Qatar Islamic Bank (Q.P.S.C.) Was Established In 1982 As The First Islamic Financial Institution Group In Qatar. Its Products And Operations Are Overseen By The Shariah Council, Which Ensures That The Bank Adheres To Islamic Banking And Financial Principles. It Is The Largest Shariah Compliant Lender In The Country.
As Of 2019, QIB Is The Largest Islamic Bank In Qatar, With A 43% Share In The Islamic Sector And An 11% Share In The Overall Banking Market. It Has Over 170,000 Retail Customers And Over 3,000 Corporate Customers. It Operates Domestically Through 31 Branches Spread Across The Country, In Addition To Ladies Private Centers And Dedicated Lounges For Affluent Clients, And Has More Than 175 Multi-function ATM Devices.
History And Acquisitions
In 1982, QIB Was Established With Paid-in Capital Of 25 Million Qatari Riyals. It Opened Its First Branch For Clients In July 1983.
In 1989, Al Jazeera Finance Was Established With 30% Ownership By QIB. By 1996, QIB's Paid-in Capital Had Increased To 200 Million Qatari Riyals And It Was Listed On The Qatar Stock Exchange In 1998. 2000 Saw The Establishment Of Aqar, With QIB Owning 49% Of The Shares. The Arab Finance House, With QIB Owning 37% Of The Shares, Was Established In Beirut In 2003. By 2005, The Number Of QIB Branches Reached 8 And The Paid-in Capital Increased To 663 Million Qatari Riyals.
2005 Also Saw The Establishment Of The Asian Finance Bank (with QIB Owning 41.67% Of The Shares) And The Following Year QIB's Paid-in Capital Increased To 1.19 Billion Qatari Riyals.
QInvest Was Established In 2007 (QIB Owns 50.13% Of The Shares), QIB-UK Was Established In 2008 (wholly Owned Subsidiary), And In 2009, BEEMA Was Established With QIB Owning 25% Of The Shares.
In February 2018, QIB Sold Its Entire 60% Stake In Asian Finance Bank (AFB) To The Malaysian Building Society (MBSB).
In March 2019, QIB Successfully Priced A 5-year Sukuk At $750 Million At A 3.982% Margin (equivalent To A 150 Basis Point Credit Spread On The US Dollar Intermediate Swap). The Sukuk Met Strong Investor Demand, As Evidenced By The Large Order Book, Which Closed At $3.10 Billion And Was Oversubscribed At 4.1x. Geographically, 46% Of The Sukuk Was Allocated To Asian Investors, Followed By Middle East Accounts (23%), European Accounts (21%) And US/Other Accounts (10%). Overall, Non-Middle Eastern Investors Received 77% Of The Distribution Of Sukuk, A Remarkable Result And One Of The Highest International Allocations Achieved By Any Bank In The Region. 60% Of The Investors Were Fund Managers, 26% Were Banks And Private Banks, And 14% Were Insurance Companies And Agencies. More Than 140 Investors From 28 Countries In Europe, Asia, The United States And The Middle East Participated In Sukuk.
In 2019, The Bank Achieved A Net Profit 3.0554 Billion Qatari Riyals, Up 10.9% From The Same Period In 2018. The Bank's Total Assets Increased By 6.7% Compared To December 2018 And Are Currently 163.50 Billion Qatari Riyals. Financing Activity Has Reached Qatari Rials 113.80 Billion, Up 11.3% Compared To December 2018. The Bank's Customer Deposits Are Currently 111.60 Billion Qatari Rials, Up A Strong 11% Compared To December 2018. Total Revenue For The Year Ended December 31, 2019 Was 7.7382 Billion Qatari Rials, Up 12.4% Compared To 2018, Reflecting Healthy Growth In The Bank's Core Operating Activities.
In November 2019, Fitch Ratings Confirmed Qatar Islamic Bank's Rating Of'A 'with A Stable Outlook. In Addition, In December 2019, Moody's Investors Service ("Moody's") Confirmed QIB's Long-term Deposit Rating Of "A1" With A Stable Outlook. In May 2019, Capital Intelligence Ratings (CI) Confirmed The Bank's Long-term Money Rating (LTCR) Of'A + 'with A Stable Outlook. In March 2019, Standard & Poor's (S & P) Confirmed The Bank's Credit Rating Of'A-' With A Stable Outlook.
Major Shareholders
The Qatar Investment Authority (QIA) Is QIB's Single Largest Shareholder. The Balance Of QIB's Shareholders Includes Other Qatari Individuals, Families, And Institutions, And QIB's Shares Are Listed On The Qatar Exchange.
The Board Of Directors
QIB Is Supervised By The Following Directors:
- Mr. Abdullatif Bin Abdulla Al Mahmoud (Vice-Chairperson)
- Mr. Mohamed Bin Issa Al Mohanadi
- Mr. Abdulla Bin Saeed Al Eidah
- Mr. Nasser Rashid S. Al-Kaabi
- Mr. Mansour Al Muslah
- Sheikh Ali Bin Ghanim Bin Ali Al Thani
- Sheikh Ali Bin Ghanim Bin Ali Al Thani
- Mr. Abdul Rahman Abdulla Abdul Ghani
