QIIB explores overseas investments

March 12, 2014 - 12:46:55 am

QIIB Chairman Sheikh Dr Khalid bin Thani bin Abdullah Al Thani (centre) and Vice Chairman Sheikh Abdullah bin Thani Al Thani (left) and CEO Abdulbasit Ahmed Al Shaibei yesterday. Salim Matramkot

BY MOHAMMAD SHOEB

DOHA: With the growing customer base and remarkable performance in 2013, Qatar International Islamic Bank (International Islamic) is exploring investment opportunities overseas, especially in some African countries, said a senior official of the Shariah compliant lender yesterday. 

“We are working on investment opportunities in few places abroad, including in some African countries, but we would prefer not to disclose the details now as it will be premature to say anything about the same,” said Abdulbasit Ahmed Al Shaibei, CEO and member of the board of directors of QIIB.  

On the prospects of investing in the neighbouring Gulf States, he said: “Given Qatar’s growth and investment potential, most of the banks of the region are busy investing in host of projects in the country. We also have expansion plans to tap the local growth potential. Currently we have 18 branches across the country, and we are working to upgrade our products and services. We are working to open seven new branches in different parts of the country, including one each at The Pear Qatar and Al Khor very soon.”

Al Shaibei was speaking on the sidelines of the bank’s ordinary general assembly meeting held yesterday, which approved all the recommendations of the board of directors, including the distribution of a cash dividend of 37.5 percent of the nominal value of the share (QR3.75 per share) to the shareholders.

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. 

The meeting reelected Sheikh Dr Khalid bin Thani bin Abdullah Al Thani as Chairman and Managing Director, and Sheikh Abdullah bin Thani Al Thani as Vice Chairman. 

Sheikh Khalid, during his address, said: “As Qatar has achieved a remarkable renaissance that has impressed the world thus creating a competitive environment, we at QIIB are working to benefit from in order to attain best returns for shareholders and customers.”

“Last year, QIIB achieved qualitative goals such as rationalising its management, expanding its customer base, improving its service quality, enlarging its local spread and introducing some overseas projects. This is what makes us look for 2014 with more confidence and work tools and chances for success, often attributed to our work throughout the past years,” he said. 

He said that the bank is able to preserve its leadership and excellence while taking all measures and setting all necessary plans, in terms of applying international financial standards or using the latest banking systems and software in order to maintain the sustainable development and improve revenue-generating economy.

Sheikh Khalid expressed his gratitude to the Emir, H H Sheikh Tamim bin Hamad Al Thani for his encouragement, support, and noble patronage for the private sector. He also extended his appreciation to Qatar’s fiscal and monetary authorities, including QCB and Shari’a Supervisory Board for their continuous support to the banking sector.

The Peninsula

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