QIB gears up for expansion, refurbishment of branches

Sheikh Jassim and Gamal during the bank’s  General Assembly meeting. PICTURE: ThajudheenBy Peter Alagos/Business ReporterQatar Islamic Bank (QIB) intends to open three to five branches this year as part of the bank’s expansion plans, including the relocation of its main headquarters to Lusail City, QIB chief executive officer, Bassel Gamal told Gulf Times.“This year, we are focusing mainly on the refurbishing of our big branches and we intend to open branches in The Pearl and The Gate Mall, including plans to relocate our City Center branch,” said Gamal on the sidelines of QIB’s General Assembly meeting held at the Four Seasons Doha yesterday.During the meeting, QIB chairman Sheikh Jassim bin Hamad bin Jassim Jaber al-Thani said, “We are in the process of upgrading our existing major branches in vital locations to ensure that the latest banking systems are installed and that clients’ needs are being met seamlessly.”He also noted that QIB has initiated a study for the construction of its new head office to keep up with the bank’s “expanding business” and to be able to provide “better services” to its clients.“As far as business is concerned, QIB has taken important steps towards attracting new clients for both retail and corporate. It has also become a strong competitor in the Qatar banking sector, powered by an expanding and diversified client base,” the QIB chairman stressed.He added that “special care” was also provided to QIB’s Human Resources division, which saw extensive training and capacity-building efforts.“QIB is also implementing a new and intensive programme aimed at skilled Qataris, providing them with training programmes to help home their skills and enable them to assume leadership positions within the bank’s organisational structure,” Sheikh Jassim explained.He added, “In addition, we have come a long way in terms of technology transformation by offering banking services via state-of-the-art electronic systems that will have a great impact on the quality, expansion, and variety of our services, as well as their positive contribution towards the fulfilment of our clients’ needs.”According to Sheikh Jassim, QIB managed to “effectively organise” work on the operating segments and categorise them based on clients’ needs “while taking huge steps towards organising our business by laying the operating foundations for work planning through the many policies and procedure manuals for the various business segments and departments.”QIB eyes QR2bn additional Tier 1 sukukQatar Islamic Bank (QIB) is currently working on issuing ‘Additional Tier 1 sukuk’ up to a maximum of QR2bn, QIB chairman Sheikh Jassim bin Hamad bin Jassim Jaber al-Thani said.Presiding over QIB’s General Assembly Meeting held at the Four Seasons yesterday, Sheikh Jassim said the board of directors has proposed to issue a ‘Basel III-compliant Additional Tier 1 sukuk’ to further increase the bank’s capital base and support future business growth.QIB CEO Bassel Gamal said the bank has obtained initial approval of the Qatar Central Bank, including the approval of the general assembly.“There is already a delegation from the general assembly that would discuss with the board the amount, currency, and profit rates, among others. Once that is done, we will go back to the central bank for the final approval,” Gamal said.During the meeting, the general assembly approved the distribution of the 42.5% (QR 4.25 per share) cash dividends to its shareholders.The QIB chairman noted that net profit for 2014 reached QR1.6bn representing a 20% increase over 2013. “These positive financial results reflect successful implementation of the bank’s strategy to grow its financing and investment activities during 2014. The bank has also managed to strengthen the key performance and risk metrics through proactive financial and risk management,” Sheikh Jassim said.