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Al-Yusr Islamic Banking Service Opens New Branch |
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Sunday
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07/02/2010 |
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Source :
Qatar News Agency |
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In a statement he gave after opening a new branch the Al Yusr Islamic banking service of the International Bank of Qatar (IBQ), The Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani praised the new financial results achieved by Qatari banks during fiscal year 2009, expecting the current fiscal year (2010) to be better than the previous one. |
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The Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani has reconfirmed the strength of the Qatari economy, describing Qatar's financial position in terms of assets and reserves as good. In a statement he gave after opening a new branch the Al Yusr Islamic banking service of the International Bank of Qatar (IBQ), Sheikh Abdullah bin Saud praised the new financial results achieved by Qatari banks during fiscal year 2009, expecting the current fiscal year (2010) to be better than the previous one.
''Financial banking in Qatar is one the important sectors,'' Sheikh Abdullah bin Saud said, adding that other commercial banks were considering the opening of Islamic branches.
On the meeting of GCC central banks' governors meeting, the QIB Governor said it will be held next March. "We are ready to carry out our mission and cooperate with our brothers in GCC states to achieve the aspired objectives," he said.
For his part, Managing Director of the International Bank of Qatar George Nasra said "following the remarkable success of the launch of our Islamic banking service last year, we are delighted to further strengthen the Al-Yusr network."
He added: "The branch network expansion is part of our ongoing commitment to enhance the range and quality of our Islamic offering and to facilitate accessibility for our clients."
Highlighting the growing significance of Islamic banking, Nasra said: "Recent reports suggest Islamic banking assets, worldwide, rose by over 25 per cent in 2009. This is significant growth for a period that saw continued strains on the banking sector, as a result of the global financial crisis. Indeed, Qatar and the wider GCC region continue to be the epicenter for Islamic finance, driving much of the demand for Islamic banking services. We are confident that our product strategy strongly positions us to not only meet these demands, but also lead innovation and further sophistication of Islamic banking in the Middle East."
"The retail division of Al Yusr Islamic Banking Service has been witnessing strong growth ever since it commenced operations in May 2009," said Hassan Al Mullah, Head of IBQ Islamic banking. "The past year has been especially significant for us, having launched four new products in the final quarter, a period which also saw customer base double. The new branch at Al Rayyan is ideally located to serve this fast growing business and residential hub of Doha, while providing easier access and a range of specialized services for its existing customers.
"Our product pipeline for Al Yusr Islamic Banking Service continues to be robust, with new products ready for launch in 2010. Having already developed a full range of solutions, we are now focused on further expanding and enhancing our product portfolio as well as strengthening our network by adding new branches," said Al Mulla.
The new Al Yusr branch in Al Rayyan offers customers a host of facilities, including an ATM for cash withdrawal and deposit 24 hours a day.
Al Yusr Islamic banking service from the International Bank of Qatar was launched in May 2009, and reflects the strategic commitment of IBQ to cater to the growing local need for bespoke Sharia-compliant products and services. It aims to provide a wide range of personal and corporate banking solutions that adhere to the highest standards of corporate governance, professional conduct and ethics. |
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