IslamicFinance.de

Mohamed Salem reported in The Peninsula that Qatar Islamic Bank released a net profit to QR 1.64 bn, representing a 30.8 % growth over 2007. The profit in 2007 was QR1.25bn. The bank also announced it plans to launch a rights issue to raise its capital by 10 %.

Tradearabia reported on 22 January that Moody's Investors Service has placed the A2 local and foreign currency issuer ratings for Qatar Real Estate Investment Company (Alaqaria) under review for possible downgrade. The moves comes following the new Qatari government directive to merge Alaqari with Barwa Real Estate Company. Moody's has also placed the $300 million Trust Certificates (sukuk) issued by Qatar Alaqaria Sukuk Company (QASC) under review.

The Qatar International Islamic Bank (QIIB) has said that its financing policies for real estate, vehicles and other purposes remain unchanged even as other banks tighten their lending policies.

The daily Alqabas reported on 8 January that the Qatar Investment Authority invests Qatary Riyyal 13 billion in the local banking sector, including the three Islamic banks. Qatar International Islamic Bank agreed to the new investor, which is going to hold 20 % of the shares after the capital raise.

David Masters reported on 15 April about the new Ernst & Young Report in the Insurance Daily, which says that the GCC countries contribute USD 1 bn to the USD 2 bn global Takaful market, which is supposedly growing at 20 %. Worldwide there are 133 Takaful operators. 59 of these operate within the GCC countries of Saudi Arabia, Qatar, Oman, Kuwait, Bahrain and the United Arab Emirates.

Ernst & Young’s head of Islamic finance is Sameer Abdi.

Source: http://www.insurancedaily.co.uk/2008/04/15/takaful-market-booming-in-gcc/

Full study at E&Y:

http://www.ey.com/global/content.nsf/UK/_Islamic_Financial_Services

AME Info published a press release on 8 April that The Bank of London and The Middle East plc (BLME) announced that it has participated in USD 20 mn of Forward Lease financing to Qatar Electricity and Water Company (QEWC), for the construction of the Ras Abu Fontas A1 (RAF A1) water desalination plant to be built in the northern part of Ras Abu Fontas, Qatar. The Islamic tranche of the transaction was introduced to BLME by European Finance House, London based subdiary of Qatar Islamic Bank. Out of the total project budget of USD 600 mn, USD 150 mn is Islamic financing which is being underwritten by QIB.

Humphrey Percy is CEO of BLME. Mike Clark is CEO of European Finance House.

Source: http://www.ameinfo.com/152651.html

The Peninsula reported on 27 March about the Musharaka Sukuk USD 137.5 mn arranged by Qatar Islamic Bank on behalf of the ‘Salam Bounian Development Company Limited’. Qatar National Bank Al Islami, the Islamic branch of Qatar National Bank and ALSAFA, the Islamic banking division of the Commercialbank of Qatar QSC, were joint lead managers and bookrunners for the issue. Only Qatari financial institutions participated for the first time. The Sukuk will be listed in Luxembourg and traded by the Qatar Islamic Bank and its affiliates, European Finance House and Asian Finance House.

Source: http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&...

Matthew Martin reported on 18 March that Qatar Islamic Bank (QIB) is evaluating opportunities to acquire a conventional Egyptian bank and convert it into an Islamic bank, and is also applying for a banking licence in Turkey.
Qatar Islamic Bank will likely follow its strategy of independent brands, like before in regard to European Finance House in London, Asian Finance House in Malaysia and Arab Finance House in Lebanon.

Source: meed.com