Islamic finance awards 2008: Most improved house
Qatar Islamic Bank
A strong set of financial results, ratings upgrades, continued regional expansion and some stellar transactions – 2007 really was a good year for Qatar Islamic Bank. In the nine months to the end of September, it recorded a 52.3% increase in total assets, a 66% increase in its financing portfolio and a 95.2% increase in its investment portfolio. At the same time, QIB recorded net operating income growth of 36.1%. The bank’s strong performance led both Fitch Ratings and Capital Intelligence to upgrade its debt to A– from BBB+. After doubling paid-up capital in 2006, QIB continued its expansion outside its home market last year. The bank expanded the branch network of its Lebanese affiliate, Arab Finance House. In March, it launched Asian Finance Bank, a $100 million entity that will serve the southeast and west Asian markets. QIB is also poised to launch a subsidiary in London, European Finance House.
The bank was involved in a number of big deals including acting as mandated lead arranger for the first phase of the Al Waab city project.