Qatar International Islamic Bank

MIDEAST #DEBT-#Qataris hold non-deal bond roadshows as rift drags on -sources

Qatari banks have met investors in Europe and Asia to gauge their interest in potential U.S. dollar bond issues. Access to international debt markets has become problematic since the diplomatic crisis has erupted. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar, accusing it of supporting terrorism. Cross-border deposits accounted for about a quarter of Qatar's total deposits, so banks started to look for alternative funding. Al Khalij Commercial Bank, Doha Bank, Qatar International Islamic Bank and QNB have all met investors in recent weeks. Feedback was positive, but investors also made clear that issuers would have to pay premiums in order to attract sufficient demand. According to an international portfolio manager, the premium that Qatari banks would have to pay is about 30-40 basis points. A second fund manager said Qatari banks would have to pay up not only because of the increased political risk, but also because of general market conditions in the region.

Qatar International Islamic Bank plans Tier 1 Sukuk issue

In a statement to Qatar Stock Exchange on 30 March, it was revealed that Qatar International Islamic Bank (QIIB) is planning a Sukuk issue of up to QAR 3 billion. The bank’s General Assembly gave the nod to the extension of its approval to issue Additional Tier 1 Sukuk nonconvertible into ordinary shares of up to QAR 3 billion. The meeting delegated the bank’s board of directors' to decide the size of each issuance ,terms and conditions and issuance currency. QIIB CEO Abdulbasit A al-Shaibei was quoted as saying the Sukuk would be issued before the end of April to boost the bank’s capital ratio.

QIIB expects Morocco JV approval by third quarter

Qatar's Islamic lender QIIB achieved increase and growth in its various banking activities over the past year. The AGM approved the Board of Directors' proposal to distribute 40% cash dividends of the nominal value per share which is equivalent to QR4 per share. Besides, the bank is expecting approval from authorities in Morocco for its joint venture by the end of third quarter this year. The lender had signed a joint venture agreement with CIH Bank (Credit Immobilier et Hotelier), a Moroccan bank, for the establishment of a bank in Morocco in December last year. Under the agreement, QIIB will have 40% stake in the proposed bank.

Qatar International Islamic Bank preparing 1 bln riyal sukuk issue

Qatar International Islamic Bank is in the advanced stages of preparing to conduct a Tier 1 sukuk issue worth 1 billion riyals ($275 million), it said in a statement on Thursday. The bank said the capital-boosting issue would follow the bank receiving all regulatory approvals. It didn't elaborate.

UPDATE 1-Qatar International Islamic Bank, CIH to set up bank in Morocco

Qatar International Islamic Bank (QIIB) has signed an agreement with Moroccan lender Credit Immobilier et Hotelier S.A. (CIH Bank) to set up a bank in Morocco. In November, central bank governor Abdellatif Jouahri said Morocco would start issuing Islamic banking licences within the next year. QIIB will take a 40 percent stake in the new bank, which is expected to launch in coming months after necessary approvals, the Qatari institution said on Thursday without giving details of the venture. The Qatari joint venture is part of QIIB's strategy to pursue overseas investments and diversity its portfolio, the lender said in a bourse statement. Islamic banks from Kuwait, Bahrain and the United Arab Emirates have also expressed interest in entering Morocco.

Interview: Adbulbasit Ahmad Al-Shaibei CEO and director at Qatar International Islamic Bank

Fresh off the back of a strong first-half performance to the year, Qatar International Islamic Bank’s Chief Executive Officer and director Abdulbasit Ahmad Al-Shaibei is basking in a bumper era of growth. The bank has seen its profits grow by around 4-17 per cent every year since 2010 and, if the first six months of this year are any indication, 2015 should maintain the positive run. QIIB announced a net profit of 438 million riyals ($120.3 million) for the first half of the year, a 9 per cent increase compared to the same period in 2014. Al-Shaibei is seeing opportunity for further growth in some unconventional places.

