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Report No. : |
340717 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
QATAR ISLAMIC BANK SAQ (QIB) |
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Registered Office : |
Grand Hamad Street, Najda, PO Box 559 & 2344, Doha |
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|
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Country : |
Qatar |
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|
|
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Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
08.07.1982 |
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|
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Com. Reg. No.: |
8338 |
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Legal Form : |
Qatari Shareholding Company |
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|
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Line of Business : |
Providing Retail, Commercial, Private and Investment Banking |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Qatar |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
QATAR - ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued
high real GDP growth. GDP was driven largely by the oil and gas sector however growth
in the manufacturing, construction, and financial services sectors have pushed
the non-oil component to just over half of Qatar’s nominal GDP for the first
time since 2000. Economic policy is focused on sustaining Qatar's nonassociated
natural gas reserves and increasing private and foreign investment in
non-energy sectors, but oil and gas still account for roughly 92% of export
earnings, and 62% of government revenues. Oil and gas have made Qatar the
world's highest per-capita income country and the country with the lowest
unemployment. Proved oil reserves in excess of 25 billion barrels should enable
continued output at current levels for about 56 years. Qatar's proved reserves
of natural gas exceed 25 trillion cubic meters, about 13% of the world total
and third largest in the world. Qatar's successful 2022 World Cup bid is
accelerating large-scale infrastructure projects such as Qatar's metro system,
light rail system, the construction of a new port, roads, stadiums and related
sporting infrastructure. The new Hamad International Airport opened in mid-2014
with an initial annual passenger capacity of 24 million and with a projected 50
million when complete.
|
Source
: CIA |
Company Name :
QATAR ISLAMIC BANK SAQ (QIB)
Country of Origin : Qatar
Legal Form :
Qatari Shareholding Company
Registration Date :
8th July 1982
Commercial Registration Number :
8338
Issued Capital :
QR 2,362,932,000
Paid up Capital :
QR 2,362,932,000
Total Workforce : 700
Activities :
Retail, commercial, private and investment banking
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
QATAR ISLAMIC BANK SAQ (QIB)
Registered &
Physical Address
Street : Grand Hamad
Street
Area : Najda
PO Box : 559 & 2344
Town : Doha
Country : Qatar
Telephone : (974) 44409409
/ 44417663
Facsimile : (974) 44412700
/ 44413919 / 44350610
Email : info@qib.com.qa
/ saih@qib.qa
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Doha.
Branch Offices
Location Description
Al Fahar Office
premises
Tel: (974) 44448444
Fax: (974) 44312953
Salwa Road Office
premises
Tel: (974) 44448444
Fax: (974) 44680123
Airport Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44676532
Dar Al Salam Mall Office
premises
Tel: (974) 44448444
Fax: (974) 44583665
City Centre Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44834032
Al Rayyan Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44811612
Al Gharafa Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44866056
Al Sadd Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44478947
The Gate Mall Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44850190
The Pearl Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44822390
Al Wakra Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44644197
Al Khor Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44721888
Dukhan Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44712129
Industrial Area Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44165997
Al Shahania Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44719044
General Authority of Minors Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44320902
Supreme Council of Health Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44659290
Umm Slal Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44120511
Al Nasriya Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44179838
Al Ghuwairiya Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44728755
C Ring Road Office
premises
Tel: (974) 44448444
Fax: (974) 44888655
Muaither Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44583900
New Doha Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44837982
Yarmouk Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44883170
Mesaieed Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44770872
Al Jazeera Channel Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44862240
Barwa Village Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44631219
Kharitiyat Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44790228
Al Mansoura Branch Office
premises
Tel: (974) 44448444
Fax: (974) 44376281
Name Position
Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani Chairman
Abdullatif Bin Abdulla Al Mahmmoud Vice
Chairman
Mohamed Bin Issa Al Mohanadi Director
Abdul Rahman Abdulla Abdul Ghani Director
Mansour Al Muslah Director
Issa R Al Rabia Al Kuwari Director
Abdulla Bin Saeed Al Ledah Director
Nasser Rashid S Al Kaabi Director
Sheikh Ali Bin Ghanim Bin Ali Al Thani Director
Bassel Gamal Chief
Executive Officer
Tarek Youssef Fawzi General
Manager
Giles Cunningham Chief
International Officer
Constantinos Constantinides Chief
Strategy Officer
C Krishna Kumar Chief
Operating Officer
Rakesh Sanghvi Chief
Risk Officer
Gourang Hemani Chief
Financial Officer
Date of Establishment : 8th
July 1982
Legal Form : Qatari
Shareholding Company
Commercial Reg.
