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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 Islamic bonds are poised to rebound from their steepest weekly drop since November as investors bet issuers' credit strength will resist the country's spat with its neighbours. The yield on Qatari government sukuk due in January 2023 jumped six basis points last week to 3.27 per cent after the United Arab Emirates, Saudi Arabia and Bahrain withdrew their ambassadors. The three neighbours of Qatar, keen to maintain stability in the wake of the so-called Arab Spring, are critical of the gas-rich nation's support for Egypt's Muslim Brotherhood. The ability of issuers to make all payments is not expected to be affected. Although the longer this goes on, the more likely it will have an impact on pricing of new issuance.

After gaining the leadership position in Shariah-based retail banking, International Islamic has its eyes firmly set on improving its presence in corporate financing, said CEO Abdulbasit A al-Shaibei. Corporate financing is expected to have an exponential growth in Qatar, particularly in the next two to three years. In line with this, the Doha-headquartered lender has activated its trade finance department. Besides, the bank is an active partner with Qatar Development Bank in its initiative to help SMEs flourish. Registering growth across various portfolios of its core business, International Islamic posted a full-year net profit of QR750mn in 2013, up 10.5% on 2012. The bank earned a total revenue of QR1.5bn in 2013. Assets totalled QR34.4bn last year, indicating a 20.5% growth compared to 2012.

The Islamic Bank of Britain (IBB), the UK’s only wholly Sharia compliant retail bank, has been acquired by Al Rayan (UK), the UK subsidiary of Masraf Al Rayan (MAR). The acquisition follows a cash offer made on 28 November 2013 for which MAR received over 95 per cent of valid shareholder acceptances, together with approval of the Prudential Regulation Authority for MAR to take control of IBB. MAR considers the acquisition an opportunity to expand its footprint and introduce its range of products to a fertile market with potential for continued growth. It will also enable Masraf Al Rayan to offer its existing Gulf-based customers additional services as they expand their activities into the UK.

Across the globe governments and corporates are attempting to take advantage of low interest rates caused by the US Federal Reserve’s extraordinary bond buying programme, locking in long term borrowing at peppercorn rates. The central bank of Qatar hopes to issue a mixture of conventional and Islamic government debt with a face value of $6.6bn. The debt programme will be at the shorter end of the yield curve and will be sold in three and five year tenors. Just under half the issuance will be Sukuk, with the rest in conventional instruments. Managing duration is very important for bond fund managers as it allows them to determine the risk on their total bond portfolio for a given move in interest rates. A longer duration bond will move more in value than a bond with a shorter duration for each 0.01 per cent (or 1 basis point) move in interest rates.

Qatari banks are likely to witness poor earnings growth as their net interest margins continue to be squeezed by the cost of funds, according to SICO Investment Bank’s quarterly results preview of GCC equities. The report said Commercial Bank of Qatar (CBQ) and Qatar Islamic Bank (QIB) were expected to see higher provisioning charges caused by a rise in real-estate impaired loans, while Doha Bank’s higher net interest income year on year was expected to drive earnings. SICO also said it expected banks in Saudi Arabia to continue to report strong double digit growth, while UAE banks should witness modest lending growth as a result of limited corporate borrowing, while provisioning was expected to remain at elevated levels.

Recent reports show that people in Qatar are saving less than they did earlier, and nearly half of them feel they don’t have enough for the future. There are several saving options offered by different banks in Qatar. Ahli Bank offers cash prizes for its MyHassad Savings account holders with a certain minimum balance. Besides, the bank offers Time Deposit, an investment product with fixed maturity and a fixed interest rate. Barwa Bank's saving option is the Barwa Bank Fixed Deposit with minimum QAR 15,000. Commercial Bank of Qatar has several saving products, like In Time Deposits, Young Saver Account and the Laddering Deposit Account. Doha Bank, HSBC, Qatar Islamic Bank, Qatar National Bank and Standard Chartered Bank contribute to the wide range of saving options offered by banks in Qatar.

