Doha, Qatar – 25 November 2008 -  QIB’s Board of Directors under the leadership of Chairman Sheikh Jassim Bin Hamad Bin Jassim Bin Jabr Al Thani approved a decision which allows the bank to purchase 10 percent of its issued  shares valued at 1.969 billion QR. The acquisition will occur upon approval by the Qatar Financial Markets Authority (QFMA) and Qatar Central Bank (QCB ) in accordance with their standards and regulations.

QIB CEO, Salah Jaidah, said of the Board’s decision, “This decision  confirms the board commitment towards the bank shareholders and aims to reinforce the value of the bank’s shareholders investments by enhancing returns on shareholder equity and improved earnings per share as a means of increasing liquidity and value of financial gearing,to manage the capital base on economical ground and reduce the capital cost .”

Mr. Jaidah added, “This decision confirms the commitment of QIB’s Board to its shareholders and the Board’s continuous work to generate benefits for shareholders in the medium and long terms. It also reflects the commitment of the Board to support QIB’s capital stock and maintain and develop the bank’s solid position in the market at all times.”

This decision comes in line with a recent announcement of the bank to include in its capital as a strategic partner the  Qatar Investment Authority. This partnership will be discussed during the bank’s Extra General Assembly which will take place on December 23rd 2008.