Posts Tagged ‘Qatar’
Qatar to prop up its banking system
Points of Essence:
- Qatari Government is on the offensive to boost a stalling financial system in the country to avert impact from the global financial crisis. The investment fund bail-out from 7 local banks has been in the pipe line to spur liquidity in the banking system and ensure solvency of the lender institutions. The International Herald Tribune has the report.
DUBAI: Qatari shares soared Monday after the government said it would buy investment funds from banks to help shield the financial system from the global credit crisis.
“Such procedures reflect the due concern of the government in the banking sector,” the government said.
Prime Minister Hamad bin Jasim bin Jaber of Qatar announced Monday that the government would buy investment funds owned by seven local banks to protect lenders after the benchmark stock index dropped 31 percent this year, ranking it among the world’s 10 worst performers with Iceland, Ukraine and Romania.
Two-day seminar for professionals on Islamic Finance Qualification
Points of Essence:
- Qatar based Execu Train will hold a crash course on Islamic finance qualification (IFQ). IFQ is developed by Securities and Investment Institute UK and its lectures are conducted by Indian and Sri Lankan banking practitioners.
DOHA: A leading computer training firm here will hold a two-day seminar on Islamic Finance Qualification (IFQ) to professionals who want to be globally recognised on Islamic banking and finance.
Qatari banks’ foreign assets rise to $20bn
Points of Essence:
- Qatar announced the jump in profit of foreign assets owned by Qatari banks by $20.1bn in April from $15.7bn in 2007 gained from their overseas expansion. The profit for its local banks continues to grow. It was also revealed that the profits of the Shariah-compliant Islamic banking sub-sector rose last year, but the share of total assets remained at 16%. This was influenced by a greater business competition in Qatar where all leading commercial banks have started offering Islamic Islamic products through their subsidiaries.
By Pratap John
DOHA: Foreign assets of Qatari banks have climbed to $20.1bn in April from $15.7bn in 2007 as they expanded their lending portfolios and investments abroad, the Institute of International Finance has said.
Official reserves held by Qatar Central Bank have risen to $13.4bn, equal to over four months of the country’s import cover, the Washington-based global body of financial institutions said.
Rating agency Capital Intelligence upgrades Qatar Islamic Bank
Points of Essence:
- Citing among others, the improved asset quality (lower NPLs) despite rapid growth in Qatari market, enhanced sustainability of non-financial and investment income and comfortable capital adequacy ratio, Capital Intelligence (CI) has upgraded Qatar Islamic Bank (QIB) sovereign rating to (AA-) from (A+) for the long term and to (A1+) from (A1) for the short term.
- QIB was also upgraded on its the foreign currency rating to (A) from (A-) for the long term and to (A2) from (A3) for the short term, while the financial strength rating was upgraded to (A) from (A-) and outlook stable. CI is the leading credit rating agency specialising in the analysis of counterparty credit risk of financial institutions.
- QIB attributed its good ratings to the strategy focused on the development of its activities, expansion in retail and corporate financing as well as undertaking macro investment projects and offering innovative products.
Doha – The international rating agency Capital Intelligence (CI) has upgraded Qatar Islamic Bank (QIB) sovereign rating to (AA-) from (A+) for the long term and to (A1+) from (A1) for the short term.
The agency also upgraded the foreign currency rating to (A) from (A-) for the long term and to (A2) from (A3) for the short term, while the financial strength rating was upgraded to (A) from (A-) and outlook stable.
CI said the upgrades are the result of improved asset quality (lower NPLs) despite rapid growth, QIB consistently produces the highest profitability in the Qatari market, the sustainability of non-financial and investment income is improving and capital adequacy ratio remains comfortable with another rights issue in Q1 2008.
Qatar Islamic Bank plans listing international units
Points of Essence:
- Qatar Islamic Bank plans for a local exchanges listing for its international subsidiaries as it seeks to expand its Islamic banking business worldwide.
Qatar Islamic Bank plans to list its international units on their local exchanges as it looks to develop Islamic banking hubs across the world, its chief executive was quoted as saying on Saturday.
Qatar’s second-largest lender by market value, which has foreign subsidiaries in London and Malaysia and plans ventures in North Africa, France and Germany, did not give a timeframe for the listings, London-based Middle East Economic Digest reported in its latest issue, citing Salah Jaidah.
Qatar launches first dedicated investment bank
Points of essence:
- Qatar’s very own investment bank looks set to bring investment opportunities to Qatar and to invest in lucrative projects internationally. Licensed in 2007, the bank specializes in local and international Sharia’a compliant investment banking opportunities.
- With Qatar Islamic Bank as the largest single shareholder, the bank aims to tap the market potentials in the UK, France, the GCC, Asia and Southeast Asia, MENASA including exploring for opportunities in the booming China.
QInvest, the largest financial establishment to start operations in the Qatar Financial Centre (QFC), was licensed in April 2007 with a capital of US＄1 billion.
The bank specializes in local and international Sharia’a compliant investment banking opportunities, and is 25% owned by Qatar Islamic Bank (QIB), 15% by Gulf Finance House (GFH), and the remaining 60% of equity is held by other strategic, institutional and private investors from Qatar and other GCC countries.
According to Chief Investment Officer Philippe Jouard, “By 2012, there will be 5 trillion dollars looking for a home from the GCC countries. China is a natural absorber of this liquidity surplus. China should see QInvest as a unique way to attract the wealth of the Gulf.”