Moody's upgrades Qatar International Islamic Bank issuer ratings and changes outlook to stable

Moody's Investors Service has today upgraded Qatar International Islamic Bank's (QIIB) long term and short term issuer rating to A2/Prime-1 from A3/Prime-2, and changed baseline credit assessment (BCA) and adj. BCA to baa3 from ba1. Moody's also changed the outlook on the bank's long term ratings to stable. At the same time, Moody's assigned a new Counterparty Risk Assessment of A1 to QIIB. Moody's rating action reflects QIIB's improved and consistently strong asset quality performance and its solid capitalisation, liquidity and funding profile. These strengths are moderated by high borrower and sector concentrations, risk management challenges stemming from rapid financing growth and margin pressures driving a modest decline in profitability.

Qatari banks, Southwest Securities plan Islamic finance venture in China

Two Qatari banks and Chinese brokerage Southwest Securities signed a memorandum of understanding to establish a company handling Islamic finance deals in China, Qatar's central bank governor Sheikh Abdullah bin Saud al-Thani said on Tuesday. The banks are Qatar National Bank and Qatar International Islamic Bank. No further details of the venture were immediately available.

Qatar International Islamic Bank AGM approves Sukuk plans

Qatar International Islamic Bank (QIIB) held its Ordinary General Assembly Meetings on 15 March. Among the agenda items approved, approval was given to the Board recommendation to issue Additional Tier 1 Sukuk non-convertible into ordinary shares up to QAR 3.0 billion. The Board was delegated powers to decide the size of each issuance, terms and conditions, issuance currency after getting all necessary approvals from supervisory authorities. The meetings also approved the proposal to pay 40 per cent of the bank capital as cash dividends, equivalent to QAR 4.0 per share.

International Islamic honoured for its CSR contribution

International Islamic (QIIB) was honoured for its distinctive role in Corporate Social Responsibility (CSR) at a ceremony held at the Qatar University. QU’s College of Business and Economics partnered with the Qatar CSR Network in organising the event, which also saw the launch of the ‘CSR Report Qatar 2014’. Ali Hamad Al Mesaifri, Chief of Human Resources and General Services at QIIB, received the honorary award from the President of Qatar University, Dr Sheikha Al Misnad. The Bank has cooperated and still is cooperating with major and active institutions engaged in community services at various spheres such as health, education, charitable and social activities, and culture and sports.

Ehab Eshehawi is QIIB’s new COO

Qatar International Islamic Bank (QIIB) has announced the appointment of Ehab Eshehawi (pictured) as its Chief Operating Officer (COO). Eshehawi has more than 25 years’ experience in managing Technology and Operations in the USA, Europe, Asia and Mideast, including 14 years’ experience in the US with Fortune 500 Companies, and 15 years’ experience with international banking institutions. He spent the last 15 years with Arab Banking Corporation and Ahli United Bank focused on supporting banking mergers and acquisitions. Eshehawi is holder of a Bachelor degree in Business Administration, minor in Business Computers Information Systems, and a MBA from the USA.

QIIB explores overseas investments

Qatar International Islamic Bank (International Islamic) is exploring investment opportunities overseas, especially in some African countries. However, Abdulbasit Ahmed Al Shaibei, CEO and member of the board of directors of QIIB, did not to disclose the details. Moreover, the bank is working to open seven new branches in different parts of the country, including one each at The Pear Qatar and Al Khor very soon. The bank’s total revenue for 2013 stood at QR1.458bn, and the net profit reached QR750.3m, with a growth of 10.5 percent compared to 2012, and earnings per share reached QR4.96.

Qatari shareholder helps Islamic Bank of Britain narrow loss

Islamic Bank of Britain (IBB) narrowed its losses in 2012 a week after it raised £10 million ($15.5 million) from majority shareholder Qatar International Islamic Bank (QIIB). Last week, IBB raised £10 million by placing 1 billion shares with QIIB at a price of 1 penny each, raising the number of its outstanding ordinary shares to 4.5bn. In 2012, IBB posted a loss of £6.99m versus a loss of £9m a year earlier. Home financing business helped narrow the gap by nearly doubling to £117m in 2012 versus £61m a year earlier. The bank did not disclose personnel or administrative expenses, which in the past have represented the bulk of its costs. QIIB, which now owns 91 percent of IBB, has been in discussions since last June with Qatari lender Masraf Al Rayan to sell a controlling stake in the British bank.

Press Release: Qatar International Islamic Bank's ratings affirmed

Capital Intelligence has affirmed Qatar International Islamic Bank's (QIIB) Financial Strength Rating (FSR) at 'A-', on 'Stable' Outlook - reflecting the Bank's good capital adequacy, very strong liquidity and good loan asset quality. Ratings remain constrained by single name concentration risks in both financing and investment portfolios and by high exposure to real estate. Moreover, the Bank's relatively small balance sheet and market share remain rating constraining factors. The Bank's Long and Short-Term Foreign Currency (FC) Ratings are also affirmed at 'A-' and 'A2', respectively, on 'Stable' Outlook.

IIRA assigns fiduciary ratings to Qatar International Islamic Bank

Islamic International Rating Agency (IIRA) has assigned a national scale rating of A+/A-1 (QR) (A plus/A-one) to Qatar International Islamic Bank (QIIB). On the international scale, IIRA has assigned a foreign currency and local currency rating of A-/A-1 (A minus/ A-one). Outlook on the rating is 'Stable'. The fiduciary score has been assessed in the range of '70-75', reflecting strong fiduciary standards wherein rights of fund providers are adequately defined and protected. The fiduciary score captures the role of the management of the institution as Mudarib, the entity's governance practices and compliance with Shariah principles adopted by the bank.

Qatar International Islamic Bank (QIIB) shareholders approve Sukuk programme

Qatar International Islamic Bank reported that shareholders had given approval for the nonconvertible Sukuk Issuance Programme up to $2 billion. QIIB Chief Executive Officer Abdulbasit Ahmed Al Shaibe said that the bank has not yet decided when to go for the issuance. It depended on international market conditions, he added.

QIIB shareholders approve 35% dividend; to increase members of the Board of Directors to 11 from 9

The ordinary general assembly of Qatar International Islamic Bank's (QIIB) shareholders, chaired by the bank Chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani, approved all the 11 items figured in the agenda. These include the approval for the board of directors' decision to issue $2bn sukuk, election of two members to the Governing Council, and an annual dividend of 35 percent. The bank's total revenue in 2012 amounted to QR1.183bn while the net profit reached QR679m recording a growth rate of 4 percent on year-on-year basis. The issuance of the $2bn sukuk depends on international market conditions.

Source: 

http://www.4-traders.com/QATAR-INTERNATIONAL-ISLAM-6498209/news/Qatar-International-Islamic-Bank-Q-S-C-11-03-13-|-QIIB-shareholders-approve-35-dividend-to-incr-16515348/

Islamic Bank of Britain extends deadline for takeover

The deadline for final takeover offer of Islamic Bank of Britain (IBB) from Masraf Al Rayan has been prolonged to January 7. Islamic Bank of Britain that is owned by Qatar International Islamic Bank struggles to turn into profit since 2004. Management of the bank hopes that selling of the major stake to Masraf will help bank in renationalisation if its operations.

City Briefs: Islamic Bank of Britain; M&B; Redrow

It is still discussed how to salvage the takeover of the Islamic Bank of Britain based in Birmingham. However, it is a fact that no offer for the business has been forthcoming. According to the IBB, Islamic bank Masraf Al Rayan appears to be a possible bidder following to collapse of takeover talks between the IBB and majority shareholder Qatar International Islamic Bank (QIIB). If MAR acquires IBB, QIIB will sell their 88.41% of the issued share capital of the Birmingham operation to MAR.

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