Qatar Islamic Bank (Q.P.S.C.) was established in 1982 as the first Islamic financial institution in Qatar. Its products and operations are supervised by a Shari’a board, which ensures that the bank adheres to Islamic banking and finance principles. It is the country's largest Shari’a-compliant lender.
As of 2019 QIB was the largest Islamic bank in Qatar, with a 43% share of the Islamic sector and an 11% share of the banking market overall. It has over 170,000 retail clients and more than 3,000 corporate clients. It conducts its domestic business through 31 branches spread throughout the country, in addition to private centers for ladies and dedicated lounges for affluent customers, augmented by more than 175 multi-function ATM installations.
History and acquisitions
In 1982 QIB was established with a paid-up capital of QR 25 million. It opened its first branch for customers in July 1983.
In 1989 Al Jazeera Finance was established, with 30% ownership by QIB. By 1996, QIB's paid-up capital had increased to QR 200 million, and in 1998, it was listed on the Qatar Stock Exchange. 2000 saw the establishment of Aqar, 49% owned by QIB. Arab Finance House, 37% owned by QIB, was established in Beirut in 2003. By 2005, the number of QIB's branches stood at eight, and its paid-up capital had increased to QR 663 million.[1]
2005 also saw the establishment of Asian Finance Bank (41.67% owned by QIB), and the following year QIB's paid-up capital increased to QR 1.19 billion.