International Islamic (QIIB) is set to capitalise on the growing demand for Shariah-based financial services in Qatar and projects up to 20% growth in the bank’s overall business in 2012.QIIB CEO Abdulbasit A.al-Shaibei said the bank was “quite optimistic” about 2012 given Qatar’s strong fundamentals and pace of growth. “Our economy is growing rapidly thanks to prudent government decisions. Despite economic turmoil in different regions, particularly Europe, Qatari economy remains stable.“We have tremendous opportunities in such a developing economy,” al-Shaibei told Gulf Times on the sidelines of the bank’s annual general assembly at the Diplomatic Club yesterday. He said QIIB looked forward to achieving a growth rate of up to 20% in retail and corporate portfolios, deposits, financing and total assets.Last year, the bank’s deposits totalled QR16.6bn, representing a growth of 27% over 2010. QIIB’s total assets stood at QR23.4bn in 2011 compared with QR18.2bn in 2010.The financing portfolio grew to QR10.6bn in 2011 compared with QR9.2bn in 2010. QIIB posted a full year net profit of QR653mn in 2011, up 17% on the year before.On the bank’s retail expansion plans, al-Shaibei said: “We will continue to grow our network in Qatar by adding more branches and ATMs.“Three more branches would be opened in important locations in Qatar this year. More automated teller machines will also be installed at convenient places this year.”Currently, QIIB has some 15 branches and 70 ATMs across Qatar.Asked whether QIIB would foray into more overseas markets, the CEO said: “We are studying a few markets, particularly in the Mena (Middle East and North Africa) region. But we will pick and choose. We are a bit conservative when it comes to new markets abroad.” Al-Shaibei said a key focus area for QIIB in 2012 would be on ‘technology-driven customer service”.“We are currently restructuring our bank to enhance the quality of service being provided to customers. Core systems in the bank are being upgraded to the best by international standards. QIIB call centre will become state-of-the-art very soon.On the government decision to eliminate Islamic windows of conventional banks, he said: “More than Islamic banks, it is benefiting the banking sector as a whole.“With the closure of their Islamic windows, the conventional banks will be able to focus the spotlight on their core business. At the same time, we can focus on our core activities. This will be a win-win situation for all.”Earlier, addressing the International Islamic shareholders, QIIB chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said the bank would continue to support all local projects that helps nation building. The bank’s growth, he said, is in tandem with national development.“We will continue to provide benefits to our shareholders and customers and keep their trust and confidence,” Sheikh Dr Khalid said.The QIIB shareholders approved the board of directors recommendation to disburse a cash dividend of 35%, which translates into QR3.5 on the nominal share value.