DOHA: Leading Islamic lender QIIB has recorded a total revenue of QR1.7bn for the full-year 2016. The bank’s net profit increased to QR785m during the year, compared to QR784m recorded in the previous year.
QIIB board of directors made a recommendation to the ordinary general assembly of the bank’s shareholders for distribution of profits equivalent to QR4 per Share, subject to the Qatar Central Bank (QCB) approval.
Announcing QIIB’s financial performance for the year 2016, Sheikh Dr Khalid bin Thani Al Thani, chairman and managing director, QIIB said: “The results confirm the bank’s competence and ability to contribute to the growth of Qatari economy, which is advancing and booming in different fields thanks to the support and care of the Emir H H Sheikh Tamim bin Hamad Al Thani.” During the year 2016, QIIB witnessed many achievements despite a series of challenges. The bank over came these challenges with the strong support and efforts of the employees. Those efforts wouldn’t have been fruitful without the strong Qatari economy and the special opportunities it had offered, he said.
The slump in oil price and the competition in the market were a challenge as well as an opportunity for us. QIIB remains focused on taking advantage of these developments. In this context, the financial results were really encouraging and we are looking forward to greater progress in the coming period, Sheikh Dr Khalid said. QIIB is still focusing on its activities on Qatar, given the fact that the local market is the most important and most adequate and based on our commitment towards the Qatari society and economy. The bank is committed to make it grow further.
“At the same time, we do not disregard the special overseas opportunities. It is in this context that we have decided to enter Morocco, where we have got the approval of the Central Bank of Morocco for the establishment of a Joint Venture bank in the Kingdom in partnership with Credit Immobilier et Hotelier S A (CIH Bank). We hope that the new bank starts its activities as soon as possible, especially because the Moroccan market is relatively new to Islamic banking and that the country’s citizens are keen to make banking transactions based on Islamic Shariah.”