QIB, the leading Islamic bank in Qatar, has announced the signing of a QR800m financing deal with NBK Holding.
The signing ceremony took place at NBK Holding's headquarters and was attended by Sheikh Nawaf Nasser bin Khaled Al Thani, Chairman and CEO of NBK Holding, and Ahmad Meshari, Acting Chief Executive Officer of QIB.
Sheikh Nawaf said: "The financing agreement with QIB will enable NBK to move forward with its ambitious expansion plans. NBK Holding's subsidiaries have significantly contributed to the Qatari private sector and the company's strategy is to continue its pioneering role in the economic growth of Qatar.
"This collaboration between NBK Holding and QIB is an example of successful partnerships that should and do exist between local institutions. We are very happy with the Islamic finance solutions that QIB presented to us to finance our projects, and we will work with the Bank to develop this relationship further into the future by nurturing the constructive co-operation between the two organizations.
"The diversity in the activities of NBK will enable it to help achieve the aspirations of the wise leadership of the country which is to diversify its economic resources in order to achieve sustainable economic growth."
Ahmad Meshari, QIB's Acting Chief Executive Officer, saod: "QIB has a strategic vision that aims to provide Islamic financing solutions to national companies. It also aims to build partnerships with these companies based on common interest and continuous co-operation to achieve the objectives of the Qatar National Vision 2030, one of which is to build an even stronger local economy.
"This financing agreement reflects the strong relationship between QIB and NBK Holding that has a great history of serving the Qatari economy. NBK Holding widened its umbrella of businesses to encompass several new companies with various operations including cars, heavy equipment, real estate and others.
"This new arrangement enhances the leading role of the Bank in supporting local businesses and financing national development projects. QIB directs 98 percent of its operations and funding activities to the local market, and this is reflected in the growth of the financing activities of the Bank, which reached QR43.1bn by the end of 2012, a 45.7 percent increase compared to the 2011 figure."