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Banking

Islamic finance awards 2008: Best real estate house

While some of the biggest names in international banking are struggling to keep their heads above water, Qatar Islamic Bank goes from strength to strength.

Qatar Islamic Bank

In January it announced its second consecutive record profit in the fourth quarter. Net income in the three months to December 31 rose 40% to $109 million. One of QIB’s biggest successes is real estate financing. In Qatar, it is financing real estate projects worth QR2.5 billion ($686.6 million) including several tower blocks and hotels. One of its projects includes financing the construction of five luxury tower blocks with more than 800 residential units on Pearl Island. This is a man-made island built off the coast of the West Bay Lagoon area in Doha. Last year, QIB bought five plots on the island. Another transaction is the financing of the $3.5 billion Al Waab city project.

The bank has also obtained the licence to build a mall downtown that will carry and promote high-end fashion. It has also acquired a 450,000 square metre plot to build a project that will comprise residential units, office units, an entertainment area and a mall.

QIB is also financing projects outside Qatar, such as the Beera Alanya five-star hotel in Turkey.

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