Qatar Islamic Bank (QIB)

#Qatar Islamic Bank offers family shield ‘takaful’ policy

Qatar Islamic Bank (QIB) launched its family shield takaful policy, designed to provide nationals and residents financial security during unforeseen circumstances. The product is tailor-made to mitigate financial liabilities of the family of the insured, in case of unforeseen events like death or disability. For QR75 per month, customers can purchase a family shield term takaful plan through the QIB mobile app and get takaful coverage for QR250,000. QIB continues to make all financial products and services available digitally. It offers customers the possibility to perform all daily banking needs through its mobile app at any time, from anywhere, without the need to visit a branch.

#Qatari banks raise over $1 billion in privately placed bonds – sources

Qatar National Bank and Qatar Islamic Bank have raised a combined $1.3 billion in privately placed bonds. QNB‘s chief executive Ali Ahmed al-Kuwari told Reuters this week that the bank‘s U.S. dollar liquidity was excellent and that it had no immediate funding need. The bank, which is 50% owned by sovereign wealth fund Qatar Investment Authority reported a 3.5% rise in third-quarter net profit. Qatar Islamic Bank has reported a rise in net profit in the second quarter of this year. It is expected to announce its third-quarter results next week.

QIB launches #Takaful product for low-income workers

Qatar Islamic Bank (QIB) announced the launch of its affordable Takaful product for low-income workers called "Family Sheild - WPS". This low cost Takaful product can also be purchased by companies who want to give additional protection to their employees. The plan can be purchased by contributing QR10 per month or QR120 per annum and provides a cover of QR50,000 for death and QR100,000 in case of death due to accident. D. Anand, General Manager of Personal Banking Group at QIB, said the Family Shield WPS Takaful plan was designed for expatriate workers and can be easily purchased instanty over the counter without any medical tests. He added that QIB was well aware of the worker’s concern for their family’s well being in case of unseen events and wanted to provide them with an affordable and useful Takaful solution.

Fitch upgrades Qatar Islamic Bank (QIB) rating to stable and affirmed 'A' rating

Fitch Ratings has upgraded Qatar Islamic Bank’s (QIB) outlook to 'stable'. The move reflects Fitch's view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-domestic funding. The government has demonstrated a strong commitment to its banks and key public sector companies. Earlier this year, Fitch also affirmed QIB’s Long Term Issuer Default Rating (IDR) at 'A'. These ratings of QIB reflect its well-established franchise in Qatar, with a market share of about 11% of total banking system assets at end-2017.

QIB and INJAZ Qatar sign deal to launch financial literacy programme

Qatar Islamic Bank (QIB) has signed an agreement with the youth organization INJAZ Qatar to sponsor a three-year financial literacy programme for selected high schools and universities in Qatar. The agreement was signed by Bassel Gamal, QIB Group CEO and Emad Al Khaja, INJAZ Qatar CEO. The new "Personal Finance Program" is a five-week training with interactive sessions tailored specifically for high school students and university freshmen. The programme explores ways to earn money and spend it wisely by budgeting, saving, and investing. Courses include the cautious use of credit cards, and protecting your personal finances. Emad Al Khaja said the course was in line with local cultural requirements, as Islamic banking principles are incorporated into the programme.

QIB launches new Investor Relations App

Qatar Islamic Bank (QIB) has launched an Investor Relations app for Android and iOS smartphones. The QIB IR App keeps the investors updated on the latest financial developments related to share prices, stock performance, bank news, financial results and key financial reports. It includes interactive financial screens enabling investors to see QIB’s historical share price and results while providing comparison with peers. As QIB’s investors are global, the app supports 17 languages and enables the display of share prices in different currencies as well. QIB cooperated with Euroland, a leading fintech company, to launch the app and update the information available on the website. All interested parties can download the QIB IR app from the Apple Store or Google Play Store and visit the Investor Relations (IR) section on QIB’s website.

QIB named as safest Islamic bank in #Qatar

Qatar Islamic Bank (QIB) has been recognised by Global Finance as the safest Islamic Bank in Qatar and one of the safest Banks in the Middle East. Also, QIB was recognised as the second safest Bank across the banking sector, and the third safest Islamic Bank in the Middle East. Global Finance evaluates the ratings and total assets size of the banks, which were selected through an evaluation of long-term foreign currency ratings from Moody's, Standard & Poor's and Fitch. QIB's Group CEO Bassel Gamal said he was proud to be active contributor to Qatar's growing financial sector and to the country's National Vision 2030. Total assets of the Bank have increased by 9.2% compared to the first half of 2016, and now stand at QR147bn. Income for the first half of this year is QR3.14bn registering 18.4% compared to QR2.657bn for the first half of 2016.

#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.

QInvest successfully exits a prime London residential #real-estate #fund

Qatar Islamic Bank's QInvest is exiting the St. Edmund’s Terrace LP Fund. The Shari'ah compliant fund was jointly owned by QInvest and a range of GCC institutional and retail investors. It invested GBP 50 million into developing a new, prime residential project through a real estate development company. The Fund was created to provide investors with the opportunity to invest in London’s prime residential market. At completion, the Fund generated 22% net returns to investors. Craig Cowie, Head of Real Estate at QInvest said the returns exceeded expectations and added a notable asset to the luxury real estate market in London. The project, 50 St. Edmund’s Terrace, completed in June 2015 and comprises of three residential blocks and 37 units. It delivered an average selling price in excess of GBP 2,600 per square foot.

