ASIF IQBAL

DOHA

QATAR Islamic Bank (QIB), which reported an increase of 8.2 percent in net profit for 2011, is confident of new business opportunities in 2012. QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor al Thani said this while addressing the annual general assembly of the bank on Monday.

“Our growth optimism comes from the fact that governmental, semi-governmental and private sectors are all experiencing growth. Many large and vital infrastructure and development projects are in the pipeline,” Sheikh Jassim said.

He said the bank’s natural target is to ensure that it is seen as the automatic choice for any client seeking Islamic banking services.

Highlighting the performance of the bank in 2011, Sheikh Jassim said, “QIB witnessed enhanced levels of activity in 2011 by opening channels of cooperation with big governmental institutions as well as with semi-governmental companies in the transport, infrastructure and energy industry sectors.” He said the bank financed many companies within these sectors, or participated in joint projects with other financial institutions, most notably the Barzan Gas project.

“QIB has also increased its attention to the activities of SMEs, crafting financing policies for individuals that meet with the specified supervisory authorities’ banking work requirements. We are continuously working to develop QIB’s Islamic products and targeting and attracting new customers through new sectors and authorities,” the chairman said.

Commenting on the financial results, Sheikh Jassim said it comes on the back of a strategic transformation programme that the bank is implementing with a view to restructuring both its local operations and its affiliates in order to build a strong banking group with regional and international presence.

QIB reported net profit of QR1.3 billion for 2011, with net operating income up 18 percent to QR2.68billion .

The increase in net profit was the result of the growth in investment income which amounted to QR631million at the end of 2011 compared to QR214 million for the corresponding period.