Type Public Company Key people Bassel Gamal, GCEO Website www.qib.com.qa Founded 1982 | Industry Banking Number of employees 501-1000 employees CEO Bassel Gamal (Feb 2013–) Chief risk officer Mr. Rakesh Sanghvi | |
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COO Mr. C.Krishna Kumar (Operations, It Group) Locations Qatar, Sudan, United Kingdom, Lebanon, Malaysia Subsidiaries Arab Finance House SAL, QIB (UK) plc Profiles | ||
Qatar Islamic Bank (QIB) 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 finance principles. It is the country's largest Shari’a-compliant lender.
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Overview
QIB is now the largest Islamic Bank in Qatar, with a 35% share of the Islamic sector and a 9% 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 32 branches spread throughout the country in addition to private centres for ladies and dedicated lounges for affluent customers, augmented by more than 175 multi-function ATM installations.
Major share holders
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.
Board of directors
QIB is overseen the following directors:
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.
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 (46.96% owned by QIB), as was Bawabat Al-Shamal (a Real Estate Development and Investment company); QIB-UK was set up in 2008 (70.00% owned by QIB); and in 2009 BEEMA was established, with 25% owned by QIB. The Bank’s capital increased that year to QR 2.06bn.
In 2010 QIB launched a US$750m Sukuk. Paid up capital increased to QR 2.36bn in 2011.
QIB International
QIB international is responsible for all international banking activities of the QIB Group.
Awards
Qatar Islamic Bank’s recent awards include: