DUBAI - Qatar Islamic Bank QISB.QA, the Gulf’s fourth largest sharia-compliant lender by market value, expects profit to grow 25 percent this year as it expands in Qatar and abroad, the bank’s chief executive said on Tuesday.
The bank’s 2006 profit almost doubled to 1.012 billion riyals ($278.2 million). However profit growth plunged in the first quarter of this year to 4.7 percent, the slowest rate in almost two years.
Chief Executive Salah Mohammed Jaidah said growth would accelerate as the bank expands into Asia, Africa and Europe.
“Our growth will be due to the growth in the Qatari economy, the banking sector and the reach of QIB,” Jaidah told Reuters in Dubai.
Qatar Islamic plans to open branches in London, Sudan and Pakistan as part of its international expansion strategy. The London branch will start operations by the end of this year, he said.
The lender will also add 15 branches to its network of 20 in Qatar in the next three years, Jaidah said.
The bank is setting up a branch in the Qatar Financial Centre, he said.