Qatar International Islamic Bank

City Briefs: Islamic Bank of Britain; M&B; Redrow

It is still discussed how to salvage the takeover of the Islamic Bank of Britain based in Birmingham. However, it is a fact that no offer for the business has been forthcoming. According to the IBB, Islamic bank Masraf Al Rayan appears to be a possible bidder following to collapse of takeover talks between the IBB and majority shareholder Qatar International Islamic Bank (QIIB). If MAR acquires IBB, QIIB will sell their 88.41% of the issued share capital of the Birmingham operation to MAR.

QIIB picks banks for dollar sukuk

As part of the preparation for issuance of a dollar-denominated sukuk, Qatar Internationa Islamic Bank (QIIB) has charged QNB Capital and two international banks to arrange investor meetings which will be held in the Middle East, Asia and Europe starting on October 10th. At the moment there are no informations about the size of the sukuk or other offer details.

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Bandits and thieves add to Syria's woes

The increase in bank robberies and fraud cases in Syria deepens the country's state of trouble. Already there are alerts to the country's stock exchange about major robberies in separate filings by foreign-backed lenders. A robbery in Homsled to the loss of 75.2 million Syrian pounds (Dh4.12m) which is a huge sum compared with 200m pounds profit the bank made last year. Unfortunately, the frequency of such incidents only gets higher.

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QIB teams up with QIIB for Nakilat package

Two Islamic Finance institutions, QIB and QIIB, have agreed to financing package for the Qatar Gas Transport Company. The joint arrangement is a big step in enhancing co-operation between both financial institutions and shall cover the increasingly growing market demand for Sharia'-compliant financial solutions.

Qatar Intl Islamic Bank Plans Benchmark Sukuk

Qatar International Islamic Bank plans to issue a benchmark-sized Islamic bond, or sukuk, by mid year to bolster its loan book ahead of an expected uptick in lending.
No banks have been mandated yet on the deal, which is in the early stages.
QIIB plans to raise cash because it expects an increase in lending on infrastructure projects.

Islamic Bank relaunches website for intermediaries

The relaunch follows a £20million capital injection from founding shareholder Qatar International Islamic Bank allowing the bank to realise product developments, including its flagship HPP product. The intermediary website was redeveloped as part of its overall sales strategy. Intermediaries have been identified as playing a key role.

Islamic bank injection to help Sharia-compliant products

A £20m capital injection into Islamic Bank of Britain will help develop more home loans in line with Sharia law, an expert from Defaqto has said. David Black, banking expert from Defaqto, said: “The £20m capital investment will enable the IBB to grow its Islamic mortgages. With some other banks recently reducing their involvement in Sharia loans in the UK, the IBB’s capital injection will provide fresh impetus for what will be a growth area.” Its products are structured in a different way to those provided by conventional banks. Instead of a traditional mortgage, customers pay monthly rent and purchase instalments over the agreed period to the bank on the basis of which the bank gradually sells its share of the property to the customer. The recent cash injection has meant IBB has launched two new home loans. “With a fresh injection of capital we are well placed to grow the business through our Home Purchase Plan products. The products will offer peace of mind for customers, both financially and spiritually, which is especially important in the holy month of Ramadan” , said Sultan Choudhury.

QIIB lends a helping hand here

Qatar International Islamic (QIIB) Bank has made a donation to support the programmes of the Centre for Educational Perspectives, Qatar.

Qatar Islamic to keep financing policies

The Qatar International Islamic Bank (QIIB) has said that its financing policies for real estate, vehicles and other purposes remain unchanged even as other banks tighten their lending policies.

Qatar Investment Authority invests into local banks USD 3.57 bn

The daily Alqabas reported on 8 January that the Qatar Investment Authority invests Qatary Riyyal 13 billion in the local banking sector, including the three Islamic banks. Qatar International Islamic Bank agreed to the new investor, which is going to hold 20 % of the shares after the capital raise.

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