ASIF IQBAL

DOHA

QATAR International Islamic Bank (QIIB) on Sunday announced that its net profit increased 10.4 percent to QR175.5 million in the first quarter of 2012. Net profit of the bank stood at QR158.9 million in the same period last year.

Commenting on the results, QIIB Chairman and Managing Director Sheikh Khalid bin Thani al Thani said, “The results clearly indicates that the bank is in a very strong position and that it has successfully used the conducive, businessfriendly and pro-growth environment prevalent in Qatar.” He said the bank has set the goal of being the best and foremost Islamic bank and it would strongly focus on local investments as the bank believes the Qatar economy is sound and robust. “The bank has taken part in many projects and will continue to do so. The bank is hopeful of the future projects,” the QIIB chairman added.

According to the banks financial statement, it’s net operating income totalled QR309.6 million in the first quarter, compared with QR272.8 million in the corresponding period in 2011. The bank’s earnings per share was QR1.16 and deposits totalled QR17 billion in the first quarter. QIIB’s total assets stood at QR23.3 billion and shareholder equity amounted to QR4.5 billion.

QIIB CEO Abdulbasit A al Shaibei in his remarks said the bank’s first quarter performance was a result of its clear-cut policy of focusing on good investments without taking much risks.

He said the bank has a very effective risk management policy in place, and it has played active role in many projects that supported Qatar’s national development.

“In line with the clear directive given by QIIB’s board of directors, the bank will keep pursuing projects that give it good income,” the bank CEO added.

Shaibei further said that he hope the global economy would further improve in 2012 presenting good opportunities for markets worldwide..

Stressing the bank’s commitment to the community at large, he said the bank has already announced that it will keep four full-time jobs reserved for people with special needs.

“QIIB will focus on developing the national workforce within the bank. Recruiting, training and providing adequate placement for Qataris is the bank’s top priority. In this context the bank welcomes Qataris to join its workforce and contribute to the country’s national development,” Shaibei said.