No. : 8338
Issued Capital : QR 2,362,932,000
Paid up Capital : QR 2,362,932,000
Name of
Shareholder (s) Percentage
Qatar Holding Co 16.90%
Local businessmen and private investors 83.10%
Name Percentage Held
QIB Sukuk Funding Ltd 100%
Arab Finance House 99.99%
QIB UK .43%
QInvest LLC 50.13%
Verdi Luxembourg SARL 50.13%
Q West 50.13%
Q Invest Saudi Arabia 50.13%
Q Business Services 50.13%
Q Liquidity Limited 50.13%
Q Saudi Alpha 50.13%
Q Saudi Beta 50.13%
Q Saudi Gamma 50.13%
QInvest Holding Mauritius 50.13%
QInvest Luxembourg SARL 50.13%
QInvest Partners LLC 50.13%
Q Equity 50.13%
Q Green 50.13%
Q Exhibit 50.13%
Q Learn 50.13%
QI St Edmund’s Terrace Limited 50.13%
St. Edmund’s Terrace GP Limited 50.13%
SET Investment Management Limited 50.13%
Inner Mauritius Investments Limited 50.13%
Asian Finance Initiative Corporation 50.13%
Q Admiral 50.13%
QInvest Admiral 50.13%
Q Marina 50.13%
QInvest Marina 50.13%
Q Denmark 50.13%
QInvest Denmark LLC 50.13%
QInvest Comms Holding LLC 50.13%
Q Comms 50.13%
QI One Wall Street Invest Co 50.13%
EFH Sarl 50.13%
Aqar Real Estate Development and Investment Company 49.00%
Durat Al Doha Real Estate Investment and Development WLL 39.87%
Activities: Qatar Islamic Bank (QIB) was founded in 1982, becoming the country’s
first Islamic financial institution and Sharia’-compliant bank. Its products
and operations are supervised by a Sharia’ board, which ensures the Bank
adheres to Islamic finance principles.
QIB is now the largest Islamic bank in Qatar, with a 36% share of the
Islamic sector and above 10% share of the banking market overall. QIB conducts
its domestic business through 31 branches spread throughout the country.
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
Financial highlights provided by local sources are given below:
Currency: Qatari Riyals (QR 000’s)
Consolidated
Balance Sheet 31/12/14 31/12/13
Assets
Cash and balances with central banks 4,933,474
2,992,762
Due from banks 8,931,018
6,348,139
Financing assets 59,681,531
47,139,466
Investment securities 15,954,396
14,851,841
Investment in associates 966,777
741,660
Investment properties 1,216,420
792,533
Assets of a subsidiary held for sale 61,361
303,133
Fixed assets 508,684
436,181
Intangible assets 306,589
318,819
Other assets 3,546,214
3,429,710
Total assets 96,106,464
77,354,244
Liabilities, equity of unrestricted
investment
account holders and equity
Liabilities
Due to banks 8,104,212
6,490,703
Customers’ current accounts 15,124,873
12,469,798
Sukuk financing 5,450,236
5,444,077
Liabilities of a subsidiary held for sale 18,688 5,267
Other liabilities 1,756,800
1,378,530
Total liabilities 30,454,809
25,788,375
Equity of unrestricted investment account
holders 51,479,989 37,893,209
Equity
Share capital 2,362,932
2,362,932
Legal reserve 6,370,016
6,370,016
Risk reserve 1,369,247
1,084,566
General reserve 81,935
81,935
Fair value reserve 93,199
94,896
Foreign currency translation reserve (29,157)
(49,974)
Other reserves 216,820
212,058
Proposed cash dividends 1,004,246
945,172
Retained earnings 1,008,760
758,113
Total equity attributable to shareholders of
the Bank 12,477,998 11,859,714
Non-controlling interests 1,693,668
1,812,946
Total equity 14,171,666
13,672,660
Total liabilities, equity of unrestricted
investment account holders and equity 96,106,464
77,354,244
Consolidated
Statement of Income
Net income from financing activities 2,444,267
2,003,201
Net income from investing activities 648,812
800,879
Total net income from financing and investing
activities 3,093,079 2,804,080
Fee and commission income 479,905
364,278
Fee and commission expense (87,926)
(75,734)
Net fee and commission income 391,979
288,544
Net foreign exchange gain 72,564
44,084
Share of results of associates 51,636
6,181
Other income 23,814
1,331
Total income 3,633,072
3,144,220
Staff costs (535,224)
(494,577)
Depreciation and amortisation (73,588)
(63,195)
Sukuk holders’ share of profit (173,519)
(173,519)
Other expenses (311,070)
(290,282)
Total expenses (1,093,401)
(1,021,573)
Net impairment losses on investment
securities (171,439)
(262,750)
Net impairment losses on financing assets (89,913) (97,383)
Other impairment losses (8,499)
(9,642)
Net profit from continuing operations before
tax 2,269,820
1,752,872
Profit from a subsidiary held for sale 1,999 4,062
Net profit for the year before return to
unrestricted investment account holders and
tax 2,271,819
1,756,934
Return to unrestricted investment account
holders
before the Bank’s share as Mudarib (1,061,492)
(809,176)
Bank’s share as Mudarib 497,230
360,386
Net return to unrestricted investment account
holders (564,262) (448,790)
Net profit for the year before tax 1,707,557
1,308,144
Tax (expense) / credit (39,008)
17,459
Net profit for the year 1,668,549
1,325,603
Net profit for the year attributable to:
Shareholders of the Bank 1,601,432
1,335,400
Non-controlling interests 67,117
(9,797)
Net profit for the year 1,668,549
1,325,603
Local sources consider subject’s financial condition to be Good.
Established in 1982, subject is involved in the provision of retail,
commercial, private and investment banking services.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.