB Group.
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- "QIB profit increases by 15 per cent to QAR 725 million for H1 2014". CPI Financial. 15 July 2014. Retrieved 24 July 2014.
- "Strong lending growth drives up Qatar Islamic Bank's Q2 profit". Reuters. Jul 14, 2014. Retrieved 24 July 2014.
- "Qatar's QIB posts 15% jump in Q2 net profit". Arabian Business. 14 July 2014. Retrieved 24 July 2014.
- "Board of Directors". www.qib.com. Qatar Islamic Bank. Retrieved 14 July 2015.
- "Qatar rally loses steam; PMI rebound lifts Egypt". Gulf News. July 3, 2014. Retrieved 24 July 2014.