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Wednesday, December 24, 2008

Qatar Islamic Bank eyes $1.04bn through wealth fund

by Daliah Merzaban

Qatar Islamic Bank has decided to issue new shares worth 3.8 billion riyals ($1.04 billion) to the Gulf state's sovereign wealth fund, a newspaper reported on Wednesday 2008.

Qatar Islamic Bank (QIB) signifies the beginning of a new era of development and growth at the Bank, while still adhering to the fundamental principles, values and directions stipulated by the teachings of Islam, upon which the Bank was founded as a Qatari shareholding company 25 years ago.

The new identity reflects the Bank’s present focus to sustain its position as a pioneering international Islamic banking organisation. It also signifies the Bank’s commitment to expand its presence in the international markets such as Europe, Asia, Middle East and North Africa and at the same time continue to effectively contribute to the development of the national economy.

The new logo symbolizes the Bank’s aspirations for international expansion and its dedication to remain transparent and credible. This stems from its vision to be a pioneering international Islamic bank; its mission to provide innovative Islamic financial solutions and its values of integrity, transparency, justice, cooperation, teamwork, loyalty, commitment and excellence.

Qatar Islamic shareholders approved a proposal to issue about 39.38 million new shares at their Oct. 12 closing price of 97 riyals to the Qatar Investment Authority, Gulf Times reported after a shareholder meeting.

In October, the QIA launched a $5.3 billion plan to buy stakes in listed banks to shore up investor confidence in the banking sector during the global financial crisis, which triggered a regional stock market rout.
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The QIA capital increase amounts to 20 percent, Gulf Times said.

Banks including Commercial Bank of Qatar and Doha Bank have announced similar plans as they strive to keep project financing on track in Qatar, the world's biggest exporter of liquefied natural gas.

Source : Reuters

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