(Sukuk.net - The Peninsula)  Qatar Islamic Bank (QIB) has posted record profits of QR1.25bn for the third quarter (Q3) of 2008, compared to QR858m for the corresponding period of 2007, representing a 45.7 percent growth. Depositors' share from the profits reached QR269.3m compared to QR208.5m in 2007, representing a 29.2 percent growth.

The bank's assets reached QR30.1bn in Q3 of 2008, representing a 55.2 percent growth.

The bank's financing portfolio rose by 65.7 percent to QR17.9 bn in Q3 of 2008, compared to QR 10.8 bn in Q3 of 2007. The investment portfolio recorded a 488 percent growth to QR 6.1 bn, up from QR4.1 bn last year. This represents a 6.7 percent average return rate on assets, strengthening the bank's investing capability.

Depositors' current and saving accounts rose to QR16.4 bn at the end of Q3 of 2008, up from QR10.6 bn in the corresponding period last year, recording 54.7 percent growth. Earnings per share reached QR6.5, up from QR4.68 per share in the corresponding period in 2007, representing 38.9 percent growth, indicating the bank's growth and solid, efficient performance.

"The Q3 financial results for 2008 reflect the success of the Board of Directors' planned strategy which is at the core of QIB's operations expansion investments and further strengthening our pioneering foundation in Islamic Finance in Qatar and around the world through implementing astute and judicious planning, hard work and an innovative spirit," said QIB CEO Salah Jaidah of the bank's Q3 financial results.

Jaidah also said despite extreme sector competition and the current world financial crisis, the impressive financial results prove that QIB is capable of capturing opportunities to maintain its leadership and customers' trust.

He said QIB is expanding its branches which will soon total 35 and financial services to better serve its clients throughout Qatar. Besides, it has introduced innovative products such as Ijara, Car Finance, Salary Transfer and Atta Term Deposit.

By the end of Q3 this year, QIB has invested and fund major operation ventures in addition to its numerous contributions to the country's infrastructure projects, such as providing $150m to fund the construction of the Abu Fontas Desalination Plant for Qatar Electricity and Water Company. QIB has also financed the investment needs of Barwa Real Estate with QR1.1bn. The bank has also financed several high-profile real estate projects including Al Samaria towers at QR450m and Al Rames tower at QR178m in line with its commitment to supporting the growth of Qatar's economy.


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