QIB Acquires IBQ s Islamic Banking Corporate Portfolio (Al Yusr)

Doha, December 28 (QNA) - Qatar Islamic Bank (QIB) today announced the acquisition of IBQ s Islamic banking corporate portfolio (Al Yusr). An agreement was signed by Mr. Ahmad Meshari, Acting CEO of QIB Mr. George Nasra, IBQ Managing Director the transaction has received the approval of the Shariah Boards of both banks. Under the terms of the agreement, the sale includes IBQ s Islamic corporate financing facilities and deposit account portfolios, QIB said in a press release published at Qatar Exchange (QE) website. Commenting on the event, Mr.Meshari said, "The acquisition of this important portfolio reflects the readiness of QIB to meet corporate customers requirements and enhances its pioneering position in the local and international Islamic banking markets. The deal also proves that Islamic banking can provide optimal innovative financial solutions to corporate customers." "We will ensure that Al Yus’s corporate clients will receive the best banking services as is the case with our current and prospective customers. We have a long-standing track record in serving corporate customers that spans three decades, and we are proud that we have helped many clients build successful businesses in Qatar and beyond. Meshari concluded. Founded in 1982 and listed on the QE in 1997, QIB is a Qatari shareholding company , which provides banking services in accordance with the provisions of Islamic Shari a and as per the regulations of Qatar Central Bank (QCB). (QNA)