Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar - International Islamic focuses on local expansion  Join our daily free Newsletter

MENAFN - The Peninsula - 13/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) Local expansion would be the focus of International Islamic's (QIIB) 2014 strategic plans. As part of the expansion plans, the Bank would open over seven branches across the country, including in the suburbs, Abdul Basit Al Shaibie, CEO, International Islamic has said



He was talking to the reporters on the sidelines of the bank's Extraordinary General Meeting (EGM) chaired by Sheikh Dr Khalid bin Thani Al Thani yesterday. The meeting approved the agenda to amend the concerned clause of Article 7 to bring down the ownership required for the board membership from 0.50 percent to 0.25 percent. The EGM authorised the chairman to sign the new Article of Association after the amendments



On the expansion plans Al Shaibie said: "We are continuing our strategy for expanding locally. Our economy is promising. There is huge room for local banks for expansion in terms of geographically and financing. The scope for project financing is immense, especially those projects related to infrastructure.



International Islamic is not keen on overseas expansions at least in 2014. "At the moment we don't have overseas expansion plans for this year"



On the high provision rates of the banks across the board, Al Shaibie said Qatar has a more conservative approach towards provisions. High rate of provisions can also be seen as the healthy sign of a bank, he said



Al Shaibie noted International Islamic is not 'over exposed' to real estate loans. Qatar Central Bank has issued a new directive to local banks on real estate credits. We are strictly following QCB's directives, he said



The bank has no immediate plans for capital boost. "We are quite liquid", he added



The Bank's annual net profit reached QR750m for the full year 2013, reflecting a growth of 10.5 percent from a year ago. The bank earned total revenue of QR1.5bn in 2013. Financing assets grew to QR19bn compared with QR14.7bn in 2012 reflecting a rise of 29.6 percent. The bank's total assets stood at QR34.4bn at the end of 2013, a growth of 20.5 percent. Total shareholder equity stood at QR5.3bn, and the capital adequacy ratio under Basel II stood at 18.9 percent in 2013-end


 


The Peninsula




  MENA News Headlines
 May 29 2015 - Palestinian Man Dies of WoundsQatar News Agency
(MENAFN - QNA) Palestinian medical sources announced the death of a 55- year-old Palestinian man Said Annadi from Jabalia refugee camp in the northern Gaza Strip of serious wounds suffered in the ...

 May 29 2015 - Syrian opposition groups take over Idlib from gov't forcesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A group of Syrian opposition groups have assumed control of the town of Ariha in the northwestern Idlib province after fierce fighting with government forces, ...

 May 29 2015 - Qatar announces death of coronavirus-infected nationalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Supreme Council of Health (SCH) has announced that the death of a 73 year-old national after being infected by the Middle East respiratory syndrome ...

 May 29 2015 - Twin blasts rock "tightly guarded" Baghdad hotels: 10 killed, 28 woundedKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) At least 10 people have been killed and another 28 wounded in dual explosions that hit two hotels in Baghdad.An explosives-strapped car drove through the Sheraton ...

 May 29 2015 - Bahrain announces arrest of terror suspectKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Bahraini Interior Ministry announced Thursday the arrest of a fugitive terrorist and the confiscation of a large quantity of weapons in a warehouse in ...

 May 29 2015 - EU seeks stronger energy cooperation with GCC - officialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A top EU energy official has stressed that the 28-member European bloc is keen in boosting its energy cooperation with the six-member Gulf Cooperation Council ...

 May 29 2015 - UN has failed to protect civilians in conflicts - Ambassador Al-OtaibiKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Disputes among UN permanent member states is aggravating civilians' suffering and causing violations of human rights, said Kuwait's Permanent Delegate to the UN ...

 May 29 2015 - His Highness the Amir of Kuwait congratulates Nepal on National DayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Thursday a congratulatory cable to the President of the Federal Democratic Republic of Nepal ...

 May 29 2015 - Kuwaiti FM meets visiting counterpartsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) First Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Khalid Al-Hamad Al-Sabah met with Turkmenistan's Deputy Prime Minister and Foreign ...

 May 29 2015 - His Highness the Kuwaiti Amir congratulates Ethiopia on National DayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent on Thursday a congratulatory cable to President of the Federal Democratic Republic of Ethiopia ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help