Qatar Islamic Bank profit rises

18 October 2010

Net profit rises to $249m in first nine months of 2010

Qatar Islamic Bank (QIB) posted a net profit of QR907m ($249m) in the nine months of 2010 as a result of new products and services and a rise in demand for Islamic bonds.

Assets increased by 26 per cent to QR44.8bn by the end of September, compared to QR35.6m in the same period last year.

Unrestricted investment account holders received a profit of QR376.2m compared to QR352.1m last year, a seven per cent increase.

QIB raised $750m in a sukuk (Islamic bond) issue in the third quarter. Demand for the sukuk reached $6bn, eight times the amount offered.

“Having completed three years of our five-year strategic plan, it better positions QIB to consolidate its growth, structuring a balanced financial position, effective banking risk management and strengthening business expansion at local and international levels,” says QIB chairman Sheikh Jassim bin Hamad bin Jabr al-Thani.

The bank also signed a QR6bn joint venture agreement with Al-Futtaim and Aqar Real Estate Investment to construct an entertainment and retail complex in Doha.

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