International Islamic posts QR185.3mn Q1 net profit on Shariah financing boost

Capitalising on the opportunities for Shariah-based financing in the local market, International Islamic posted a net profit of QR185.3mn in the first quarter of 2013, up 5.6% on Q1, 2012.

The bank’s total assets stood at QR29.3bn in Q1 compared with QR23.3bn in the same period last year.

Financing portfolio reached QR15.6bn compared with QR10.5bn in the previous-year period.

Deposits totalled QR20.4bn in the first quarter of this year, which shows an increase of 20% compared with the same period last year.

The capital adequacy ratio under Basel II stood at 18.7%. This indicates the prudent policies pursued by the bank in terms of risk management.

International Islamic chairman and managing director Sheikh Dr Khalid bin Thani al-Thani said the results attested the fact that International Islamic had improved its position, both in the local market and abroad. The bank has gained significantly from the Qatari economy, which is on an upswing thanks to the wise leadership and policies being pursued by HH the Emir, Sheikh Hamad bin Khalifa al-Thani and HH the Heir Apparent, Sheikh Tamim bin Hamad al-Thani.

Sheikh Dr Khalid said many opportunities exist in the local market in view of the huge projects being taken up by Qatar. International Islamic is working towards participation in financing these projects, whether they are in construction or those that pertain to the small and medium enterprises (SME) segment.

He said the executive management of the bank worked relentlessly to implement the strategy adopted for the bank, which is reflected in the first-quarter performance. This will benefit shareholders and customers alike, he said.

International Islamic CEO Abdulbasit A al-Shaibei said the bank’s total revenue reached QR336mn in the first quarter of this year compared with QR307mn in the same period in 2012, showing an increase of 9.4%. Al-Shaibei said the results indicated that the bank would be able to maintain the stable performance in the upcoming period.

“We are optimistic about the future. All indicators point to the fact that Qatar’s economy will maintain its current growth trajectory. The local economic growth will provide adequate opportunities for us,” al-Shaibei said.

He said the bank would stay focused on providing financing for all projects. The bank is committed to Qatar. “We will always support our economy. We want to participate in all sectoral developments,” he said.

Referring to the budget for the fiscal 2013-14, which was presented recently, he said it was the largest so far. A huge outlay has been provided for various big projects and all sectors. All businesses and financing activities will get a boost on account of this. “We hope the budget will remain the catalyst for further growth in all spheres,” al-Shaibei said.

He said the bank would continue to provide best products and services to all its customers.

A lot of focus is on the local market. A few more branches will be opened across the country this year. More ATMs will also be set up at places that suit customers. The bank will also continue to develop its electronic channels – both for its corporate and retail customers, he said.

In terms of human resources, al-Shaibei said the bank had a “special participation” in this year’s Qatar Career Fair. The bank was a gold sponsor of the event.

The event was very important for International Islamic as it is committed to identifying, training and placing Qataris in suitable positions within the bank cadre. “This year we received a lot of CVs from promising young Qataris, both male and female. We has conducted interviews with them, and going to provide good training and placement within International Islamic,” he said.