Posts tagged as: Qatar

Chronicle.lu – Luxembourg and Qatar Agree to Cooperate in Islamic Finance and FinTech

Luxembourg and Qatar Agree to Cooperate in Islamic Finance and FinTech via Chronicle.lu – Luxembourg and Qatar Agree to Cooperate in Islamic Finance and FinTech.

QIIC profit edges up to QR35.84mn in H1

QIIC profit edges up to QR35.84mn in H1

<p>Qatar Islamic Insurance Company has reported a 3% rise in first-half net profit to QR35.84mn despite expenses growing faster than income mainly due to a 13% rise in general and administrative costs. Income from investments in associates almost quadrupled to QR3.97mn, rental income grew 16% to QR4.53mn, wakala fee by 8% to QR23.98mn and other income by 28% to QR1.06mn. However, income from shareholders&rsquo; investments shrank 30% to QR6.73mn and shareholders&rsquo; share in policyholders&rsquo; investment income by 5% to QR7.74mn. Nevertheless, total income grew 5% to QR48mn. Total assets were valued at QR662.22mn comprising policyholders&rsquo; assets of QR365.41mn and shareholders&rsquo; assets of QR296.81mn. Total shareholders&rsquo; equity stood at QR263.39mn on a capital base of QR150mn and earnings-per-share was QR2.39 at the end of June 30, 2013.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1" title="http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-up-to-qr3584mn-in-h1">http://www.gulf-times.com/business/191/details/361398/qiic-profit-edges-…</a></p>
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Qatar: Central bank imposes new rules on lenders

Qatar: Central bank imposes new rules on lenders

<p>New regulations introduced by the Qatar Central Bank (QCB) in mid-June will curb local banks&rsquo; investment options, potentially making sovereign bonds more appealing at the expense of some private sector options. Under the new regulations, with which lenders must comply within six months, equities and bonds can account for up to 25% of a bank&rsquo;s capital and reserves, although debt issued by the government and national banks are exempt from the limit. The cap had been previously set at 30%. The new regulations also limit the amount banks can place with individual companies and unlisted securities, establishing a maximum of 5% of capital and reserves for foreign investments and 10% domestically. The cap for total foreign equities is set at 15%. These new rules will apply to both conventional and Islamic lenders.</p>
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<p><a href="http://www.oxfordbusinessgroup.com/economic_updates/qatar-central-bank-imposes-new-rules-lenders" title="http://www.oxfordbusinessgroup.com/economic_updates/qatar-central-bank-imposes-new-rules-lenders">http://www.oxfordbusinessgroup.com/economic_updates/qatar-central-bank-i…</a></p>
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Barwa Bank sees 85% surge in H1 profit to QR303.6mn

Barwa Bank sees 85% surge in H1 profit to QR303.6mn

<p>Qatar-based Barwa Bank has reported half-year profits of QR303.6mn, up 85% from the QR162.9mn recorded in the same period last year. Return on equity increased from 6.6% to 11%, with earnings per share rising from QR0.55 to QR1.01 on the back of a 10% increase in total assets to QR27.8bn. The highlight of the first half has been the high level of activity in corporate banking as major infrastructure projects have started to bear fruit. Also, contributing ware the strong performances in the bank&rsquo;s treasury and trading businesses. Barwa Bank has also seen selective expansion in its retail footprint with two new high-profile branches nearing commissioning and good response to its special outlets located in the Ministry of Interior and the Navy.</p>
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<p><a href="http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85%25-surge-in-h1-profit-to-qr3036mn-" title="http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85%25-surge-in-h1-profit-to-qr3036mn-">http://www.gulf-times.com/business/191/details/360571/barwa-bank-sees-85…</a></p>
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Takeover deadline extended for Islamic Bank