Moody's Investors Service has today assigned a first-time Baa2 insurance financial strength rating (IFSR) to Damaan Islamic Insurance Company "Beema" (C.Q.S.C.) ("Beema "), based in Qatar . The rating was assigned with a stable outlook. The rating reflects Beema's good market position, strong growth potential and a lower-risk investment portfolio. Furthermore, Beema has demonstrated good underwriting results that have led to a growth in consolidated equity. Business diversification and product risk, considering the modest size of Beema, is also considered strong. However, offsetting this is the relatively high concentration Beemadisplays in terms of its geography. Furthermore, the financial and total leverage have increased materially in recent quarters.

Ooredoo QSC has mandated DBS Bank, Deutsche Bank, HSBC, QInvest and QNB Capital to act as joint lead managers and Bookrunners for a proposed US dollar Reg S benchmark Sukuk offering. The offering is expected to be launched, subject to market conditions, following investor roadshows starting 22 November covering Asia, Middle East and Europe.

Qatar is a major player on the growing global Islamic finance stage which is estimated to be worth, at present, around $1.9 trillion. Qatar’s Islamic banking sector is set to flourish over the next three or four years. Islamic banks currently represent one-quarter of Qatar’s banking system in terms of assets, up from 13% in 2006, and it is expected that they will continue to gain market share. Moreover, infrastructure spending in the run-up to the FIFA 2022 World Cup is expected to spur lending for roads, stadiums and hotels. Qatar’s economy is expected to grow 5.2% next year, the fastest in the GCC. Islamic finance will certainly be one of the many topics discussed at the 9th World Islamic Economic Forum which will be held on 29 – 31 October 2013 at the ExCel London.

Qatari lender Barwa Bank expects a sharp increase in its 2013 net profit, driven mainly by billions in infrastructure spending by the Gulf state and growth in its debt advisory and asset management business. The unlisted lender is awaiting regulators' approval a public floatation as part of two share sales planned to raise more than 2.05 billion riyals. It posted a profit of 345 million riyals ($94.75 million) for 2012, a 41 percent increase from the previous year. Moreover, Barwa Bank, through its fully-owned investment banking arm, The First Investor (TFI), plans to partner with local investors in Qatar to invest in the healthcare sector. The bank also manages a Shariah-compliant Gulf equities fund, with 113 million riyals in assets. The fund has returned 19 percent to investors since inception in late 2012.

Kuwait Turkish Participation Bank Inc has been granted a licence by the Qatar Financial Centre ( QFC ) Authority, with effect from September 15 2013, to establish a branch in the QFC . The bank expects to open its QFC branch in about two months. It is licenced to undertake deposit taking; providing and arranging Islamic credit facilities dealing in Islamic investments and managing Islamic investments. The bank is a Turkish Islamic bank with 62 percent owned by Kuwait Finance House, Kuwait, 9 percent by PIFSS, Kuwait, 9 percent by Islamic Development Bank, Saudi Arabia, and 18 percent by Turkish Awqaf. It is the first and only Turkish bank to have a presence in Qatar.

The Board of Directors of Daman Islamic Insurance Company (Beema) has approved the financial statements of the Company for the nine months ended September 30, 2013. Announcing the financial results, Beema Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani said the Company’s net profit has crossed QR40m during the period, up 111 percent compared with the same period last year. Income from investment increased 154 percent during the period. The premium collection of the company recorded more than QR160m, up 24 percent, compared with the corresponding period in 2012. Sheikh Jassim noted the portfolio of shareholders recorded 119 percent growth in the profit against the same period of 2012.

