QIIB seeks approval for up to QR3bn Tier 1 sukuk issue

QIIB seeks approval for up to QR3bn Tier 1 sukuk issue
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Published February 10th, 2015 - 13:40 GMT via SyndiGate.info

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2014 saw a steady increase in the bank’s customer base, reflecting the demand for QIIB’s quality service and products.
2014 saw a steady increase in the bank’s customer base, reflecting the demand for QIIB’s quality service and products.
QIIB will raise up to QR3bn through a sukuk issuance in a capital boosting initiative, the bank has said in a statement. The proposal will be placed before the general assembly of shareholders, the bank said. 

The Tier 1 sukuk would be used to support the bank’s capital requirements for future growth and expansion, the bank said.
QIIB’s total capital adequacy ratio, a combination of Tier 1 and Tier 2 capital, stood at 16.27% at the end of 2014 against a 12.5% minimum prescribed by the Qatar Central Bank.
At 2013-end, the bank’s capital adequacy ratio stood at 18.86%.
Last year, Moody’s affirmed QIIB’s A3 ratings with the outlook changing to ‘positive’ from ‘stable’. The year also saw the international rating agency Fitch raising the bank’s long-term issuer default ratings (IDR) to ‘A’ from ‘A-’ with a stable outlook. 
QIIB chief executive officer Abdulbasit A al-Shaibei said 2014 saw a steady increase in the bank’s customer base, reflecting the demand for QIIB’s quality service and products
QIIB continued to open many new branches and ATMs and strengthened its electronic delivery channels in line with its strategy of reaching out to the customers. 
A for human resources, the CEO said QIIB attached top priority to identify, recruit, train and place young Qataris, both male and female in various cadres of the bank. Qataris will be properly trained and equipped to take up responsible positions, including supervisory positions in the bank. 
As part of this, the Second Career Day was held recently, which witnessed a heavy turnout of Qataris, both male and female, with a passion for banking. 
He expressed full optimism and confidence about 2015 and that QIIB would be able to move forward in the growth trajectory, especially because the national economy offered different companies and other major institutions, opportunities to grow and develop further.

© Gulf Times Newspaper 2015

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