QIB QR 854 mn net profit for 2008 first half.Summary: Qatar Islamic Bank (QIB QIB Qualified Institutional Buyer ) announced it has achieved record profits of QR 854 million for the first half of 2008 compared to QR 502 million for the same period of 2007 indicating a growth rate of 70.2 %. DepositorsCO share from the profits reached QR 166.5 million compared to QR 125.9 million in 2007 with a growth of 32.2 %. While the bankCOs assets reached QR 26.9 bn for the first half of 2008, a growth rate of 49.7 %, rising by QR 8.9 billion for the same period of 2007, and an increase of QR 5.6 billion or 26.4% from the end of 2007.
Qatar Islamic Bank (QIB) announced it has achieved record profits of QR 854 million for the first half of 2008 compared to QR 502 million for the same period of 2007 indicating a growth rate of 70.2 %. DepositorsCO share from the profits reached QR 166.5 million compared to QR 125.9 million in 2007 with a growth of 32.2 %. While the bankCOs assets reached QR 26.9 bn for the first half of 2008, a growth rate of 49.7 %, rising by QR 8.9 billion for the same period of 2007, and an increase of QR 5.6 billion or 26.4% from the end of 2007.
The bankCOs financing portfolio has risen at a growth rate of 59.4 % to QR 15.3 billion in the first half of 2008 compared to QR 9.6 billion in the first half of 2007. The investment portfolio recorded a growth rate of 71.9 % to QR 5.5 billion by the first half of 2008 from QR 3.2 billion in 2007, that was in parallel with the achievement of average return on assets Return on assets (ROA)
Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). at a rate of 7.6 % strengthening the bankCOs investing capability.
DepositorsCO current and saving accounts have risen to QR 15.5 bn at the end of the first half of 2008 from QR 10.4 billion for the first half in 2007, which is a growth rate of 49 %; hence, reflecting the depositorsCO confidence. ShareholdersCO rights have risen to QR 6.6 billion in the first half of 2008 from QR 3.9 billion for the same period of 2007; a growth rate of 69.2 %. Average return on shareholdersCO equity has risen by 32.6 %. Additionally, the earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock
net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation has risen to QR 4.49 from QR 2.74 per share for the same period in 2007, a growth rate of 63.9 % that indicates the bankCOs growth and solid efficient performance.
C[pounds sterling]The year 2008 represents the first year of the five-year strategic plan through 2012. The first half results of 2008 reflects the time table that the bank board of directors, presided by Sheikh sheikh
Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. Jassim bin Hamad bin Jassim bin Jabor Al Thani, had approved for the commitment of reaching our objectives for the year,C[yen] said Salah Jaidah, chief executive officer of QIB. C[pounds sterling]The five-year strategic plan aims to sustain growth, increase profitability, consolidate our balanced financial position, create more awareness reagrding managing financial risks and consolidate business growth on the local and international levels. In addition to developing a productive and transparent business infrastructure we seek and to develop Islamic financial services to the market demands according to the highest recognized standards.C[yen]
Jaidah added: C[pounds sterling]The 2008 first half results assure that we are cruising with confident steps toward the achievement of record growth rates Growth Rates
The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures.
Remember, historically high growth rates don't always mean a high rate of growth looking into the future. . The numbers prove the excellent work and achievements sustained over the past three years. In addition, Fitch has upgraded the bank grade to (A) ranking us second among the world top five Islamic banks and the second best bank in Qatar.C[yen]
In the first half of 2008, QIB has entered into investing and funding operation ventures such as offering US$150 million to fund the construction of Abu Fontas Desalination desalination
Removal of dissolved salts from seawater and from the salty waters of inland seas, highly mineralized groundwaters, and municipal wastewaters. plant for the benefit of Qatar Electricity and Water Company. QIB has also enterred as a main partner and investment agent to facilitate the first Islamic financing for United Development Company (UDC UDC
universal decimal system
UDC (Brit) n abbr (= Urban District Council) → Stadtverwaltung f ) for the construction of Qanat Quartier project at a cost of US$ 600 million. This is in addition to financing several real estate projects such as Al Samaria towers at QR 450 million, Al Rames tower at QR 178 million and other projects. QIB stresses its role as a major leading player to support the national economy of Qatar Petroleum is the cornerstone of Qatar's economy and accounts for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. .
QIB intends to enter into strategic ventures by playing a primary role to arrange financing operations in accordance with the Islamic ShariaCOa. QIB has signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Gulf Petroleum Company Co Berhard, Malaysia to study leading a joint integrated financing project to produce petrochemical bi-products in the north of the state of Perak at a cost of US$ 5 billion.
QIB received a license from FSA FSA Financial Services Authority
FSA Food Standards Agency (UK)
FSA Farm Service Agency (USDA)
FSA Financial Services Agency (Japan) for the European Finance House (EFH EFH Einfamilienhaus
EFH Essential Fish Habitat
EFH Engine Flight Hours
EFH Equivalent Flight Hours (military aviation training) ) to work as an Islamic investment bank in the UK. Studies have been conducted to open further new banks and financial houses. QIB has signed a memorandum of agreement A memorandum of agreement (MOA) or cooperative agreement is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written understanding of the agreement between parties. to establish an Islamic Fund in Kazakhstan. The bank is currently exploring expansion plans in Turkey, Egypt, the Arabian Gulf region and Southeast Asia via the Asian Finance Bank in which QIB owns a majority share.
QIB is expanding plans worldwide concurrent with the strategy of its board of directors. QIB owns 20 % of Shard of Glass London, which is worth two billion British pounds and has founded the Dhow dhow
One- or two-masted Arab sailing vessel, usually with lateen rigging (slanting, triangular sails), common on the Red Sea and the Indian Ocean. On the larger types, called baggalas and booms, the mainsail is considerably bigger than the mizzensail. MENASA MENASA Middle East North Africa South Asia for Investment Opportunities Fund at a capital of US$1 billion with Q-Invest and Silver Leaf Capital, this fund is considered the largest private fund for personal ownership in Qatar.
The investment atmosphere in Qatar offers excellent opportunities for expansions. QIB has been proceeding successfully to expand its branches and financial services to reach clients throughout Qatar through its network which includes 21 branches and 90 ATM machines.
QIB expansion on the local and international levels honors the ShariaCOa standards according to the Fatwa fat·wa
A legal opinion or ruling issued by an Islamic scholar.
[Arabic fatw Authority which monitors all the banksCO activities and their financial operations in Qatar and elsewhere. The authority presents a unique model for Islamic auditing systems which makes it a reference for other Islamic financial institutions.
A[umlaut] 2008 Al Bawaba (www.albawaba.com)
A[umlaut] 2008 Al Bawaba (Albawaba.com)
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