Qatar Islamic Bank

Qatar Islamic Bank (Q.P.S.C)

Company type	Public
Traded as	QE: QIBK
Industry	Banking
Founded	1982 (1982)
Headquarters	Doha , Qatar
Number of locations	Qatar, Sudan, UK, Lebanon
Key people	Bassel Gamal (Group CEO) Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani (Chairman)
Revenue	1.70 billion
Number of employees	501-1000 employees
Website	www.qib.com.qa

Qatar Islamic Bank (Q.P.S.C.) was established in 1982 as the first Islamic financial institution in Qatar. Its operations are supervised by a Shari’a board to ensure adherence to Islamic banking and finance principles. It is the largest Shari’a-compliant lender in Qatar.

As of 2019, QIB held the largest market share in Qatar's Islamic banking sector (43%) and had an 11% share of the overall banking market. It serves over 170,000 retail clients and more than 3,000 corporate clients through 31 branches across Qatar, as well as private centers for women and dedicated lounges for affluent customers. It also operates more than 175 multi-function ATMs.

History and Acquisitions:

QIB was established in 1982 with a paid-up capital of QR 25 million, opening its first branch in July 1983.

In subsequent years, QIB expanded its holdings and operations, including establishing Al Jazeera Finance in 1989, Aqar in 2000, and Arab Finance House in 2003. QIB was listed on the Qatar Stock Exchange in 1998.

In 2005, QIB established Asian Finance Bank, and in 2007, it established QInvest. It also expanded internationally with the establishment of QIB-UK in 2008. In 2009, BEEMA was established, in which QIB held a 25% stake.

In February 2018, QIB sold its 60% stake in Asian Finance Bank to Malaysian Building Society Bhd.

Financial Performance:

In March 2019, QIB issued a US$ 750 million 5-year Sukuk with a profit rate of 3.982%, which was oversubscribed 4.1 times, indicating strong investor demand.

In 2019, QIB achieved a net profit of QAR 3,055.4 million, a 10.9% growth over the previous year. Its total assets increased by 6.7% to QAR 163.5 billion, and financing activities grew by 11.3% to QAR 113.8 billion. Customer deposits grew by 11% to QAR 111.6 billion, and total income for 2019 reached QAR 7,738.2 million, a 12.4% increase over 2018.

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

Major Shareholders:

The Qatar Investment Authority (QIA) is the largest shareholder of QIB. Other Qatari individuals, families, and institutions also hold shares in QIB. QIB’s shares are listed on the Qatar Exchange.

Board of directors

QIB is overseen by the following directors:

• 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