Takeover deadline extended for Islamic Bank

<p>Deadlines for Qatar-based Islamic bank Masraf to announce a firm intention to make an offer for Islamic Bank of Britian have been extended to the end of August. The latest deadline again lapsed as talks that have been ongoing since late 2012 continue. The bank has struggled to make a profit in recent years and at the end of 2012 bosses revealed the lender would look at ways to offer more products. In 2009 the bank attempted to boost business by targeting mortgage advisers, launching a website providing resources enabling them to re-sell the Islamic Bank of Britain&rsquo;s range of Sharia-compliant home purchase plans and commercial property finance products. Yet in 2011 the bank reported a loss of &pound;8.9m despite income from home purchase plans increasing 17.9 per cent to &pound;2.3m.</p>
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<p><a href="http://www.ftadviser.com/2013/07/23/mortgages/mortgage-products/takeover-deadline-extended-for-islamic-bank-AKPfX7ahWgLJIyfx9ulKrM/article.html" title="http://www.ftadviser.com/2013/07/23/mortgages/mortgage-products/takeover-deadline-extended-for-islamic-bank-AKPfX7ahWgLJIyfx9ulKrM/article.html">http://www.ftadviser.com/2013/07/23/mortgages/mortgage-products/takeover…</a></p>
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Barwa bank backs charity project

Barwa bank backs charity project

<p>Barwa Bank has signed a cooperation agreement with Qatar Charity to provide QR500,000 for its Ramadan projects in the country. The deal was signed by Steve Troop, Chief Executive Officer of Barwa Bank, and Yousef Al Kuwari, Qatar Charity Executive Chairman, at the charity headquarters. Troop said that Barwa Bank aims to support projects which provide assistance to the needy in the Qatari community in various ways, including forging partnerships with charities such as Qatar Charity. One of Qatar Charity&rsquo;s projects is Al Baraha which has been extended from 10 days to one month. Around 24,000 people will benefit from the QR950,000 project during the holy month.</p>
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<p><a href="http://thepeninsulaqatar.com/qatar/245728-barwa-bank-backs-charity-project.html" title="http://thepeninsulaqatar.com/qatar/245728-barwa-bank-backs-charity-project.html">http://thepeninsulaqatar.com/qatar/245728-barwa-bank-backs-charity-proje…</a></p>
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Khaleeji Commercial Bank pays Zakat to needy families

Khaleeji Commercial Bank pays Zakat to needy families

Mr. Adel Al Asoumi, Chairman of Houra and Gudhaybeya Charity Fund thanked Khaleeji Commercial Bank for its contribution towards sponsoring a number of needy families in association with the Charity Fund. As part of its Zakat fund program, the Bank work…

Nakilat joint venture secures $662mn Islamic refinancing deal for its fleet expansion

Nakilat joint venture secures $662mn Islamic refinancing deal for its fleet expansion

Maran Nakilat Company, a joint venture between Nakilat and Maran Ventures, has secured $662.4mn Islamic refinancing. At a ceremony held in Doha, Maran Nakilat signed the Murabaha refinancing agreement with Qatar Islamic Bank (QIB) and Barwa Bank. With …

Capital Intelligence affirms QIB's Financial Rating at 'A'

Capital Intelligence affirms QIB's Financial Rating at 'A'

Qatar Islamic Bank (QIB) has been affirmed by international credit rating agency, Capital Intelligence (CI), with a Financial Strength Rating (FSR) of 'A'. This reflects the Bank's Islamic banking franchise, evidenced by substantial growth in financing…

International Islamic backs charity auction

International Islamic backs charity auction

Qatari entrepreneur and philanthropist, Sheikh Ali bin Abdullah al-Thani and International Islamic CEO, Abdulbasit A. al-Shaibei participated in the celebrations held as part of the Charity Art and Photography Auction at the College of North Atlantic in Qatar on May 22. More than 100 selections of art and photography were up for bids. The majority of these pieces have been donated by members of CNA-Q’s art and photography clubs. The proceeds from the auction will go to Qatar Red Crescent. Institutions such as Qatar Red Crescent are committed to serving the local community and others in need. Through various projects they undertake such initiatives.

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