Qatar Islamic Bank (Q.P.S.C) was established in 1982 as the first Islamic financial institution in Qatar. Its products and operations are supervised by a Shari’a board, which ensures the Bank adheres to Islamic banking and finance principles. It is the country’s largest Shari’a-compliant lender.
As of 2019, QIB was the largest Islamic Bank in Qatar, with a 43% share of the Islamic sector and an 11% share of the banking market overall. It has over 170,000 retail clients and more than 3,000 corporate clients. It conducts its domestic business through 31 branches spread throughout the country, in addition to private centers for ladies and dedicated lounges for affluent customers, augmented by more than 175 multi-function ATM installations.
Qatar Islamic Bank History and acquisitions
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.
In February 2018 QIB sold its 60% full stake in the Asian Finance Bank (AFB) to Malaysian Building Society Bhd (MBSB).
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
Qatar Islamic Bank Branches and contacts
Wakra Branch
Al Wakra Rd 292 (Deposit available)Sun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444, Fax :(+974) 44644197
Qatar Islamic Bank Tawar Mall
Morning:Sat to Thu from 9:00 am to 2:30 pm Evening:Sat to Thu from 3:30 to 9:00 pmFriday:4:00 pm to 9:00 pmTel :44448444
Qatar Islamic Bank Supreme Council of Health Office
Al Istiqlal RD NW Al Razi RD NSun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444, Fax :(+974) 44659290
Qatar Islamic Bank Sheikh Abdulla Bin Zaid Al Mahmoud Islamic Cultural Center (Fanar)
Al Tarbiya st 81 – New Market Morning: Sun to Thu from 7:30 am to 1:00 pmEvening: Sun to Wed from 5:00 pm to 7:30 pm Saturday: 9:00 am to 12:00 noonTel :(+974) 44448444, Fax :(+974) 44312953
Qatar Islamic Bank Salwa Road Branch
Morning: Sun to Thu from 7:30 am to 1:00 pmEvening: Sun to Wed from 5:00 pm to 7:30 pm Saturday: 9:00 am to 12:00 noonTel :(+974) 44448444, Fax :(+974) 44680123
Qatar Islamic Bank Mirqab Mall branch
Sat to Thu from 9:00 am to 2:30 pmSat to Thu from 3:30 to 9:00 pmTel :44448444
Qatar Islamic Bank Mesaieed Branch
Sun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444
Qatar Islamic Bank Mall of Qatar Branch
Morning: Sat to Thu from 9:00 am to 2:30 pmSat to Thu from 3:30 to 9:00 pmTel :44448444, Fax :44167318
Qatar Islamic Bank Industrial Area Branch
Industrial Area,Sun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444, Fax :(+974) 44165997
Qatar Islamic Bank Doha Festival City Branch
Sat to Thu from 9:00 am to 2:30 pmSat to Thu from 3:30 to 9:00 pmTel :44448444
Qatar Islamic Bank Dar Al Salam Mall Branch
Friday: 4:00 pm to 9:00 pmFrom Sat to Thu from 9:00 am to 2:30 pm and 3:30 to 9:00 pmTel :(+974) 44448444, Fax :(+974) 44583665
Qatar Islamic Bank C-Ring Service Center
Sunday to Wednesday: From 08:00 AM to 08:00 PMThursday to Saturdays: From 08:00 AM to 03:00 PMTel :44448444
Qatar Islamic Bank Corporate Branch
Sun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444
Qatar Islamic Bank City Center Branch
Infront of Carrefour, Al Intisar st ,United Nation st – Friday: 4:00 pm to 9:00 pmFrom Sat to Thu from 9:00 am to 2:30 pm and 3:30 to 9:00 pmTel :(+974) 44448444, Fax :(+974) 44834032
Qatar Islamic Bank C Ring Branch
C-Ring Road 350-Al Muntazah (Deposit available) Sun to Thu from 7:30 am to 1:00 pm Tel :(+974) 44448444, Fax :(+974) 44888655″
Qatar Islamic Bank Awqaf Branch
Doha Sun to Thu from 07:30 am to 1:00 pmTel :(+974) 44448444
Qatar Islamic Bank Amiri Guard Branch
Morning: Sun to Thu from 7:30 am to 1:00 pm
Qatar Islamic Bank Al Shahaniya branch
Qatar Islamic Bank Al Sadd Branch
Al Sadd st 61 – Al Mirqab Al Jadeed- Morning: Sun to Thu from 7:30 am to 1:00 pmEvening: Sun to Wed from 5:00 pm to 7:30 pm Saturday: 9:00 am to 12:00 noonTel :(+974) 44448444, Fax :(+974) 44478947
QIB Al Rayyan Branch
Al shafi st 3 – Al Rayyan Jadeed – Morning: Sun to Thu from 7:30 am to 1:00 pmEvening: Sun to Wed from 5:00 pm to 7:30 pm Saturday: 9:00 am to 12:00 noonTel :(+974) 44448444, Fax :(+974) 44811612
QIB Al Khor Branch
Al Khor – Al Maamoura st 2,Sun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444, Fax :(+974) 44721888
QIB Al Jazeera Channel
Al Qateef st 99 – KalaibSun to Thu from 7:30 am to 1:00 pmTel :(+974) 44448444, Fax :(+974) 44862240
QIB Al Gharafa Branch (Q-Mall)
Jadida st. st 24 – Al Gharafa – Morning:From Sat to Thu from 9:00 am to 2:30 pmFrom Sat to Thu 3:30 to 9:00 pm – Friday: 4:00 pm to 9:00 pmTel :(+974) 44448444, Fax :(+974) 44866056
QIB Airport Branch
Tel:. 44448444 Fax: 44676532-Morning: Sun to Thu from 7:30 am to 1:00 pm-Evening: Temporary not working-Saturday: Temporary not working -Ladies : Temporary not working
Board of directors
QIB is overseen by the following directors:
- 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
References
Home. QIB. Published June 20, 2020. Accessed April 12, 2021. https://www.qib.com.qa/en/
BANK WEBSITE https://www.qib.com.qa/en/
