Qatar Islamic Bank (QIB) has applied for a British banking license. The bank is set to contribute 51% of the £25 million (US$49.6 million) capital into a new venture called the Europe Finance House.
CEO Salah Jaidah affirmed that the bank’s intentions were to increase its European presence to meet growing demand for Shariah compliant investments. Salah also commented: “We are also planning to launch different Sukuk totally valued at US$1 billion this year.”
Meanwhile QIB posted a record QR1.01 billion (US$288.3 million) in net profit for the 2006 financial year, representing an impressive 98% growth over 2005. The bank plans to distribute 70% of its cash dividend to shareholders. This move is due to a 100% growth in shareholders’ equity, which allowed the financing of all the bank’s projects. |
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