Qatar International Islamic Bank (QIIB)

Qatar International Islamic Bank readies $2 bln #sukuk programme

Qatar International Islamic Bank has finished creating a $2 billion sukuk issuance programme and is preparing to issue it when market conditions improve. Qatar's access to international bond markets has become problematic since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with the country. Instead of debt markets banks have turned to privately placed bond and sukuk deals, as well as bilateral loans. Qatari banks are facing greater urgency to secure funding because banks from the four Arab countries have been withdrawing deposits from Qatar. Last month the largest Qatari lender, Qatar National Bank, raised $630 million in Taiwan’s Formosa bond market. Commercial Bank of Qatar is also considering whether to borrow money on the Taiwanese bond market.

#Morocco opens first Islamic bank branch months after approval

The first Islamic bank in Morocco, Umnia Bank, has opened its doors five months after the central bank's approval. The North African country long rejected Islamic banking because of concern about Islamist movements, but its financial markets lack liquidity and investors. Umnia Bank is a joint venture of Qatar International Islamic Bank (QIIB) and Moroccan lender Credit Immobilier et Hotelier (CIH Bank). Umnia recently opened a total of three agencies, two in Casablanca and one in Rabat. The bank plans to open more branches throughout the country. Morocco is the most advanced of North African neighbours in developing Islamic finance. Tunisia and Algeria are also starting to explore the sector.

Qatar International Islamic Bank, CIH to Launch Islamic Bank in #Morocco

In partnership with the Moroccan Crédit Immobilier et Hotelier bank (CIH), Qatar International Islamic Bank (QIIB) will launch Umnia Bank, a joint Islamic financial institution. Licensing for the Umnia Bank had already been issued by the Central Bank of Morocco. According to QIIB chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, QIIB is now closer to formally launching the activities of Umnia Bank. He expressed his happiness to reach this stage and stated that Umnia Bank looks to be the best Islamic bank in Morocco. He added that QIIB is determined to contribute to the growth of the Moroccan economy.

QIIB to begin operations in #Morocco with four branches

Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Qatar International Islamic Bank (QIIB) inaugurated the bank’s new branch at the Mall of Qatar. CEO Abdulbasit Ahmad Al Shaibei said the bank is expected to start its operations in Morocco by the first quarter of 2017 with four branches. The lender had signed a joint venture agreement with the Moroccan Bank Credit Immobilier et Hotelier (CIH) for the establishment of a bank in Morocco in December 2015. Under the agreement, QIIB will have 40% stake in the proposed bank. The new QIIB branch is on the ground floor of the Mall of Qatar, considered to be one of the most important shopping destinations in the region.

QIIB expects to receive licence for Moroccan JV before year-end: CEO

#Qatar International Islamic Bank (QIIB) expects to secure the licence from the Moroccan authorities for its joint-venture bank in the kingdom before the year-end. CEO Abdulbasit A. al-Shaibei said QIIB firmly believed that Morocco presented a 'good opportunity' for the bank, being a gateway to North Africa, which is in need of Shariah-based, value-driven banking. He said QIIB and its partners in Morocco have identified the branches and installed the IT systems. While there are opportunities, al-Shaibei said any new market would pose some challenges. In terms of overseas ventures, QIIB will now be focused only on Morocco. Al-Shaibei said 2016 was a challenging year not just in the Middle East, but everywhere. However, he said he remained very optimistic about the Qatari economy and the future opportunities of the country.

#Qatar: Barwa signs $165m project finance agreement

Qatar-based developer Barwa Real Estate has signed a new facility agreement with Qatar International Islamic Bank (QIIB) worth $165m (QAR600m). According to the official statement, the move is aimed at securing finance for a part of its upcoming projects. This agreement reinforces Barwa’s strategy of strengthening its financial position by funding the upcoming projects through credit facilities with favorable rates, terms and conditions.

#Qatar's Barwa #RealEstate secures 600 mln riyal financing from QIIB

Qatar's Barwa Real Estate has secured a 600 million riyal ($164.8 million) financing facility from Qatar International Islamic Bank. The official statement said the money was to fund part of the company's new projects under construction. It did not specify which projects.