QIB introduces new 'automated complaint management system'

Qatar Islamic Bank (QIB) has launched a new automated complaint management system, a system that helps customers to track the status of an issue and to understand what is happening at every step in the process. The complaint management system is accessible by all employees, ensuring that every person working for the bank is able to contribute to improving customer service. The moment a request/complaint is logged into the system, a text message (SMS) is sent to the customer providing a unique reference number related to the inquiry. This allows QIB customers to get easy updates on the status of their complaint any time. Upon a suitable resolution of each case, QIB customers receive a closing/confirmation SMS. Constantinos Constantinides, the bank's chief strategy officer said the new system would increase customers’ satisfaction and maintain their loyalty to QIB.

QIB offers online travel #takaful plan to customers

Qatar Islamic Bank (QIB) has introduced online instant purchase for its new Travel Takaful plan. From now on, QIB’s customers can conveniently purchase Travel Takaful plan through the Bank’s website The comprehensive plans are offered by Damaan Islamic Insurance Company (Beema) and provide a wealth of coverages. Benefits include compensation in case of lost/delayed baggage, delay in departures, or in the event of lost passports, National IDs and driving licences.
A key benefit is the coverage of medical expenses incurred abroad, including hospital and surgical costs, dental emergencies and other needs that can occur when traveling.

Qtel signs $500m Islamic financing deal with QIB

An Islamic financing facility worth $500m was signed between Qatar Telecom (Qtel) and Qatar Islamic Bank (QIB). The bank plays the role of Sole Mandated Lead Arranger and Investment Agent for the deal. The financing is structured as an 18 month Shariah-compliant "Revolving Murabaha". According to Chief Executive Officer of the Qtel Group - Dr Nasser Marafih - the deal will make the relationship between Qtel and QIB stronger. Ahmad Meshari, Acting Chief Executive Officer of QIB, added that the financing facility enables further avenues of collaboration between the two companies.

Qatar Islamic Bank nets QR1.13bn gain in 9 months to Sept

Qatar Islamic Bank (QIB) shows high performance with a net profit of QR1.13bn in the first nine months of 2012. This is an increase of 2% compared to the same period last year. In September this year, QIB's total assets were at QR66.8bn - an increase of 26.7% since last year. The reason for the continuous asset growth are the financing activities, which have risen 42% from QR11.3bn in the first nine months of 2011 to QR38.1bn this year.

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Qatar Islamic Bank plans dollar-denominated sukuk

Qatar Islamic Bank has made plans of issuing a sukuk in dollar denomination. The move will be part of the bank's sukuk issuance programme worth $1.5 billion. According to a document from the lead arrangers, the banks mandated for the sukuk are Deutsche Bank, HSBC, Standard Chartered and QInvest LLC. Further details on the size of the sukuk are not known yet. The plans include investor meetings in Asia, Middle East and Europe.

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Qatar: another Sukuk program

After bein inactive on the suku market for 2 years, Qatar Islamic bank (QIB) is about to launch a new sukuk program. The bank's board has approved a sum of $1.5 billion for this purpose. According to a spokesman of the bank, the issuance will be managed by HSBC Holdings PLC, Standard Chartered PLC, QInvest LLC and Deutsche Bank AG. The issuance will take place in two tranches of of $750 million. The first one will probably be issued in a month's time.

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Qatar Islamic Bank plans $1.5 bln sukuk programme

A company statement on Wednesday said Qatar Islamic Bank is planning a sukuk issuance programme of up to $1.5 billion. The bank will seek the approval of shareholders of the plan in a meeting on September 16.

QIB signs Project Financing deal for AL MILLION SERVICES TRAD. & CONT. CO. W.L.L

Qatar Islamic Bank (QIB) has presented a project financing agreement with Al Million Services Trading and Contracting Co. W.L.L. in order to fund the purchase and operation of 500 new taxi vehicles. The financing will be put in action as per the Islamic finance methods of Murabaha, Wikala, and Istisnaa.
Abdul Kader Mydeen, Managing Director of Al Million Services Trading and Contracting Co. W.L.L., stated that the agreement completed with QIB will help the purchase and operation of the taxi cars asked by the company in order to meet the goals of MOWASALAT.

Qatar Islamic Q2 net profit up 27 pct; beats estimates

Qatar Islamic Bank (QIB) had a 26.9 percent jump in second-quarter net profit, beating analysts' forecasts on a surge in the bank's investment income.
Analysts questioned by Reuters on average expected a quarterly net profit of 347.36 million riyals.

Qatari Banks stall sell-off

Four months after Qatar ordered conventional banks to quit Islamic banking, there has been little to no progress by the conventional banks to dispose of their Islamic assets.
Although Commercial Bank of Qatar has opened talks on selling its Shari'ah compliant book of business, while Qatar Islamic Bank confirmed its interest in potential buyouts, it remains only paper talk.

Qatar Islamic Bank to sell sukuk this year, acting CEO says

In order to reduce debt payments, Qatar Islamic Bank is going to sell sukuk this year. The sukuk will have a maturity for over 5 years.
Qatar’s central bank cut interest rates last month for the first time in eight months after a slowdown in credit growth.The bank lowered the benchmark overnight lending rate by 50 basis points to five percent and the deposit rate by the same amount to one percent.

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