Sheikh Dr Khalid bin Thani Al Thani - Chairman and Managing Director of QIIB
Leading Islamic lender QIIB has recorded a total revenue of QR1.7bn for the full-year 2016. The bank’s net profit increased to QR785m during the year, compared to QR784m recorded in the previous year.
QIIB board of directors made a recommendation to the ordinary general assembly of the bank’s shareholders for distribution of profits equivalent to QR4 per Share, subject to the Qatar Central Bank (QCB) approval.
Announcing QIIB’s financial performance for the year 2016, Sheikh Dr Khalid bin Thani Al Thani, chairman and managing director, QIIB said: “The results confirm the bank’s competence and ability to contribute to the growth of Qatari economy, which is advancing and booming in different fields thanks to the support and care of the Emir H H Sheikh Tamim bin Hamad Al Thani.” During the year 2016, QIIB witnessed many achievements despite a series of challenges. The bank over came these challenges with the strong support and efforts of the employees. Those efforts wouldn’t have been fruitful without the strong Qatari economy and the special opportunities it had offered, he said.
The slump in oil price and the competition in the market were a challenge as well as an opportunity for us. QIIB remains focused on taking advantage of these developments. In this context, the financial results were really encouraging and we are looking forward to greater progress in the coming period, Sheikh Dr Khalid said. QIIB is still focusing on its activities on Qatar, given the fact that the local market is the most important and most adequate and based on our commitment towards the Qatari society and economy. The bank is committed to make it grow further.
“At the same time, we do not disregard the special overseas opportunities. It is in this context that we have decided to enter Morocco, where we have got the approval of the Central Bank of Morocco for the establishment of a Joint Venture bank in the Kingdom in partnership with Credit Immobilier et Hotelier S A (CIH Bank). We hope that the new bank starts its activities as soon as possible, especially because the Moroccan market is relatively new to Islamic banking and that the country’s citizens are keen to make banking transactions based on Islamic Shariah.”
Sheikh Dr Khalid stated that QIIB will continue its strategic plans in a phased manner, subject to all the requirements and developments in the market.
QIIB Chief Executive Officer Abdulbasit Ahmad Al Shaibei stated: “The results shows that the total assets of QIIB increased by 5 percent to QR42.6bn on year-on-year, while the deposits at the end of 2016 totalled QR26.6bn. QIIB’s financing portfolio reached QR27.2bn in 2016, up 9 percent compared to QR25bn posted at the end of 2015. Also, the capital adequacy under Basel III reached 19.47 percent, and this confirms the bank’s strong financial position and its ability to adapt to various requirements of the market.”
The results prove that QIIB could greatly adapt to the developments of the banking market, affirm its position, develop its tools, and enhance stability, which has been the bank’s hallmark since its establishment more than 25 years ago.
The international rating agencies have confirmed the strong position of the bank. In 2016, QIIB achieved strong credit ratings with ‘A2’ from Moody’s and ‘A+’ from Fitch, with a stable future outlook from both the premier rating agencies, he said. As in the previous years, QIIB was keen to finance large projects such as infrastructure, industry and transportation, as well as other projects that form the basis of Qatar’s progress and development. “We actually consider our contribution to the development of the nation an obligation, and not an option”.
QIIB attaches top priority to the financing of small and medium-sized enterprises for which the bank has signed up with Qatar Development Bank (QDB) within the framework of the ‘Al Dhameen’ programme.
On the bank’s overseas expansion plans, Al Shaibei said, “QIIB keeps moving forward, carefully, step by step and chooses the right investments after due diligence. The bank’s most important investment last year was in Morocco, where we got the approval from the Central Bank of Morocco to establish a Joint Venture bank in partnership with Credit Immobilier et Hotelier S A (CIH Bank). This is an important step given the rich opportunities offered by the Moroccan economy”.