QR1bn #sukuk supports QIIB’s 'interim and strategic' plans

QIIB announced the issuance of a QR1bn sukuk within the first tranche of the bank’s capital boost through a local issue. The new sukuk issuance supports the bank's equity and meets Basel 3 requirements and enhances its plans for expansion. With the new issue the bank’s capital adequacy will increase to about 20%, well above the Qatar Central Bank requirements set at 12.5%. Moody’s has affirmed the Bank’s rating this year at A2, Fitch Ratings at A+ and Capital Intelligence at A- with a positive outlook.

QIIB completes issuance of QR1bn #Sukuk

QIIB announced the issuance of QR1bn Sukuk. The Sukuk aims at boosting the Bank's Tier 1 Capital to maintain a higher Capital Adequacy Ratio (CAR) complying with the Basel III norms. Last year QIIB shareholders had approved the Bank's proposal to raise up to QR3bn through Sukuk issuance.
A higher capital adequacy will not only help the Bank's risks absorption capacity but also expected to promote financial stability and efficiency of the Shairah compliant banking services provider.

Indonesia eyeing Qatar expertise for expanding Islamic banking sector

Indonesia seeks to expand Islamic banking and has sought Qatar’s help in developing Shariah-compliant banking in the South East Asian country. Indonesian ambassador Muhammad Basri Sidehabi recently visited QIIB headquarters where they held talks with the bank CEO Abdulbasit Ahmed al-Shaibei. Ambassador Sidehabi said the delegation’s visit to QIIB was aimed at benefiting from Qatar’s Islamic banking experience and further expanding the areas of cooperation. He spoke about the great efforts being made by the authorities in Indonesia, where there is a huge demand for Shariah-based banking services.

Latest takeover bid for Islamic Bank of Britain collapses

The latest takeover bid for the Birmingham based Islamic Bank of Britain by its majority shareholder, Qatar International Islamic Bank, has not had any success. QIIB's scheme was recently voted down at a shareholder meeting. Meanwhile, Marsaf Al Rayan has become a potential bidder for IBB. The ofer by QIIB from September 6 was worth £35.5 million.

Read more on: http://www.birminghampost.net/birmingham-business/birmingham-business-ne...

Qatar's QIIB to price $700m sukuk Thursday

Asa reflection of healthy demand for the sukuk deal, Qatar International Islamic Bank (QIIB) launched a US$700m Islamic bond on Thursday. The price of the issue lies at the lower end of the one revised. The spread of the five-year sukuk is 190 basis points over midswaps. The mandated arrangers on the deal are HSBC, Standard Chartered and QNB Capital.

Read more on: http://www.arabianbusiness.com/qatar-s-qiib-price-700m-sukuk-thursday-47...

QIIB announces 60pc pay hike for Qatari staff

Qatar International Islamic Bank is going to raise the salaries and allowances of its Qatari staffs by 60 percent after the big salary hike of national employees in the government sector.
The aim is that its national staff shows their creativity and perform their jobs with satisfaction.

QIIB agrees to buy IBB

Qatar International Islamic Bank (QIIB) has agreed to buy full control of the Islamic Bank of Britain (IBB) as part of QIIB’s plans to develop an international banking business compliant with Shariah laws.
QIIB is offering one pence a share, representing a discount of 70 percent to IBB’s closing share price of 3.38 pence on March 15.

QIIB to buy out UK Islamic bank

Qatar International Islamic Bank agreed to buy out the part of Islamic Bank of Britain it doesn’t already own for about £4.8mn ($7.7mn) as it tries to create an international Shariah-compliant lender.

Islamic Bank of Britain – Weathering the Storm

The Islamic Bank of Britain (IBB) opened its doors in 2004. Six years later in the summer of 2010, The Times newspaper described the venture as a flop. A couple of weeks after The Times article appeared, IBB had secured a £20 million capital injection from founding shareholder Qatar International Islamic Bank (QIIB), taking QIIB’s stake in the bank to over 80%.
However, some issues that still remain for IBB are:
- they have to come to grips is whether their position as a UK Islamic bank is tenable
- they will also have to deal with a more rigorous regulatory system.

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