Al-Kawari: To leverage investment opportunities across the GCC.
QInvest, Qatar’s leading investment group and one of the most prominent Islamic financial institutions globally, has reported a 69% jump in net profit to $33.8mn in the third quarter of this year.
The bank’s revenues were up 37% to $78.7mn in the review period, a QInvest spokesman said. “With our commitment to drive growth and innovation across the business, we have continued to source new opportunities, strengthen our brand and deliver positive returns,” according to Tamim Hamad al-Kawari, QInvest chief executive.
Expecting on-going market volatility and economic challenges to remain present, he said the bank is confident on the outlook for the business.
“We have an exciting active pipeline of deal flow and a unique market position to leverage investment opportunities across the GCC (Gulf Cooperation Council) region and selected markets in Europe, Asia and the US,” he added.
The investment banking division maintains a strong asset growth profile on its innovative Islamic structured finance book with transactions across multiple sectors in Europe and emerging markets. The bank’s principal investments unit continues to deploy and reinvest in a range of transactions across the real estate sector in particular. These transactions included a blend of income generating property assets in Europe (Germany and the UK) and the US, repositioning of a commercial property asset in Luxembourg, and private rented sector/ multi-family accommodation in the UK.
Beyond the real estate sector, QInvest has successfully exited one of its investments in Qatar and deployed capital in selected direct co-investments, pre-initial public offerings and fund investments across Europe and emerging markets.
The third quarter was a busy period for its asset management division. A further capital guaranteed note was launched through Qatar Islamic Bank, its main and largest shareholder.
The bank also concluded its debut five-year $200mn murabaha facility with a syndicate of local and international banks. This facility demonstrates the strength of QInvest’s balance sheet and its part of our funding diversification and capital efficiency plan.