Qatar Islamic Bank (QIB) has reported a 12.4 percent drop in third-quarter net profit, missing analysts' average forecast. QIB posted a nine-month net profit of 975.1 million riyals, compared with 1.1 billion riyals for the same period last year. The third-quarter results, with a net profit of 345.1 million riyals ($94.8 million), missed the average forecast of eight analysts in a Reuters poll. QIB's total third-quarter income from financing and investing activity dropped to 738.4 million riyals from 773.8 million riyals a year earlier. Fee and commission income fell to 91.4 million riyals from 119.7 million riyals. QIB shares closed 0.3 percent lower on Sunday. They have fallen 9.7 percent year-to-date.

Daman Islamic Insurance Company’s net profit crossed QR40m for the first nine months of 2013. The figure reflects a 111 percent increase compared to the same period in 2012. Announcing the financial results, Daman Islamic Insurance Company Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani said the returns from the investments increased by 160 percent on year-on-year basis. Sheikh Jassim attributed the company’s strong performance during the period to the diverse insurance products available in the market. The opening of new branches also supported the growth, he said.

The financial crisis has changed the focus for Bahraini investment banks away from bumper projects and the preference now is for slimmer balance sheets, according to GFH founder Essam Janahi, who last week stepped down as chairman. GFH has now reduced its liabilities to $223 million, from over $2 billion at the peak of the crisis, and is rolling out a more conservative strategy. Future investments will shy away from aggressive rates of return and favour smaller deals to better manage risk, Janahi said. Even some Islamic investment banks which rode out the global crisis fairly comfortably have streamlined their operations and say they will not spurn relatively small deals. Qatar's QInvest for example has streamlined operations and discontinued areas such as wealth management and brokerage services.

The Board of Directors of Qatar First Bank (QFB) announced the appointment of Ahmad Meshari as Acting Chief Executive Officer of the Bank with immediate effect. Ahmad will replace Emad Mansour who recently resigned from the bank. Ahmad will have responsibility for QFB’s business lines including the wealth management business, principal investments, asset management and corporate finance advisory. He brings with him more than 30 years’ experience in the financial sector gained through different senior management positions in regional banks and key roles on high-profile boards, primarily with Islamic financial institutions. He joins QFB from Qatar Islamic Bank (QIB) where he served as Deputy Chief Executive Officer.

Growth of Shariah-compliant banks in Qatar is poised to outpace that of the UAE lenders as borrowing rises amid $200bn in government spending for the 2022 soccer World Cup. Qatar's four Islamic lenders will almost double their asset base to $100bn by 2017, Standard & Poor's has said in a report. Last year, the assets of the largest Shariah-compliant bank in the country, Qatar Islamic Bank, grew five times faster than those of the biggest one in the UAE, Dubai Islamic Bank. Spending for the world's most-watched sporting event will spur lending for roads, stadiums and hotels.

Qatar-based Barwa Bank recently announcd aseries of changes to its leadership team including the promotions of Khalid Al-Ahbabi to General Manager, Wholesale & Business Banking and Hussain al-Abdulla to General Manager, Personal Banking & Wealth Management, a new role for Keith Bradley as Group Chief Operating Officer & General Manager International as well as the appointment of Nasser Mohamad Al-Hajiri as Chief Administrative Officer. Each individual has several years of experience in the banking sector.

Qatar Islamic Insurance Company has reported a 3% rise in first-half net profit to QR35.84mn despite expenses growing faster than income mainly due to a 13% rise in general and administrative costs. Income from investments in associates almost quadrupled to QR3.97mn, rental income grew 16% to QR4.53mn, wakala fee by 8% to QR23.98mn and other income by 28% to QR1.06mn. However, income from shareholders’ investments shrank 30% to QR6.73mn and shareholders’ share in policyholders’ investment income by 5% to QR7.74mn. Nevertheless, total income grew 5% to QR48mn. Total assets were valued at QR662.22mn comprising policyholders’ assets of QR365.41mn and shareholders’ assets of QR296.81mn. Total shareholders’ equity stood at QR263.39mn on a capital base of QR150mn and earnings-per-share was QR2.39 at the end of June 30, 2013.