Global demand for Islamic Finance model | World Finance

Qatar International Islamic Bank?s (QIIB) continual pursuit of excellence in servicing its customers through the sustained growth and development of its Sharia-compliant products, services and distribution channels, has been recognised by World Finance magazine as the Best Islamic Bank, Qatar ? 2012 in its Islamic Finance 2012 awards.

The bank?s sustained growth and development is a testament to the capability and consistency of its management team, guided by the Bank?s Chairman and Managing Director, HE Sheikh Dr Khalid Bin Thani Bin Abdullah Al-Thani and its Chief Executive Officer, Abdulbasit A Al-Shaibei, both having been at the bank for the last 10 years.

Growth in the MENA region
As recently as five years ago, the Islamic finance industry was still viewed by some as an infant industry. However, the industry has developed significantly in recent years to establish itself as a globally viable alternative to the conventional finance industry. QIIB?s pursuit of excellence in Islamic financing is driven as much by the shareholders? vision to promote the growth of Sharia-compliant businesses, as it is to generate returns for its customers.

Also, our success is attributed to the continuous economic growth of Qatar. This has helped the bank to develop into a well-recognised brand with a reputation for true compliance to Sharia principles in the conduct of its financing and investment activities.

Besides its strong domestic presence, QIIB also has a chain of strategic partnerships and alliances that include the other businesses in Doha: Islamic Tasheelat Company, Mackeen Real Estate Investment and Development Company and the Islamic Securities Company. Building on its strong domestic growth, QIIB also continues to seek out regional opportunities elsewhere with strategic partners and alliances in the MENA region.

Backing the right people
QIIB recently upgraded its core banking system to the Equation Fusion, which is the latest state-of-art system from MISYS. Also, we have now upgraded our SWIFT Alliance access to version 7.0, which is the latest upgrade in international financial telecommunications.

QIIB continues to participate in and contribute to the development of Qatar?s national economy by supporting the national government?s growth and development initiatives such as the Al Dhameen programme, which was established by the government through Qatar Development Bank (QDB) to develop the small-to-medium enterprise (SME) business sector. The programme functions by enabling QIIB to provide financing facilities to SMEs with the support of a guarantee provided by QDB up to a maximum value of 85 percent of facilities up to a limit of $2.7m.

In the announcement of the bank?s year-to-date Q3 2011 results, which grew by 20 percent when compared to year-to-date Q3 2010 results, HE Sheikh Dr Khalid underlined the importance of the staff?s contribution to the good performance of the bank, thanking them for their efforts. Recognising, though, that its corporate social responsibilities extend beyond government mandates, QIIB also actively engages with local communities through its own initiatives. As a policy, 2.5 percent of net profit is funded towards supporting local community for various social and cultural activities.

Qatar?s strong future
QIIB Chairman and Managing Director HE Sheikh Dr Khalid Bin Thani Bin Abdullah Al-Thani said the bank?s net profit reached $138m in Q3, 2011 compared with $115m in the same period last year. This shows a growth rate of 20 percent. The CEO, Abdulbasit A Al-Shaibei, said the bank?s total assets stood at $6.1bn in Q3, 2011 compared with $5bn in the end of last year.

This indicated an increase of 22 percent. The bank?s financing portfolio grew to $3.17bn which represents 26 percent growth in Q3, 2011 compared to the end of last year. The bank?s capital adequacy ratio under Basel 2 stood at 27.96 percent in Q3, 2011. This attests to the banks solid risk management activities.

The bank?s continuing strong performance is very much linked with Qatar?s economy, which the International Monetary Fund has forecast to be one of the best performing in the world and will maintain strong growth in the coming years. As Sheikh Dr Khalid had stated in the announcement of QIIB?s Q3 2011 results, the growth and strength of the national economy is due to the wise policies being pursued by HH the Emir, Sheikh Hamad Bin Khalifa Al-Thani and HH the Heir Apparent, Sheikh Tamim Bin Hamad Al-Thani, and their wise leadership will continue to develop the national economy as strongly as has been forecast.

QIIB?s strengths as an Islamic financial institution, together with the Qatar government?s strong foresight and support, were recognised earlier in the year with the assignment of QIIB?s inaugural credit ratings by Moody?s and Fitch of A3 (Stable) and A- (Stable), respectively. As Abdulbasit A Al-Shaibei mentioned at the release of the bank?s Q3 2011 results, the ratings are ?a clear reflection of QIIB?s strong financial fundamentals?, which provide a firm foundation for QIIB?s further growth in the coming years in light of the bright outlook ahead for Qatar?s economy.

Source: http://www.worldfinance.com/markets/islamic-finance/global-demand-for-islamic-finance-model/

the vow review luol deng culkin wooly mammoth no child left behind no child left behind neurofibromatosis