Bassel Gamal

#Qatar's new food security depot receives $439mln in funding

Qatar Islamic Bank (QIB) has agreed a 1.6 billion Qatari riyal ($439.4 million) funding deal with Al Jaber Engineering (JEC) to finance a large food security facility at the new Hamad Port. The new food security facility is being built on a 530,000 square metre site and contains facilities that can be used for storing, processing and manufacturing of various foods. The complex will house rice silos, oil storage tanks and associated infrastructure. The funding deal was signed by QIB's CEO, Bassel Gamal, and JEC CEO Osama Hadid. Gamal said the bank was proud to finance JEC’s food security facilities project which is of strategic importance to the country. Hadid added that JEC would be responsible for both the design and construction of the new food security facility. Hamad Port is a $7.4 billion project which has been built to the south of the country's capital, Doha.

Qatar’s ‘Best Bank’ leads #Islamic #finance sector - Interview

The country’s leading Sharia-compliant lender, Qatar Islamic Bank now controls more than 43.5% of the Islamic banking market share in Qatar and 11.5% of the overall market. The quality of its customer service, portfolio of products and services, solid financial performance and measured approach to growth have also contributed to it recently adding the ‘Best Bank in Qatar’ honor from Euromoney to its list of awards. Group CEO Bassel Gamal explains QIB’s winning formula, its dedicated support for SMEs, and the opportunities Islamic finance holds for clients and investors.
What are the main opportunities in Islamic finance in Qatar?
Islamic finance has recorded many significant achievements over the last few years as it continued to strengthen its capabilities and grow by providing the products and services, as well as the capacity, to structure and finance major infrastructure projects in Qatar, in line with the country’s National Vision 2030.

Capital Intelligence affirms QIB's Financial Rating at 'A'

Qatar Islamic Bank (QIB) has been affirmed by international credit rating agency, Capital Intelligence (CI), with a Financial Strength Rating (FSR) of 'A'. This reflects the Bank's Islamic banking franchise, evidenced by substantial growth in financings and customer deposits, net financial income differential, and the Bank's capitalisation. In view of the Bank's intrinsic financial profile, Qatar's economic growth potential, and ongoing government support for all Qatari banks, the Bank's Long and Short Term Foreign Currency Ratings are affirmed at 'A' and 'A2', respectively, on Stable Outlook. Based on the strength of the Qatari government balance sheet, the Support Rating is affirmed at '2'.

QIB CEO Bassel Gamal Says No More Need for Sukuk Issues

Qatar Islamic Bank is not expecting to issue more Islamic bonds before 2014, according to its Chief Executive Officer Bassel Gamal. The CEO said that there seems to be enough liquidity currently. Last October, it tapped the bond market with a US$750 million five year sukuk bond issue. This is part of the overall sukuk programme of the bank valued at US$1.5 billion. Gamal added that local currency sukuks would be expected to be issued in the coming years. He also said that many countries encourage local issuances of sukuk, such as Saudi Arabia and Malaysia.

Bassel Gamal is CEO of QIB

Bassel Gamal was appointed as the Chief Executive Officer of Qatar Islamic Bank (QIB). Mr. Gamal is well grounded in banking and finance, and has had experience in several institutions and positions. He will assume his office next month.

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