QIB eyes global expansion: CEO

Gulf Times: Qatar’s largest Islamic lender QIB’s next phase strategy will focus on retail service expansion and banking investments on a global scale.
QIB chief executive officer Salah Mohamed al-Jaidah said the bank had been working to expand its branches and financial services to better service its clients. “We plan to reach a network of 35 branches soon,” al-Jaidah said.

Currently, QIB has a network of some 20 branches and 91 ATMs across Qatar.
The bank has introduced several innovative products such as Ijara, car finance, salary transfer and ‘Atta’ term deposit. QIB is also looking for potential opportunities to spread its wings to foray into the Mena region, GCC and Southeast Asia.

“We will work continuously to maintain sustainable growth and expansion plans in accordance with our forward-looking strategy and in an effort to boost investments and maintain strategic partnerships. While depending upon our strengths of wise leadership and a dedicated, experienced workforce, we will continue to benefit from the power of our capital and infrastructure,” al-Jaidah said.

By the end of the third-quarter, QIB had entered into investing in and funding major ventures in addition to its numerous contributions to infrastructure projects such as the $150mn finance for the Abu Fontas Desalination plant (Qatar Electricity & Water Company).

QIB also financed Barwa real estate to the tune of QR1.1bn and several high-profile projects such as QR450mn Al Samaria Towers and QR178mn Al Rames Tower.
The bank has posted a robust 45.7% jump in the January-September net profit to QR1.25bn. Depositors share from the profits reached QR269.3mn compared with QR208.5mn in 2007, up 29.2%. Total assets were valued at QR30.1bn, up 55.2% on the same period last year.

The bank’s financing portfolio has risen by 65.7% to QR17.9bn compared with QR10.8bn in the same period last year. The investment portfolio recorded a growth rate of 488% to QR6.1bn from QR4.1bn in 2007.

Al-Jaidah said, “The Q3 financial results reflect the success of the strategy laid by our board of directors. Guided by Sheikh Jassim bin Hamad bin Jassim al-Thani this strategy is responsible for expanding QIB operations and investments and further strengthening our foundation in Islamic finance in Qatar and around the world through astute and judicious planning, hard work and innovative spirit.”

“We are proud of the impressive financial results and we believe the profits we have made despite stiff competition and the current global economic crisis, prove we are capable of seizing opportunities to maintain our leadership and customers’ trust. Thanks to our innovative and distinguished variety of products and services, we can meet and surpass our customers’ needs and exceed their expectations in Qatar and elsewhere,” al-Jaidah added.