Qatar Islamic Bank (QIB) successfully increases the number of shareholders in Al Jazeera Islamic Company

QIB offered 6 million shares to potential investors at QR65 per share including a premium of QR55 per share which delivered QR330m profit. Qatar Central bank has approved the list of the shareholders and has also granted its consent for the restructuring of AJIC as a regulated finance company.

Salah Jaidah, CEO, QIB stated: 'Our aim is to unlock the productive potential of AJIC and streamline the enterprise to promote quality of service, efficiency, revenue generation, economic development, employment as well as competition in the market place'.

QIB in the past few months announced its plan to open up the share holding of Al Jazeera Islamic Company. The objective was to sell to potential investors and increase the number of shareholders from 2 to 10 as per Qatar Central bank requirements.

This was successfully completed and QIB has kept a leading position with 30% of Al Jazeera company shares with Al Awkaf (previous partner) keeping 20% and the balance was sold to strategic partners.

Salah Jaidah, CEO, QIB stated on this occasion: 'We are proud of the high level of interest that strategic partners had in Al Jazeera Islamic Company and the faith they had put in our future plans. In fact we had proposal from more than the 8 partners required. We have in a short period of time completed this project and we are delighted with the high level of partners that we now have on board.''

In fact, the new shareholders on top of QIB and Al Awkaf are prominent institutions from both the local and the regional market; to name but a few of them are: Qatar National Bank, Qatar Insurance Company, the department of minors and Global Investment House of Kuwait.

Salah Jaidah mentioned: 'The new set up with 10 shareholders is as per the QCB requirements and we will now be able to operate Al Jazeera Company as a regulated financing Company'.

With the number of expatriates increasing and the current economy boom, the financing companies' volume of business is significantly growing and this change in AJIC was made to address the market needs. Al Jazeera Islamic Company will be targeting Consumers and Small and medium enterprise financing, two sectors showing exponential growth.

Salah Jaidah CEO QIB added: 'On top of the changes in the shareholding we are also planning an expansion in terms of branches and in terms of employees. A new CEO for Al Jazeera Islamic Company has been appointed and will assume office shortly.'