Qatar Islamic Bank

In 1982, QIB was established with a paid-up capital of QR 25mn. It opened its first branch for customers in July 1983.

In 1989, Al Jazeera finance was established, 30% owned by QIB. By 1996, QIB’s paid-up capital increased to QR 200mn and in 1998 it was listed on the Qatar Stock Exchange. 2000 saw the establishment of Aqar, 49% owned by QIB. Arab Finance House, 37% owned by QIB, was established in Beirut in 2003. By 2005, the number of QIB’s branches stood at 8; and its paid-up capital was increased to QR 663m.[1]

In February 2018 QIB sold its 60% full stake in the Asian Finance Bank (AFB) to Malaysian Building Society Bhd (MBSB). [2]

2005 also saw the establishment of Asian Finance Bank (41.67% owned by QIB); and the following year QIB’s paid up capital increased to QR 1.19bn.

QInvest was established in 2007 (50.13% owned by QIB), QIB-UK was set up in 2008 (wholly owned subsidiary); and in 2009, BEEMA was established, with 25% owned by QIB.

In March 2019, QIB successfully priced a US$ 750mn 5-year Sukuk at par with a profit rate of 3.982% (equivalent to a credit spread of 150bps over US$ Mid-Swaps). The Sukuk was met with strong investor demand as evidenced by the large orderbook which closed at US$ 3.1bn, representing an oversubscription rate of 4.1 times. In terms of geography, 46% of the Sukuk was allocated to Asian investors, followed by Middle Eastern accounts (23%), Europe (21%) and US/Other (10%). In total, non-Middle Eastern investors were allocated 77% of the Sukuk, which is a remarkable outcome and one of the highest international allocations achieved by any bank from the region. 60% of the investors were fund managers, 26% were banks & private banks and 14% were insurance companies & agencies. More than 140 investors from 28 countries spanning Europe, Asia, USA and the Middle East participated in the Sukuk.[8]

In 2019, the Bank achieved a net profit of QAR 3,055.4 Million, representing a growth of 10.9% for the same period in 2018. Total assets of the Bank have increased by 6.7% compared to December 2018, and now stand at QAR 163.5 Billion. Financing activities have reached QAR 113.8 Billion and have grown by 11.3% compared to December 2018. Customer Deposits of the Bank now stand at QAR 111.6 Billion registering a strong growth by 11% compared to December 2018. Total Income for the year ended 31 December 2019 amounted to QAR 7,738.2 Million, registering 12.4% growth compared to 2018, reflecting a healthy growth in the Bank’s core operating activities.

In November 2019, Fitch Ratings affirmed Qatar Islamic Bank at 'A' with a Stable outlook. Also, in December 2019, Moody's Investors Service, ("Moody's") has affirmed the Long-term deposit ratings of QIB at “A1” with a Stable outlook. In May 2019, Capital Intelligence Ratings (CI) has affirmed the bank’s Long-term Currency Rating (LTCR) of ‘A+’ with a Stable outlook. In March 2019, Standard & Poor’s (S&P) affirmed the bank’s credit rating at ‘A-’ with a Stable outlook.

The Qatar Investment Authority (QIA) is the single largest shareholder of QIB. The balance of QIB’s shareholders comprise other Qatari individuals, families and institutions; and QIB’s shares are listed on the Qatar Exchange.[3]

QIB is overseen by the following directors:[4]

• Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani (Chairman)
• Mr. Abdullatif Bin Abdulla Al Mahmoud (Vice-Chairman)
• 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 Abdulla Bin Khaled Bin Thani Al Thani
• Mr. Abdul Rahman Abdulla Abdul Ghani