Qatar Islamic Bank acquires IBQ’s Islamic Banking corporate unit Al Yusr, QIB shares end H2 on a high note
The Qatar Exchange gauge gained 0.10% Wednesday, closing at 8,812.46 points. Qatar National Bank or QNB advanced 0.66% to reach QR152, while Qatar Islamic Bank or QIB dipped 0.10% to QR84. During the second half of the year, QIB gained over seven per cent. Earlier in the day, QIB announced it has acquired International Bank of Qatar (IBQ)’s Islamic banking corporate portfolio Al Yusr (Arabic for resolution). Under the terms of the agreement, the sale includes IBQ’s Islamic corporate financing facilities and deposit account portfolios. Ahmad Meshari, Acting CEO of QIB commented: “”We will ensure that Al Yusr’s corporate clients will receive the best banking services as is the case with our current and prospective customers. We have a long-standing track record in serving corporate customers that spans three decades, and we are proud that we have helped many clients build successful businesses in Qatar and beyond.” The Qatar Central Bank has separated Islamic and conventional bank earlier this year. From 2012 on, conventional banks are not allowed to operate “Islamic windows” any more, a move which Sheikh Dr. Hussein Hassan, one of the leading Shari’ah scholars, called a step into the right direction to support the development of Islamic financial institutions.