Qatar International Islamic Bank Announces 2011 Results

Doha, January 22 (QNA) Qatar International Islamic Bank (QIIB) Chairman and Managing Director HE Sheikh Dr. Khalid bin Thani Al-Thani announced the bank’s results for 2011. The results indicate the bank improved its overall performance and equipped it to play a major role in the Qatari economy. The full year results were announced after a meeting of the QIIB Board of Directors here today. The bank’s total operating revenue reached QR 1,141 million in 2011. The net profit earned by end of 2011 reached QR 653 million compared with QR 559 million at end of year 2010, a growth of 17%, QIIB said in a press release issued today. The Board of Directors recommended to the General Assembly of shareholders the distribution of dividend 35% of its paid up capital equivalent to QR. 3.5 per each share HE Sheikh Dr. Khalid said the bank had been able to achieve many milestones in 2011 and grow in line with the development of Qatar s economy, which is witnessing unprecedented expansion and is growing rapidly. The country s banking sector is now playing a dominant role in supporting the development of the Qatari economy. Given the continued wise leadership of HH the Emir, Sheikh Hamad Bin Khalifa Al-Thani, the future certainly looks bright for the Qatari economy in general and the banking sector in particular. The QIIB Chairman and Managing Director said as the nation continues to implement the necessary development towards upcoming global events staged in Qatar, and wider vision of Qatar s National Vision 2030, the Qatari economy now presents many growth opportunities for the country s banking industry. These local projects will be a key driver of economic growth in Qatar, and banking, being an integral part of the Qatari economy, will stand to gain from this. HE Sheikh Dr. Khalid said, "Last year, we focused on the Qatari economy and chose the best from these. These proved good for our community and shareholders. Our 2011 results clearly indicate this. At the same time, we try to make use of the best opportunities outside Qatar even as we pursue very sound risk management policies. At QIIB, we give utmost priority to risk management and are averse to risky assets." The QIIB Chairman and Managing Director said the bank’s strategic plan is being executed well under the guidance and instructions of the Board of Directors. Islamic banking has gained prominence, particularly after the closure of Islamic windows of conventional banks. The number of Islamic banking customers is increasing as a result for the remaining full Islamic banks. "While there are opportunities, challenges exist as well. Islamic banks have to remain competitive and provide quality products and services to customers, who now demand nothing but the best," HE Sheikh Dr Khalid said. The QIIB Chairman and Managing Director thanked the shareholders and customers for their trust and loyalty. He also thanked the executive management and staff members for their efforts and urged them to continue with these efforts to achieve the bank’s goals. QIIB CEO Mr Abdulbasit A.Al-Shaibei said QIIB s total operating revenue stood at QR 1,141 million and net profit was QR 653 million in 2011, showing a growth of 17% compared with 2010. Deposits totaled QR 16.6 billion in 2011 compared with QR 13.1 in 2010. The financing portfolio grew to QR 10.6 billion at end of 2011 compared with QR 9.2 billion in 2010. The total assets stood at QR 23.4 billion in 2011 compared with QR 18.2 billion in 2010. The shareholders equity reached QR 4.9 billion at end of 2011 compared with QR 3.8 billion in 2010. The capital adequacy as per Basel II was 24.4 % in 2011. Abdulbasit A.Al-Shaibei said the results were consistent with the bank’s plans and directions given by its Board of Directors. The bank hopes to move further forward in these plans in the years ahead. "Our results show we have registered growth across our balance sheet. QIIB is now firmly placed among top Islamic banks in the region and the world," the CEO said. Abdulbasit A.Al-Shaibei said the bank’s 2011 positive results clearly showed the entire personnel working as one team. "It was a team effort. We were able to keep good level of customer service to the satisfaction of our customers. By maintaining our standards, we raised our performance bar, which has benefitted our shareholders as well,” Abdulbasit A.Al-Shaibei said. Adding that the bank would continue to support all national building projects across various sectors. The bank remains committed to meet the needs of small and medium enterprises (SMEs) that are vital to the development of the national economy. QIIB is already in an agreement with Qatar Development Bank on a scheme called Al Dhameen, which is to support and nurture the growth of SMEs in the country. On projects outside Qatar, Abdulbasit A.Al-Shaibei said the board has given a clear directive to focus on projects with low risks and decent returns. By actively pursuing this, the bank has been able to secure growth without risks. Speaking about QIIB s human resources policy, he said it has been designed to attract, develop and retain Qataris. "Quality Qatarisation is the bank’s priority. Under an agreement between CNA-Q and QIIB, some 24 Qatar students are studying in the institution with bank’s support. They will join the bank in various departments after successfully completing a one year comprehensive training at CNA-Q," Abdulbasit A.Al-Shaibei said. He reiterated the bank’s commitment to supporting the local community. "Numerous community activities have been supported by the bank, and this will continue as the bank is very much a part of the communities in which we operate," he said. Abdulbasit A.Al-Shaibei sees a bright future for the bank in a rapidly developing and stable Qatari economy. He said, "We are determined to sign up more customers and provide them the best of Islamic banking services. We are also working towards more development in terms of products and services to give our customers a wider choice and superior customer service, and, more importantly, the knowledge that they are joining hands with a reliable and trustworthy partner in working towards the achievement of their financial aspirations." (QNA)