The Qatar Islamic Bank (QIB) is poised to expand abroad and will develop financial instruments to meet increasing calls for Shariah-related banking and financial services locally and internationally, says its Chairman Sheikh Jassim bin Hamad bin Jabr Al Thani.

In an interview to QIB in-house magazine 'Al Masraf', Sheikh Jassim said: "QIB has developed a five-year strategic business plan until 2012. The objectives of this plan are to consolidate and maintain our leading position in Shariah-compliant banking in Qatar and to become a leading global provider of Islamic banking."

He said in order to execute the plan the bank has been totally restructured. External advisors and auditors have been hired to evaluate the bank's information technology and human resources as well as its organisational structure.

"The expansion plan will continue. We are now licenced by the FSA in the UK to open the European Finance House (EFH) there. We will expand our European presence and prepare to open finance houses in France and Germany," Sheikh Jassim said.

"We will also expand our Asian presence, extending the reach of our Malaysia-based Asian Finance Bank by opening representative offices in Indonesia, Singapore and brunei."

The bank will continue its expansion in Lebanon as well with the Arab Finance House growing from four to seven branches. A feasibility study is in the final stages to expand to Turkey, Kazakhstan and Egypt and the bank is also seriously considering a move into other GCC countries. "Acquisitions are also a part of our growth strategy, and we are evaluating a few options," Sheikh Jassim said.

( Source: AJP and http://www.islamonline.com )